Reports that Lebanon’s government is putting together a debt restructuring plan suggest that some of the risks we’ve previously warned about are crystallising. And there’s a good chance that this leads to strains in the Lebanese banking sector. Meanwhile, Saudi Arabia sold $7.5bn of dollar bonds this week at broadly similar spreads to previous issuances, suggesting that the recent slump in oil prices and the fallout from the Khashoggi scandal has had little adverse impact on investors’ appetite for Saudi debt.
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