Lebanon is rumoured to have hired Deutsche Bank and local Bank Audi to lead-manage an exchange offer on its May 2014 bonds and the rollover of its April 2014 notes, two market sources told IFR. The sovereign, rated B1/B-/B, sent a request for proposals to banks earlier this year. Deutsche Bank declined to comment, while a banker at Bank Audi said no official mandate had been announced yet. As part of the transaction, Lebanon is looking to exchange its outstanding 9% US$882m May 2014 for new notes and roll over its 7.375% US$677m April 2014 note, according to the sources. The sovereign is not expected to raise any new cash through the deal.
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