March 25, 2020 / 8:54 AM / 13 days ago

Failure to pay credit event occurred in Lebanon - derivatives committee

LONDON, March 25 (Reuters) - Holders of Lebanon’s default insurance have moved closer to collecting payouts after the EMEA Credit Derivatives Determinations Committee ruled that a ‘failure to pay’ credit event had occurred after the country failed to pay principal on its $1.2 billion Eurobond due on March 9.

In a statement on the Credit Derivatives Determinations Committees’ website, the EMEA committee said the credit event occurred on March 16 after the expiry of the seven-day grace period Lebanon had in which to repay the issue.

Lebanon will discontinue payments on all its foreign currency Eurobonds, the government said on Monday, as it struggles to overcome a crippling financial crisis. (Reporting by Tom Arnold; Editing by Hugh Lawson)

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