Lebanon bonds hoovered up by hedge funds who bet on debt workout progress in 2025
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD CEEMEA: Lebanon bonds hoovered up by hedge funds who bet on debt workout progress in 2025
Lebanon’s bonds, still the lowest-valued paper in CEEMEA, got a boost from distressed funds over the last week with the price up by 30% to over 8.25 cents.
Hedge funds are betting on debt workout progress in Lebanon going into 2025, following Israel’s advances against Hezbollah in the country, writes Yulianna Vilkos of REDD Intelligence CEEMEA. The latest geopolitical developments in the region are seen as positive for resolving a political deadlock in Lebanon and moving forward with the reforms needed to unlock the IMF program and much needed external funding.
While the risks are currently skewed towards an upside from the investor's point of view, worse-case scenarios in Lebanon cannot be ruled out, and market enthusiasm may be short-lived, Yulianna Vilkos writes.
REDD LATAM: Azul scraps for collateral to raise USD 400m by year-end
REDD has been closely following the renegotiation of Azul's debt. The Brazilian airline is in talks with lessors and bondholders and is now trying to raise more debt with credit card receivables to pay an upcoming bond due October.
Azul also wants to raise a bond using its cargo business as collateral.
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