MAY 11 - MAY 17, 2020 WEEK 20

CONTACTS The WEEKLY MONITOR

Treasury & Capital Markets ______Economy Bechara Serhal p.2 A 24% DECLINE IN IMPORTS LEADING TO A 36% DROP IN TRADE DEFICIT IN THE (961-1) 977421 [email protected] FIRST TWO MONTHS OF 2020 The latest foreign trade statistics released by Lebanon’s Customs Authority for the first two months of Nadine Akkawi 2020 suggest a net contraction in imports by a yearly 24.1%, alongside a 26.1% growth in exports, which (961-1) 977401 generated a reduction in the trade deficit by 36.0% when compared to the first two months of 2019, a [email protected] trend that is likely to continue and develop further over the months to come. Private Banking Also in this issue Toufic Aouad p.3 Lebanese economy could slowly return to growth in 2021, as per the IIF (961-1) 954922 p.4 Lebanon's GDP to drop by 11% in 2020, as per the EBRD [email protected] Surveys Corporate Banking ______p.5 LEBANON RANKS SECOND IN MENA AND 102ND GLOBALLY IN 2020 WORLD Khalil Debs PRESS FREEDOM INDEX, SAYS RSF (961-1) 977229 According to the “2020 World Press Freedom Index” released by Reporters Without Borders (RSF) in [email protected] which it ranked 180 countries across the globe according to their press freedom levels, Lebanon came second in the region with a score of 33.19 and a global rank of 102.

Also in this issue p.6 Lebanon economy to contract significantly in first half of the 2020-2024, says EIU

RESEARCH ______Corporate News p.7 COVID-19 EPIDEMIC MAKES WAY FOR ONLINE SHOPPING SITES IN LEBANON With the majority of businesses forced to lower the curtain and the population invited to stay home, the Marwan Barakat Covid-19 epidemic is making way for online shopping sites. (961-1) 977409 [email protected] Also in this issue p.8 Indevco Group launches several projects for production of protective and medical equipment Jamil Naayem (961-1) 977406 ______Markets In Brief [email protected] p.9 FIRST WEEKLY EXPANSION IN TOTAL RESIDENT DEPOSITS SINCE OCTOBER 2019 Salma Saad Baba With Lebanon starting officially talks with the IMF on a financial recovery plan, and as the cabinet asked (961-1) 977346 the Central Bank of Lebanon to inject US dollars in the market to curb FX moves while licensed FX [email protected] dealers remained on strike for the third consecutive week, the country’s capital markets were marked by stability in bond prices and weekly expansion in total resident deposits, while the “Sell Rate” of the Fadi Kanso US dollar in the black market remained above the LP/US$ 4,000 threshold. Most Lebanese Eurobonds (961-1) 977470 saw no price change week-on-week, while internationals showed a shy bid for some sovereigns. On [email protected] the currency trading market, the “Sell Rate” of US dollar in the black market reached LP/US$ 4,200 on Wednesday, while BDL ordered money transfer services operating outside commercial banks to pay Gerard Arabian incoming transfers in local currency at LP/US$ 3,200. Finally, the latest monetary aggregates showed (961-1) 964047 that total resident deposits registered their first weekly expansion since October 2019, driven by FC [email protected] deposit growth, while the overnight rate remained stable at a low level of 3%.

Farah Nahlawi (961-1) 959747 [email protected] LEBANON MARKETS: WEEK OF MAY 11 - MAY 17, 2020 Nivine Turyaki (961-1) 959615 [email protected]

Week 20 May 11 - May 17, 2020 1 Bank Audi sal - Group Research Department - Bank Audi Plaza - Bab Idriss - PO Box 11-2560 - Lebanon - Tel: 961 1 994 000 - email: [email protected] MAY 11 - MAY 17, 2020 WEEK 20

ECONOMY ______A 24% DECLINE IN IMPORTS LEADING TO A 36% DROP IN TRADE DEFICIT IN THE FIRST TWO MONTHS OF 2020

The latest foreign trade statistics released by Lebanon’s Customs Authority for the first two months of 2020 suggest a net contraction in imports by a yearly 24.1%, alongside a 26.1% growth in exports, which generated a reduction in the trade deficit by 36.0% when compared to the first two months of 2019, a trend that is likely to continue and develop further over the months to come. Within this context and amid contracting trade deficit, the balance of payments recorded a smaller deficit of US$ 1.1 billion over the first quarter of 2020, compared to a larger deficit of US$ 2.0 billion in the previous year’s corresponding period.

Subsequently, the sum of exports and imports went down by 15.8% to reach US$ 2.8 billion over the first two months of the year, while the exports to imports ratio reached a historical high level of 32.1% over the same period.

Going further into details, exports reached US$ 676 million over the first two months of 2020, compared to US$ 536 million over the previous year’s corresponding period. The breakdown of exports by product suggests that the most significant increase among the major categories was reported by jewelry with 58.8%, metals and metal products with 50.0%, vegetable products with 17.2% and chemical products with 9.1% over the first two months of 2020 when compared to the first two months of 2019, while the most significant decline among the major categories was reported by plastic products with 37.0% and papers and paper products with 19.0% between the two periods.

The breakdown of exports by major recipient countries suggests that Switzerland reported the most significant hike of 135.1% year-on-year (with a share of 33% of total exports), followed by UAE with an increase of 48.1%, and with 33.3% each, Jordan with 30.8% and with 26.5%, while exports to Syria reported a significant decline of 47.5%, followed by Qatar with 24.0% between the two periods. It is worth mentioning that land exports through Syria posted a negative trend with a drop by 27.8%, moving from US$ 54 million to US$ 39 million, while exports through Hariri international Airport witnessed a hike by 49.6% along with a relative increase in exports through the Port of Beirut by 6.5% over the same period.

LEBANON'S FOREIGN TRADE ACTIVITY

Source: Lebanon's Customs Administration

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In parallel, total imports reached US$ 2.1 billion over the first two months of 2020, from US$ 2.8 billion in the same period of 2019. The breakdown of imports by product suggests that the most significant decline was that registered by metals and metal products with 63.9% year-on-year, followed by transport vehicles with 61.1%, plastic products with 60.7%, electrical equipments with 59.9% and textiles and textile products with 46.6%. On the other hand, the main items to have displayed a significant increase were mineral products with 47.3% and jewelry with 27.6% over the first two months of 2020 relative to 2019 same period.

The breakdown of imports by country of origin over the same period shows that imports from China decreased by 61.7%, i.e the most among major partners, followed by Egypt with 50.0%, France with 44.4%, Germany with 41.3%, Russia with 32.8%, USA with 24.5%, and Switzerland with 18.9% year-on- year. On the other hand, imports from Turkey witnessed the most significant increase among the major partners with 61.9% year-on-year, followed by UAE with 38.9% over the first two months of 2020 when compared to the first two months of 2019. ______LEBANESE ECONOMY COULD SLOWLY RETURN TO GROWTH IN 2021, AS PER THE IIF

According to a recent report by the Institute of International Finance (IIF), the Lebanese economy now seems to be turning the corner.

The authorities have developed a five-year comprehensive reform program, which could be supported by the IMF’s Extended Fund Facility (EFF) arrangement. The government’s plan provides a comprehensive base for negotiations with the IMF.

According to the report, the current government’s five-year reform program is the first comprehensive, candid, and bold plan of the Lebanese economy. The program lays out an ambitious strategy aimed at narrowing the large twin deficits and reducing Lebanon’s large debt overhang. The authorities’ fiscal strategy is complemented by structural reforms and public debt restructuring that will help lay the foundation for strong, sustainable, and equitable growth along with robust job creation.

At the fiscal level, the fiscal component of the reform package aims at balancing the budget and reaching a primary balance of 3.4% by 2024.

LEBANON'S MEDIUM-TERM MACROECONOMIC FRAMEWORK

Sources: IIF, Bank Audi's Group Research Department

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This requires capitalizing on lower global oil prices to eliminate the electricity subsidy as early as 2022, along with cutting inefficient spending and increasing budgetary revenues. The latter does not necessarily mean an increase in taxes with a potential IMF program. Even with the existing tax and customs rates, there is room for significant increase in tax revenues, including by better collection and by combating fraud and smuggling at all points of entry. Fiscal consolidation will also reduce financing from the central bank (BdL thus addressing inflationary pressures).

Furthermore, the institute highlights that a comprehensive financial sector strategy is needed to promote a viable domestic banking sector and safeguard Lebanon’s integration into the international financial system.

On a different note, a potential IMF program will most likely include prior actions to address the chronic corruption and governance problems that have weighed on the Lebanese economy in the past three decades. In this context, the parliament should soon adopt legislation aimed at fighting corruption, which would also help recover money that was illegally appropriated throughout the past three decades. The government and the parliament are also considering a law that affirms the independence of the judicial system. A code of conduct and rules of disclosure for public officials should also be adopted. In the context of the pledged US$ 11 billion, in April 2018 international donors demanded that Lebanon institute major anti-corruption measures and start reforming EdL before having access to CEDRE concessional loans. There has been limited progress in implementing the needed reforms.

However, the report mentions that the Lebanese economy could slowly return to growth in 2021, supported by the implementation of the needed reforms and access to adequate financing from the IMF and other official creditors. The IIF forecasts real GDP growth of 1.3% in 2021, driven by public investment (related to CEDRE projects) and net exports. Inward tourism is expected to recover partially assuming a vaccine for Covid-19 is made available by mid-2021.

The implementation of major projects, financed by CEDRE concessional loans, combined with the fruits of structural reforms and improvement in competitiveness following the unification of the multiple exchange rates, would raise real GDP growth to around 6% by 2024. A highly educated labor force and a large successful Lebanese diaspora are expected to support the private business sector and growth over the medium to long term, as per the IIF. ______LEBANON'S GDP TO DROP BY 11% IN 2020, AS PER THE EBRD

A fall of 11% in Lebanon’s GDP is expected in 2020 by the European Bank for Reconstruction and Development (EBRD). This comes on the back of a recession in 2018 and 2019.

According to a report published by the EBRD, regional and domestic political uncertainties culminating in domestic social unrest, slow implementation of reforms and the resulting wait-and-see approach of international partners, have led to the steep contraction.

According to the EBRD, the situation has been exacerbated by a default on debt repayments in March 2020, the ongoing economic crisis and, most recently, the Coronavirus pandemic and the associated containment measures.

While the economic outlook remains uncertain, the recovery will depend on the speed of the implementation of key reforms, including debt restructuring in collaboration with the International Monetary Fund.

If these reforms are implemented swiftly, the EBRD report expects to see a return to growth of 6% in 2021.

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SURVEYS ______LEBANON RANKS SECOND IN MENA AND 102ND GLOBALLY IN 2020 WORLD PRESS FREEDOM INDEX, SAYS RSF

According to the “2020 World Press Freedom Index” released by Reporters Without Borders (RSF) in which it ranked 180 countries across the globe according to their press freedom levels, Lebanon came second in the region with a score of 33.19 and a global rank of 102.

Published annually by RSF since 2002, the World Press Freedom Index measures the level of media freedom in 180 countries and territories. It assesses the level of pluralism, media independence, the environment for the media and self-censorship, the legal framework, transparency, and the quality of infrastructure that supports the production of news and information. It does not evaluate government policy.

The global indicator and the regional indicators are calculated on the basis of the scores registered for each country. These country scores are calculated from responses to a questionnaire that is completed by experts throughout the world, supported by a qualitative analysis. The scores measure constraints and violations, so the higher the score, the worse the situation. Growing awareness of the Index has made it an extremely useful advocacy tool.

In the MENA region, Tunisia topped the rankings with a score of 29.45 and a global rank of 72, preceding Lebanon. On the other hand, Kuwait came after Lebanon in the third position with a score of 34.30 and a global rank of 109.

At the lower end of the scale came Bahrain with a score of 60.13 and a global rank of 169, Saudi Arabia with a score of 62.14 and a global rank of 170 and Syria which came last in the region with a score of 72.57 and a global rank of 174.

MENA REGION'S 2020 WORLD PRESS FREEDOM INDEX

Sources: Reporters Without Borders, Bank Audi's Group Research Department

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According to the report, while the and North continues to be the world’s most dangerous region for journalists. The recent detention of RSF’s correspondent in Algeria (down 5 at 146th) showed how the authorities in some countries have taken advantage of the Covid-19 pandemic to settle scores with independent journalists. ______LEBANON ECONOMY TO CONTRACT SIGNIFICANTLY IN FIRST HALF OF THE 2020-2024, SAYS EIU

According to a recent report by the Economist Intelligence Unit (EIU), Lebanon is expected to reset its entire economic model over the forecast period.

In doing so, policy would concentrate on resolving immediate debt-sustainability difficulties, reforming the fiscal accounts and restructuring the banking sector. As a result of swinging austerity and economic contraction, living standards will suffer in the first half of the forecast period, as per the EIU.

Lebanon's economy will contract significantly in the first half of the 2020-2024 forecast period. Global and domestic economic headwinds related to the coronavirus will compound already weak investor sentiment, meagre private and government consumption and short-term political uncertainty.

Business and investment sentiment will be severely damaged, and household spending is expected to plummet.

The Economist Intelligence Unit expects the political, economic and financial crises that converged at the end of the 2019 to deepen significantly in 2020, leading the economy to contract by 11.3% in 2020, followed by a 0.3% contraction in 2021.

Rising oil prices in the second half of the forecast period (averaging US$62/barrel in 2022-24) will support increased Gulf investment and economic activity in Lebanon. Moreover, inflation will spike in 2020, averaging 16.8%, owing largely to an expected devaluation of the Lebanese pound, and the consequent effect on import prices.

The inflation rate would be higher if it were not for the sharp fall in oil prices since March, as well as the expected deflationary effect on prices from an extremely weak demand environment in 2020.

However, supply-chain bottlenecks associated with the impact of the coronavirus on global production, trade and transport will bring inflationary pressure in the third and fourth quarters of 2020, which will be sustained in 2021.

Furthermore, the EIU expects the BdL to abandon its long-held strategy of defending the currency peg to the US dollar in 2020. It expects the BdL to adopt a more proactive approach to currency adjustments, repeatedly revaluing the rate in response to changing economic conditions over the forecast period.

Last but not least, the EIU’s expectation is that the trade deficit will narrow in 2020 as imports become significantly cheaper amid the low oil price environment and as export competitiveness improves.

The government's decision to halt debt repayments on dollar-denominated Eurobonds will support a narrowing of the current-account deficit to a still-high 15.1% of GDP this year, owing to lower interest payments on the primary income account.

The services surplus will shrink marginally in 2020, reflecting the collapse of the tourism sector and the effects of the financial crisis, although a simultaneous decline in services imports will limit the damage.

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CORPORATE NEWS ______COVID-19 EPIDEMIC MAKES WAY FOR ONLINE SHOPPING SITES IN LEBANON

With the majority of businesses forced to lower the curtain and the population invited to stay home, the Covid-19 epidemic is making way for online shopping sites. E-commerce is exploding all over the world, as per Commerce du Levant. But Lebanon is going a long way, as per the vice president of the Beirut Chamber of Commerce, Industry and Agriculture (CCIAB). Some e-commerce players see it as beneficial.

The development planned for the next five years is taking place in the space of a few months, as per the consultant to the ArabNet network.

A new business joins every half hour. According to CEO and co-founder of Wakilni, a delivery platform, founded in 2016, which has a hundred customers in all sectors of activity, Wakilni should quickly increase its workforce by 30% to 50%.

But if this start-up asserts itself as one of the rare big winners of the crisis that put the country almost to a halt, the traders are more skeptical. At a time when many people have lost some, if not all, of their income, confined consumers are far from representing the expected financial windfall. Their internet sales are far from making up for the losses represented by the “commercial curfew”, decreed last March 11 across the country, as per Commerce du Levant.

Some product categories are doing better than others. Without much surprise, it is food that prevails. At Spinneys, the country's largest supermarket chain, deliveries have quadrupled since the start of the epidemic in Lebanon to reach around 1% of total sales, according to its CEO.

It is worth noting that the Lebanese are reluctant to go grocery shopping in physical stores for fear of the risk of contamination, said CEO and founder of the young My Trolley app. In one month, the application reached a level that it was not expected to reach for six months, as per the same source.

In food in particular "it is mainly the necessities and hygiene products that are most in demand during this period", CEO and co-founder of the online sales platform HiCart, for which Carrefour provides the virtual supermarket.

In this segment, the sales have even increased by almost 1,000%, said the CEO. With an average basket of LP 150,000, its customers prefer products that can be stored (rice, pasta, etc.). This allows them to further reduce the frequency of visits to department stores.

In the beginning, orders were marked by “precautionary purchases”. Consumers rushed for what was stored. But things calmed down and people came back to orders more in line with their real needs, as per the same source.

The need to adapt to a daily life at home determines other online consumption choices. This is how a demand for orders for computer equipment, leisure activities, including coloring and gardening and the sport is seen, as per Commerce du Levant.

The Mike Sport brand recorded a 300% increase in online sales, as per Commerce du Levant. Some of its products, especially those for fitness, are even out of stock. Likewise, the Antoine Bookstore welcomes web sales ten times higher than their usual level. But if certain categories, such as electronic products or purchases of video games or mobile applications, were boosted, others, such as clothing products, collapsed, not being seen as priorities.

Sites that offer clothes for newborns and small children are doing better, said an Ecomz official, an IT company that builds retail websites. The Lebanese, who were used to ordering food at work, take advantage of the family kitchen during confinement, says CEO of the delivery company The Scooters, based in Byblos, who notes a 60% drop in food deliveries, as per The Scooters CEO. The delivery platforms

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had to quickly adapt to the new situation so as not to lose their income. Toters, a rising star in delivery, has thus accelerated its diversification, by welcoming more toy and game sales companies as well as players in the electronics sector. The longer this “commercial curfew” continues, the more likely online sales will become a lasting part of the Lebanese business landscape, which had been relatively resistant to the phenomenon.

The growth in online sales is partly driven by new customers, with in particular an increase in online shopping for the elderly. Presumably almost half of these new users will continue to shop online after the containment is lifted, as per Commerce du Levant. But the rise of online commerce poses major challenges in terms of logistics, which even the giant retailers are struggling to meet, as per the same source. ______INDEVCO GROUP LAUNCHES SEVERAL PROJECTS FOR PRODUCTION OF PROTECTIVE AND MEDICAL EQUIPMENT

The Lebanese industrial group called on its various factories in the territory to simultaneously launch several projects for the production of protective and medical equipment.

With its headquarters and eight of its 38 factories in Lebanon, the industrial giant has the largest local production capacity, as per the company's CEO.

One of its companies, Phoenix Machinery, has taken on the most technologically ambitious project. The Lebanese robotics company is one of the few companies that has embarked on the development of a prototype artificial respirator for intensive care patients. In collaboration with a team of doctors from Notre-Dame du Liban private hospital, its engineers released a first prototype in March.

Clinical trials from an upgraded version were scheduled to take place in the last days of April. If proven successful, the company will be ready to start large-scale production, at a rate of 10 machines per day, says the General Manager of Phoenix, who has already received several orders in Lebanon, but also from abroad.

The company’s biggest fight is now to find components available in sufficient quality and quantity, by turning to new markets, explains the company’s CEO.

In parallel, Phoenix Machinery is also working on the design of a field hospital with negative pressure rooms for contagious patients. The design should be ready in four to six weeks from end of April and, if necessary, these rooms can be assembled with the help of Lebanese suppliers, as per the General Manager.

As Indevco's “mechanical arm”, the company also collaborated with another company in the group: the hygiene product manufacturer Sanita. Thanks to an adaptation of its production lines, its factory should now be able to manufacture “barrier” masks and type 1 medical masks, ie simplified surgical masks intended for care.

The company’s production capacity will be around 400,000 units per day, says the company’s CEO, without specifying the share of medical masks in this total.

Two other plastic factories from Indevco are also joining forces. The film and bag manufacturer MasterPak, after adapting its production lines, now manufactures plastic protective suits. On the other hand, the producer of packaging for prepacked beverages may soon start manufacturing reusable plastic "barrier" masks with disposable filters.

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CAPITAL MARKETS ______MONEY MARKET: WEEKLY EXPANSION IN TOTAL RESIDENT DEPOSITS, DRIVEN BY FC DEPOSIT GROWTH

The local currency liquidity remained quite abundant on the money market over this three-day week. This kept the overnight rate stable at 3% and compared to a lower official rate of 1.90%.

In parallel, the latest monetary aggregates released by the Central Bank of Lebanon for the week ending 30th of April 2020 showed that total resident banking deposits grew by LP 73 billion, which is their first weekly expansion since end-October 2019. This is mainly driven by a LP 251 billion rise in foreign currency resident deposits (the equivalent of US$ 167 billion), while total LP resident deposits dropped by LP 178 billion amid a LP 754 billion fall in LP saving deposits and a LP 576 billion increase in LP demand deposits. Within this context, the money supply in its largest sense (M4) expanded by LP 435 billion week-on-week, amid a LP 330 billion growth in the currency in circulation and a LP 32 billion increase in the non-banking sector Treasury bills portfolio.

On a cumulative basis, total resident banking deposits contracted by circa LP 12,000 billion over the first four months of 2020. This is driven by a circa LP 10,000 billion fall in total LP resident deposits and a LP 2,000 billion decline in foreign currency resident deposits.

INTEREST RATES

Source: Bloomberg

______TREASURY BILLS MARKET: NOMINAL WEEKLY SURPLUS OF LP 234 BILLION

The latest Treasury bills auction results for value date 14th of May 2020 showed that the Central Bank of Lebanon has allowed banks to subscribe in full to the three-month category (offering a yield of 3.50%), the one-year category (offering a yield of 4.50%) and the five-year category (offering a coupon of 6.0%).

In parallel, the Treasury bills auction results for value date 7th of May 2020 showed that total subscriptions amounted to LP 549 billion, distributed as follows: LP 5 billion in the six-month category (offering a yield of 4.0%), LP 6 billion in the two-year category (offering a coupon of 5.0%) and LP 538 billion in the ten- year category (offering a coupon of 7.0%). These compare to maturities of LP 315 billion, resulting into a nominal weekly surplus of LP 234 billion.

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TREASURY BILLS

Sources: Central Bank of Lebanon, Bloomberg ______FOREIGN EXCHANGE MARKET: LEBANON’S CABINET ASKS BDL TO INJECT US DOLLARS ON THE CURRENCY MARKET

Depositors continued to convert their LP holdings into foreign currency holdings during this week that was shortened to three working days due to coronavirus lockdowns. Concurrently, licensed foreign exchange dealers remained on strike for the third consecutive week, while the “Sell Rate” of US dollar in the black market remained above the LP/US$ 4,000 threshold, reaching LP/US$ 4,200 on Wednesday.

Within this context and in an attempt to curb the sharp depreciation of the local currency, the Lebanese cabinet asked the Central Bank of Lebanon in its latest session to inject US dollars in the market. This occurred at a time when the government is starting officially talks with the IMF on a financial recovery plan aiming to restore sustainability and growth. EXCHANGE RATES

Source: Bank Audi’s Group Research Department ______STOCK MARKET: 4% CONTRACTION IN BSE PRICE INDEX, DRAGGED BY SOLIDERE SHARES

The BSE activity was restricted to Solidere shares during this three-day week. The total turnover amounted to US$ 2.7 million, with Solidere “A” shares capturing 78% of activity, while Solidere “B” shares accounting for the remaining 22%. This compared to a total trading value of US$ 5.6 million in the previous five-day week.

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Solidere shares dived in the red this week, mainly dragged by some profit-taking operations. This followed a strong price rally of circa 63% registered since the beginning of the year 2020, as some market players sought to shift their placements from banking stocks to real estate stocks. Solidere “A” share price closed at US$ 10.33 on Wednesday, down by 13.4% relative to the closing of last week. Solidere “B” share price shed 11.9% to reach US$ 10.45. This was reflected by a 4.0% contraction in the BSE price index.

AUDI INDICES FOR BSE

Sources: Beirut Stock Exchange, Bank Audi’s Group Research Department

______BOND MARKET: STATUS-QUO MOOD GOVERNS AHEAD IMF NEGOTIATIONS

A status-quo mood reigned over the Lebanese Eurobond market over this short week, while Lebanon is officially starting talks with the International Monetary Fund on a financial recovery plan. Within this context, international institutional investors showed a shy bid for some sovereigns and remained net buyers in very small volumes.

Most papers across the yield curve saw no price change week-on-week, while sovereigns maturing in April 2021, November 2029, November 2031 and July 2035 registered price gains ranging between 0.13 pt and 0.50 pt. That being said, prices of Lebanese Eurobonds maturing between 2020 and 2037 hovered between 16.63 cents per US dollar and 18.25 cents per US dollar at the closing of this week, noting that a CDS auction, held on April 23, 2020, gave Lebanese Eurobonds a final value of 14.125%.

EUROBONDS INDICATORS

Source: Bank Audi’s Group Research Department

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INTERNATIONAL MARKET INDICATORS

Sources: Bloomberg, Bank Audi's Group Research Department

______DISCLAIMER

The content of this publication is provided as general information only and should not be taken as an advice to invest or engage in any form of financial or commercial activity. Any action that you may take as a result of information in this publication remains your sole responsibility. None of the materials herein constitute offers or solicitations to purchase or sell securities, your investment decisions should not be made based upon the information herein.

Although Bank Audi sal considers the content of this publication reliable, it shall have no liability for its content and makes no warranty, representation or guarantee as to its accuracy or completeness.

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