LIBANON 15/25 MTN REGS; WKN: A1ZXP2

[paej]

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@DirkHSK  schrieb:

ChatGPT sagt dazu:

Das Dokument teilt Inhabern von von der Libanesischen Republik emittierten Anleihen (Eurobonds) mit, dass die Republik ein zusätzliches Abkommen mit ihrem Fiskalagenten abgeschlossen hat. Konkret bedeutet das:

• Erweiterte Verjährungsfrist:
  Die Republik verzichtet bis zum 9. März 2028 darauf, sich auf Verjährungs- oder Verfallfristen zu berufen, wenn es darum geht, bereits bestehende Vertragsverletzungen im Zusammenhang mit den Anleihen geltend zu machen. Für dich als Inhaber heißt das, dass du länger Zeit hast, Ansprüche wegen möglicher Pflichtverletzungen der Republik geltend zu machen.

• Rechtliche Absicherung:
  Durch diesen Verzicht wird das Risiko reduziert, dass die Republik sich später auf vertragliche Fristen beruft, um Ansprüche abzuwehren. Deine Rechte als Anleihegläubiger werden somit gestärkt.

• Transparenz und Einsichtsrecht:
  Als registrierter Inhaber der Anleihen hast du das Recht, das Abkommen in den dafür vorgesehenen Büros (z. B. in Luxemburg) einzusehen. Dies soll dir ermöglichen, die getroffenen Vereinbarungen und ihre Auswirkungen im Detail nachzuvollziehen.

Zusammengefasst:
Wenn du Inhaber dieser Anleihen bist, wird dein Zeitraum, um Ansprüche gegen die Republik wegen etwaiger Vertragsverletzungen geltend zu machen, bis März 2028 verlängert. Dies bietet dir eine zusätzliche Sicherheit, falls es in der Zukunft zu Streitigkeiten über die Erfüllung der vertraglichen Pflichten kommen sollte.

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Wenn man solche Papiere „ wissentlich“ erwirbt ( und nicht erbt o.ä), dann sollte man auch willens und in der Lage sein, sich umfassend zu informieren.

Die englische Sprache ist dafür unumgänglich.

Aktuelle Infos von International Financing Review  u.a.:

Lebanon bondholders regroup

Christopher Spink, IFR
March 17, 2025

Lebanon’s international bondholders are close to appointing a financial adviser as restructuring talks with the authorities finally look set to resume five years after the Middle East country defaulted.

Negotiations faltered in 2022 after the Lebanese government refused to accept proposals by the International Monetary Fund. That saw the US$29bn of defaulted Eurobonds by value mostly fall to a cash price of just six cents in the dollar as the country descended into economic chaos.

The situation was exacerbated by irregularities at the central bank, culminating in long-serving governor Riad Salameh stepping down in 2023. The banking system has since been in stasis, with deposits mostly frozen and banks having to accept they will need to be recapitalised as part of the restructuring.

But after two years of caretaker government and following last year's partial collapse of Iranian-backed paramilitary organisation Hezbollah, a new technocratic government has taken control, led by an ex-army chief and a member of the judiciary. It is seemingly prepared to restart negotiations with the IMF, which could lead to talks with Lebanon’s creditors.

Since the ceasefire was agreed between Israel and Hezbollah in November, bond prices have tripled to 18 cents.

Over the past week, IMF staff have visited Beirut. Ernesto Ramirez Rigo, IMF mission chief, said he met president Joseph Aoun, as well as prime minister Nawaf Salam, cabinet ministers and representatives from the Banque du Liban and welcomed their request for a new programme.

“Lebanon’s economy remains severely depressed, and poverty and unemployment have been exceptionally high since the 2019 crisis,” Ramirez Rigo said. "The banking sector collapse continues to hamper economic activity and provision of credit, with depositors unable to access their funds.

“A comprehensive strategy for economic rehabilitation is critical to restore growth, reduce unemployment, and improve social conditions. The IMF stands ready, together with the international community, to support the authorities’ efforts in addressing these challenges.”

Ramirez Rigo said that financial sector restructuring was an essential part of reviving the economy, alongside making Lebanon’s debt sustainable.

New model?

One financial restructuring adviser said it was important for bondholders to make sure they are a central part of the reform process. Previously, banking was a significant part of Lebanon’s economy, but it was not clear what the focus would be in future.

“What is the new economic model? Banks will still be needed, of course, so the big question is how to restructure the banking sector,” he said, noting that banks no longer hold as many government bonds as they once did.

Traditionally, major banks have been dominated by different political factions in Lebanon, making their restructuring unusually sensitive.

Elections are due next year giving an incentive for an IMF programme and accompanying debt restructuring proposals to be agreed by then, said the adviser. Once that is underway then pledges of money by Saudi Arabia and other bilateral lenders could be released.

“If the situation normalises a bit, then the economy could come back quickly,” he said.

New members

Six firms – Rothschild, Newstate, Alvarez & Marsal, Houlihan Lokey, GSA and Centerview – are understood to have been invited to pitch to the ad hoc bondholders group, which has added four members to the original five institutions that previously made up the group.

The new investors are Greylock, GMO, Morgan Stanley Investment Management and Neuberger. Law firm White & Case is advising the bondholders, with Lazard and Cleary Gottlieb advising the government.

Lebanon’s last IMF assessment for 2019, the year before default, put its debt-to-GDP ratio at an eye-watering 178%. Since then, GDP is estimated by the World Bank to have fallen by 40%, increasing the proportion of debt to around 300% of Lebanon’s economy. That would suggest heavy losses for the country’s creditors.

“The numbers are all over the place. Nominal GDP could be anything from US$18bn to US$33bn,” said a second financial restructuring adviser. “Frankly, no one has any serious number to base things on at the moment.”

The World Bank in a report this month estimated reconstruction costs at US$14bn. One glimmer of hope is that the value of domestic government debt, mainly held by banks, has shrunk significantly because of rampant inflation in recent years.

The second adviser said he expects talks to recapitalise the banks to run in parallel with negotiations with creditors, meaning a deal could be concluded more quickly than the impasse of the past five years might suggest.

“The tricky aspect will be how to restructure the central bank itself, which also needs recapitalising. That has never been done before in a sovereign debt restructuring context.” The central bank is estimated to have a shortfall of US$45bn, dwarfing other government liabilities.

https://www.zawya.com/en/capital-market ... r-yhl0gqsi