According to market reports last week, the Lebanese state-owned tobacco monopoly, Regie Libanais des Tabacs et des Tombacs, is set to proceed with its long-awaited securitization, structured under the country's law No. 430. As it turns out, however, there are still a few kinks to be ironed out.

Lebanon enacted its law No. 430 specifically to address the use of securitization for the reduction of government debt. Under the law, which was enacted in 2002, the Lebanese Central Bank can maintain an account for the management, servicing and reduction of public debt. Special purpose vehicles are established by the ministry, which receives the proceeds of Lebanon's privatization initiative.

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