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Lebanon’s Dollar Bonds Rise Above 20 cents on the Dollar After Five Years
September 4, 2025
Lebanon’s defaulted dollar bonds have climbed above 20 cents on the dollar for the first time in five years. Analysts have highlighted that investor optimism regarding political and economic reforms are gaining traction. The rally follows the formation of a functional government and pledges by new leadership, to tackle an $80bn banking hole and pursue restructuring. Creditors, including BlackRock, Amundi, and Aberdeen, are pushing for a deal, but progress hinges on IMF support, regional funding, and resolving Lebanon’s banking and political crises. Gulf states have tied financial aid to reforms, anti-corruption efforts, and demilitarization. While these conditions remain unresolved, early signs of economic recovery, such as an uptick in PMI and central bank efforts to stabilize banks, have buoyed sentiment, reports suggest. Lebanon was upgraded to CCC last month by S&P. According to Bloomberg, Lebanon’s 2035 bonds have given a 250% total return since September 2023, outperforming all other emerging-market debt, despite no payments since 2020.
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