LONDON, Oct 29 (IFR) - The Republic of Lebanon has started marketing a triple-tranche US dollar-denominated bond, according to a lead manager.
The shortest tranche is a 2024 note, which is being marketed at 6.20% to 6.35%.
The second tranche is a 2028 bond and is being offered at initial price thoughts of 6.60% to 6.75%.
Finally, the longest tranche is a 2035 bond, which is out with initial price thoughts of 7.00% to 7.20%.
Lebanon added the 2035 tranche, after releasing minimum yield guidance on the shorter-dated portions earlier in the week.
Lebanon's Central Bank is expected to buy US$500m of the debt.
The new notes are part of a voluntary exchange for any or all of its US$750m 8.5% January 2016s.
Citigroup, Fransabank, Societe Generale de Banque au Liban and Standard Chartered Bank are running the deal. The transaction will be priced tomorrow.
Lebanon is rated B2 by Moody's, B- by Standard & Poor's and B by Fitch. (Reporting by Michael Turner, Editing by Helene Durand)