Following a lengthy structuring period, such that the deal would work under Lebanon’s relatively new law No. 430 (see ASR 9/30/02), the Lebanese government is set to move ahead with a $600 million securitization of its state-owned tobacco monopoly Regie Libanais des Tabacs et des Tombacs.

The new law allows the Central Bank to hold an account for the management, servicing and reduction of public debt.

According to market reports over 60% of the tobacco monopoly’s projected revenues will be securitized by commercial banks and proceeds garnered from the transaction will be placed into the special account held by the Central Bank.

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