A 200%-Plus Bond Rally Sours as Lebanon's Reform Story Stalls
Emerging-market bond investors' most profitable bet of the past year is now handing them double-digit losses — as Lebanon's stalled banking reforms sink its sovereign debt.
The defaulted dollar bonds of the Lebanese government had returned 229% between late September and early March, beating 67 other countries in a Bloomberg index for the asset class. The gains were sparked by a breakthrough in the country's politics, with a functional government formed for the first time in more than two years and reform-friendly leaders appointed to key posts.
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