View of Beirut's skyline. (Credit: PHB).
BEIRUT – Since the assassination of Hezbollah leader Hassan Nasrallah on Sept. 27, investors have developed a particular interest in Lebanon’s defaulted Eurobonds – a debt security issued in a currency other than Lebanon’s local currency – causing those to rally and jump from 6.2 cents to 9.5 cents on the dollar since the end of September, or a 50 percent appreciation in over two months – and the highest in two years. Investors have been betting against the weakening of Hezbollah and an eventual positive economic outlook following a cease-fire between the party and Israel – which went into effect on Nov. 27, ending the year-long cross-border fire exchange. In a report issued to investors on Dec. 2 and reviewed by L’Orient Today, U.S. investment bank Goldman Sachs – which is said to have been massively buying Lebanese Eurobonds –...
BEIRUT – Since the assassination of Hezbollah leader Hassan Nasrallah on Sept. 27, investors have developed a particular interest in Lebanon’s defaulted Eurobonds – a debt security issued in a currency other than Lebanon’s local currency – causing those to rally and jump from 6.2 cents to 9.5 cents on the dollar since the end of September, or a 50 percent appreciation in over two months – and the highest in two years. Investors have been betting against the weakening of Hezbollah and an eventual positive economic outlook following a cease-fire between the party and Israel – which went into effect on Nov. 27, ending the year-long cross-border fire exchange. In a report issued to investors on Dec. 2 and reviewed by L’Orient Today, U.S. investment bank Goldman Sachs – which is said to have been massively buying Lebanese...