Post on 18-Oct-2021
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HIGHLIGHTS …………………………………………………………………………………………………………………………….1
KEY COST AND RISK INDICATORS ……………………………………………………………………...……………….….1
SOVEREIGN RATINGS ………………………………………………………………………….……………………………….….1
INTEREST RATES & COST ……………………..……………………………………………………………………….…….….2
OVERALL DEBT DATA ………………………………….……………………………………………………………….…….….3
AMORTIZATION PROFILE ……………………………...……………………………………………………………….…….….4
DOMESTIC CURRENCY DEBT DATA ……………………………………………………………………………….…….….5
FOREIGN CURRENCY DEBT DATA ………………………………………………………………………………….…….….7
DEBT AND DEBT MARKETS
HIGHLIGHTS
KEY COST AND RISK INDICATORS
SOVEREIGN RATINGS
5,4575,714
6,314
6,722
7,185
7,521
8,156 8,068
2,917
517
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 Feb-21
(bill
ion L
L)
Interest payments Interest Payments as % of Total Expenditures Interest Payments as % of Total Revenues
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
3M T-bills 6M T-bills 12M T-bills 2-year 3-year 5-year 7-year 8-year 9 -year 10-year 15-year
DX - Primary
DX INTEREST RATES & COST
Source: MOF,
Source: MOF
(4)
(5)
32,139 31,070 31,59736,776 39,400 38,612 40,836 42,382 45,815 50,495 50,871 54,346 55,297
44,973 48,255 49,34050,198
56,312 61,75265,195
70,52874,077
77,85287,279
89,762 91,327
144%
137%
134%
131%135%
138% 140%
146%
149%
154%
171%
100%
110%
120%
130%
140%
150%
160%
170%
180%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Mar2021
(bill
ion L
L)
Gross Foreign debt Gross domestic debt Gross Debt to GDP (%)
Source: MOF, BDL
OVERALL DEBT DATA
8,48610,422 10,326
8,357
14,528
4,476
5,2634,576
4,024
3,350
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
2021 2022 2023 2024 2025
(LBP billion)
Coupon maturities Principal maturities (incl. discount interest for 3, 6, and 12 month T-bills)
2,092.5 2,040.0
1,600.0 1,488.5 1,600.0
1,771.9 1,959.4
1,810.61,738.4 1,614.2
233241
222192 177
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2021 2022 2023 2024 2025
(US$ million)
FX Loans Debt Service Eurobonds Interest (Payment Suspended) Eurobonds Principal (Payment Suspended)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
(US
$ m
illio
n)
Domestic debt Principal Domestic debt coupons
FX Loans Debt Service Eurobonds Principal (Payment Suspended)
Eurobonds Interest (Payment Suspended)
Source: MOF, BDL Note : The data used for the amortization schedule is based on outstanding and not on committed amounts.
AMORTIZATION PROFILE
31.6%36.7%
42.9%48.2% 50.3%
58.3%61.6% 62.0%
51.5%46.3%
41.8%37.3% 35.0%
28.7%25.5% 25.2%
12.5% 13.0% 12.4% 12.1% 12.8% 11.5% 11.6% 11.6%
4.4% 3.9% 3.0% 2.4% 1.9% 1.5% 1.3% 1.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Mar 21
Central Bank Commercial Banks Public Institutions Others
1.7% 1.6% 1.6%5.56% 5.26% 4.44% 4.23% 4.02% 3.59% 3.49% 3.44%
7.90%12.49% 16.44%
21.68%
27.62%35.38% 37.87% 37.68%
3.27%
3.09%2.65%
2.52%
2.39%
2.14% 0.08% 0.07%
16.9%
18.9%
21.2%18.6%
14.8%
18.2%21.3% 21.6%
20.2%
20.4%
22.3%22.9%
23.2%
23.4%
24.5% 24.8%39.6%
31.1%20.8% 15.5%
13.5%
10.6%7.6% 7.7%
3.6% 6.6%7.5% 10.1% 9.1%
3.9% 2.2% 2.0%3.1% 2.1% 4.4% 4.2% 3.5% 1.2% 1.4% 1.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Mar 21
15 YR bonds 12 YR bonds 10 YR bonds
8 YR bonds 7 YR bonds 5 YR bonds
3 YR bonds 2 YR bonds Short term bills (12MN, 6MN, 3MN TBs)
DOMESTIC CURRENCY DEBT DATA
Source: MOF, BDL Notes: Commercial Banks figures include the amounts of repurchase agreements.
Source: MOF
Notes: 1- Only treasury bills with maturities less than 24 months are issued at a discount to their face value. 2- The 5 YR bonds figure includes LL 120 billion contractor bonds issued in Jul 2016 and Jun 2017.
Banks
1.2%
Public Institutions
47.5%
Others
1.6%
BDL
49.7%
DOMESTIC CURRENCY DEBT DATA
Source: MOF
General and Technical Government Services
9.08%Power1.72%
Transportation16.39%
Education8.59%
Health6.59%
Social4.12%
Water40.49%
Infrastructure6.25%
Other 6.77%
Euro14.88%
Kuwaiti Dinar34.45%
US Dollar36.92%
Islamic Dinar6.02%
Saudi Arabian Riyal2.76%
SDR4.16%
Other0.81%
FOREIGN CURRENCY DEBT DATA
Source: MOF
Source: MOF