Obbligazione Libanon 8.5% ( US52238PAJ84 ) in USD

Emittente Libanon
Prezzo di mercato 100 USD  ▼ 
Paese  Libano
Codice isin  US52238PAJ84 ( in USD )
Tasso d'interesse 8.5% per anno ( pagato 2 volte l'anno) - Obbligazione è in default, i pagamenti sono sospes
Scadenza 19/01/2016 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Lebanon US52238PAJ84 in USD 8.5%, scaduta


Importo minimo 100 000 USD
Importo totale 750 000 000 USD
Cusip 52238PAJ8
Descrizione dettagliata Il Libano è una repubblica parlamentare del Vicino Oriente, caratterizzata da una significativa diversità religiosa e culturale, con una storia antica e una geografia variegata che spazia dalla costa mediterranea alle montagne.

Un'analisi approfondita di un'obbligazione sovrana rivela dettagli critici riguardo alla sua performance e allo stato dell'emittente: l'obbligazione in questione, identificata dal codice ISIN US52238PAJ84 e dal codice CUSIP 52238PAJ8, è stata emessa dal Libano, una nazione mediorientale che ha affrontato e continua ad affrontare significative sfide economiche e politiche negli ultimi anni, le quali hanno avuto un impatto diretto sulla sua capacità di onorare il debito sovrano; il Libano, come emittente di debito pubblico, riflette la complessità della sua situazione geopolitica ed economica interna, caratterizzata da periodi di instabilità e crisi che hanno portato alla sua attuale condizione di default; questa specifica emissione, denominata in dollari statunitensi (USD), aveva una dimensione totale di 750.000.000 USD, offrendo un tasso d'interesse nominale dell'8.5% con una frequenza di pagamento delle cedole semestrale, ma l'aspetto fondamentale e di massima rilevanza per gli investitori è che l'emittente è andato in default, e di conseguenza, le cedole non vengono più pagate; nonostante la condizione di insolvenza conclamata e la scadenza già avvenuta in data 19 gennaio 2016, il prezzo attuale indicato sul mercato per questa obbligazione è pari al 100% del valore nominale, un dato che necessita di un'attenta interpretazione alla luce del mancato pagamento dei flussi cedolari e del capitale a scadenza; la dimensione minima per l'acquisto sul mercato secondario di tale strumento era fissata a 100.000 USD, delineando un asset di debito sovrano che, sebbene originariamente emesso con condizioni attrattive, si trova ora in una situazione di insolvenza con implicazioni dirette per qualsiasi detentore o potenziale acquirente, evidenziando la necessità di una valutazione approfondita dei rischi associati ai titoli di stato di paesi in crisi.







The Lebanese Republic
U.S.$34,000,000,000
Global Medium-Term Note Program
Under this U.S.$34,000,000,000 Global Medium-Term Note Program (the "Program"), the Lebanese Republic (the "Republic", "Lebanon"
or the "Issuer") may, from time to time, subject to compliance with all relevant laws, regulations and directives, issue notes in either bearer
or registered form (the "Notes").
The maximum aggregate principal amount of all Notes from time to time outstanding under the Program will not exceed
U.S.$34,000,000,000 (or its equivalent in other currencies determined at the time of the agreement to issue), subject to any duly authorized
increase. Notes may be denominated in U.S. Dollars, Euros and such other currencies as may be agreed between the Republic and the
relevant Dealers (as defined below). Notes will have maturities of not less than three months nor more than 30 years and will bear interest on
a fixed or floating rate basis.
SEE "RISK FACTORS" FOR A DISCUSSION OF CERTAIN FACTORS TO BE
CONSIDERED IN CONNECTION WITH AN INVESTMENT IN THE NOTES.
Any Notes to be issued after the date hereof under the Program are issued subject to the provisions set out herein. This does not affect any
Notes issued prior to the date hereof.
The Notes may be issued on a continuing basis to the Dealers and any additional Dealer(s) appointed under the Program from time to time
pursuant to the terms of the Second Amended and Restated Program Agreement dated 1 March 2010 (as the same may be amended from
time to time, the "Program Agreement"), which appointment may be for a specific issue or on an ongoing basis (each, a "Dealer" and,
together, the "Dealers"). References in this Base Prospectus to the "relevant Dealer", in the case of an issue of Notes being (or intended to
be) subscribed by more than one Dealer, shall be to all Dealers agreeing to subscribe for such Notes.
Notes will be issued in series (each, a "Series"), with all Notes in a Series having the same maturity date and terms otherwise identical
(except in relation to issue dates, interest commencement dates, issue prices and related matters). Notes in each Series may be issued in one
or more tranches (each, a "Tranche") on different issue dates. Details applicable to the Notes in a particular Series or Tranche will be
supplied in a final terms to this Base Prospectus (each, a "Final Terms"), which will contain the aggregate principal amount of such Notes,
interest (if any) payable in respect of such Notes, the issue price of such Notes and other details applicable to such Series or Tranche. This
Base Prospectus may not be used to consummate sales of Notes unless accompanied by a Final Terms.
The price and amount of Notes to be issued under the Program will be determined by the Issuer and the relevant Dealer at the time of issue in
accordance with prevailing market conditions.
This Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC, as amended (which includes the
amendments made by Directive 2010/73/EU) (the "Prospectus Directive"). Application has been made to the Commission de Surveillance
du Secteur Financier (the "CSSF") in its capacity as competent authority, under the Law on Prospectuses for Securities, to approve this
document as a base prospectus. By approving this Base Prospectus, the CSSF gives no undertaking as to the economic or financial
opportuneness of any transaction contemplated by this Base Prospectus or the quality and solvency of the Republic in line with the
provisions of Article 7(7) of the Law on Prospectuses for Securities. Application has also been made to the Luxembourg Stock Exchange for
Notes issued under this Base Prospectus to be admitted to trading on the Luxembourg Stock Exchange's Regulated Market and to be listed
on the Official List of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange is a regulated market for the purposes of
Directive 2014/65/EU (as amended, "MiFID II"). However, Notes may be issued under the Program which will not be listed on the Official
List of the Luxembourg Stock Exchange or on any other stock exchange, and the Final Terms applicable to the Notes in a Series will specify
whether or not Notes in such Series will be listed on the Official List of the Luxembourg Stock Exchange or on any other stock exchange.
Arranger
Citigroup
Dealers
Citigroup
Commerzbank
Deutsche Bank
J.P. Morgan
Nomura
Standard Chartered Bank
The date of this Base Prospectus is 17 May 2018.


IMPORTANT NOTICE
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or any state securities laws, or under the securities laws of any other jurisdiction. This Base Prospectus has been
prepared by the Republic for use in connection with the offer and sale of Notes outside the United States to non-U.S.
persons in reliance upon Regulation S under the Securities Act ("Regulation S") and, with respect to Notes in
registered form only, within the United States to qualified institutional buyers ("QIBs") in reliance upon and as defined
in Rule 144A under the Securities Act ("Rule 144A"). Prospective purchasers are hereby notified that sellers of Notes
may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a
description of certain restrictions on transfer of the Notes, see "Notice to Purchasers and Holders of Restricted Notes
and Transfer Restrictions" and "Subscription and Sale".
Notes other than Bearer Notes offered otherwise than in reliance on Regulation S pursuant to the Program Agreement
may be offered by the Dealers through their respective agents in the United States.
Notes of each Tranche will initially be represented by either a Temporary Global Note, a Permanent Global Note, a
Regulation S Global Note and/or a Restricted Global Note (each as defined herein) as indicated in the applicable Final
Terms. See "Forms of the Notes".
Application has been made to the CSSF, in its capacity as competent authority under the Law on Prospectuses for
Securities, to approve this document as a base prospectus.
Copies of the Final Terms will be available from the office of the Ministry of Finance and from the specified office set
out below of each of the Paying Agents (as defined below).
The Republic has agreed to comply with any undertakings given by it from time to time to the Luxembourg Stock
Exchange in connection with Notes in a Series to be listed on the Official List of the Luxembourg Stock Exchange and,
without prejudice to the generality of the foregoing, shall in connection with the listing of the Notes on the Official List
of the Luxembourg Stock Exchange or on any other relevant stock exchange, so long as any Note remains outstanding,
prepare a supplement to this Base Prospectus, or, as the case may be, publish in a new Base Prospectus, whenever
required by the rules of the Luxembourg Stock Exchange or any other relevant stock exchange, or by Article 13 of the
Law on Prospectuses for Securities or Article 16 of the Prospectus Directive, and in any event (i) if the maximum
aggregate principal amount of Notes that may be issued under the Program is increased, (ii) upon the Republic
becoming aware that (A) there has been a significant change (including any change to the Terms and Conditions of the
Notes in a Series to be listed on the Official List of the Luxembourg Stock Exchange) affecting any matter contained in
this Base Prospectus or (B) a significant new matter has arisen, the inclusion of information in respect of which would
have been required to be in this Base Prospectus if it had arisen before this Base Prospectus was issued or (iii) if the
terms of the Program are modified or amended in a manner which would make this Base Prospectus, as supplemented,
materially inaccurate or misleading. In the event that a supplement to this Base Prospectus is produced pursuant to
such undertakings, a copy of such supplement will accompany this Base Prospectus. Any such supplement to this Base
Prospectus will also be available from the specified office of the Fiscal Agent and Transfer Agent in Luxembourg. See
"General Information--Documents on Display".
Neither the Arranger nor the Dealers have independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by
the Arranger or the Dealers as to the accuracy or completeness of the information contained in this Base Prospectus or
any other information provided by the Republic or any other person in connection with the Program or the Notes or
their distribution. The statements made in this paragraph are made without prejudice to the responsibility of the
Republic under the Program.
No person is or has been authorized to give any information or to make any representation not contained in or not
consistent with this Base Prospectus, the Program Agreement or any other information supplied in connection with the
Program or the Notes and, if given or made, such information or representation must not be relied upon as having been
authorized by the Republic, the Arranger or any of the Dealers.
Neither this Base Prospectus nor any other information supplied in connection with the Program or any Notes (i) is
intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation or
constituting an offer by the Republic, the Arranger or any of the Dealers that any recipient of this Base Prospectus or
any other information supplied in connection with the Program or any Notes should purchase any Notes in any
jurisdiction where it is unlawful for such person to make such a recommendation or offer. Each investor contemplating
purchasing any Notes should make its own independent investigation of the financial condition and affairs and its own
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appraisal of the creditworthiness of the Republic. Neither this Base Prospectus nor any other information supplied in
connection with the Program or any Notes constitutes an offer or invitation by or on behalf of the Republic, the
Arranger or any of the Dealers to any person to whom it is unlawful to make such offer to subscribe for or to purchase
any Notes.
Neither the delivery of this Base Prospectus nor the offering, sale or delivery of any Notes shall in any circumstance
imply that the information contained herein concerning the Republic is correct at any time subsequent to the date
hereof or the date as of which it is expressed to be given or that any other information supplied in connection with the
Program is correct as of any time subsequent to the date indicated in the document containing the same. Neither the
Arranger nor the Dealers expressly undertake to review the financial condition or affairs of the Republic during the life
of the Program. Investors should review, inter alia, documents incorporated by reference herein when deciding whether
or not to purchase any Notes.
This Base Prospectus has been approved by the CSSF and published in accordance with the Prospectus Directive, as
implemented in Luxembourg. Pursuant to Article 7(7) of the Luxembourg Law on prospectuses for securities, by
approving this Base Prospectus, the CSSF gives no undertaking as to the economic or financial soundness of any
transaction contemplated by this Base Prospectus or the quality and solvency of the Republic.
The distribution of this Base Prospectus and the offer or sale of Notes may be restricted by law in certain jurisdictions.
None of the Arranger, the Dealers nor the Republic makes any representation to any investor in the Notes regarding the
legality of its investment under any applicable laws. None of the Republic, the Arranger nor the Dealers represent that
this document may be lawfully distributed, or that any Notes may be lawfully offered, in compliance with any applicable
registration or other requirements in any such jurisdiction, or pursuant to an exemption available thereunder, or
assume any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by
the Republic, the Arranger or the Dealers (save for the approval of this document as a Base Prospectus by the CSSF)
which would permit a public offering of any Notes or distribution of this document in any jurisdiction where action for
that purpose is required. Accordingly, no Notes may be offered or sold, directly or indirectly, and neither this Base
Prospectus nor any advertisement or other offering material may be distributed or published in any jurisdiction, except
under circumstances that will result in compliance with any applicable laws and regulations and the Dealers have
represented that all offers and sales by them will be made on the same terms. Persons into whose possession this Base
Prospectus or any Notes come must inform themselves about and observe any such restrictions. In particular, there are
restrictions on the distribution of this Base Prospectus and the offer or sale of Notes in the United States, the European
Economic Area and the United Kingdom. For a description of these and certain further restrictions on offers and sales
of the Notes and distribution of this Base Prospectus, see "Subscription and Sale" and "Notice to Purchasers and
Holders of Restricted Notes and Transfer Restrictions" below.
The Notes have not been registered with, recommended by or approved or disapproved by the U.S. Securities and
Exchange Commission (the "SEC") or any other federal or state securities commission in the United States, nor has
the SEC or any other federal or state securities commission confirmed the accuracy or determined the adequacy of this
Base Prospectus. Any representation to the contrary is a criminal offense in the United States. The Notes are subject to
restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable
federal or state securities laws pursuant to a registration statement or an exemption from registration. See
"Subscription and Sale" and "Notice to Purchasers and Holders of Restricted Notes and Transfer Restrictions" below.
Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite
period of time.
In making an investment decision regarding the Notes, prospective investors must rely on their own examination of the
Republic and the terms of the Program, including the merits and risks involved. Any investor in the Notes should be
able to bear the economic risk of an investment in the Notes for an indefinite period.
The Notes may include Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions,
Notes in bearer form having a maturity (at issue) of more than one year are subject to U.S. tax law requirements and
may not be offered, sold or delivered within the United States or its possessions or to United States persons, except in
certain transactions permitted by U.S. tax regulations. See "Subscription and Sale".
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RESPONSIBILITY STATEMENT
The Republic accepts responsibility for the information contained in this Base Prospectus. Having taken all reasonable
care that such is the case, the information contained in this Base Prospectus is, to the best of the knowledge of the
Republic, in accordance with the facts and contains no omission likely to affect the import of such information.
This section is to be read in conjunction with "Important Information Relating to Public Offers of Notes--Consent
Given in Accordance With Article 3.2 of the Prospectus Directive (Retail Cascades)" below.
IN CONNECTION WITH THE ISSUE OF ANY TRANCHE OF NOTES, THE DEALER OR DEALERS (IF
ANY) NAMED AS THE STABILIZING MANAGER(S) (EACH, A "STABILIZING MANAGER") (OR
PERSONS ACTING ON BEHALF OF ANY STABILIZING MANAGER(S)) IN THE APPLICABLE FINAL
TERMS MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING
THE MARKET PRICE OF THE NOTES IN SUCH A SERIES AT A LEVEL HIGHER THAN THAT WHICH
MIGHT OTHERWISE PREVAIL. HOWEVER, STABILIZATION MAY NOT NECESSARILY OCCUR. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC
DISCLOSURE OF THE TERMS OF THE OFFER OF THE TRANCHE OF NOTES IS MADE AND, IF
BEGUN, MAY CEASE AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 DAYS
AFTER THE ISSUE DATE OF THE RELEVANT TRANCHE OF NOTES AND 60 DAYS AFTER THE DATE
OF THE ALLOTMENT OF THE RELEVANT TRANCHE OF NOTES. ANY STABILIZATION OR OVER
ALLOTMENT MUST BE CONDUCTED BY THE STABILIZING MANAGER(S) (OR PERSON(S) ACTING
ON BEHALF OF ANY STABILIZING MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE
LAWS, REGULATIONS AND RULES.
NOTICE TO FLORIDA RESIDENTS
THESE NOTES ARE OFFERED PURSUANT TO A CLAIM OF EXEMPTION UNDER SECTION 517.061 OF THE
FLORIDA SECURITIES AND INVESTOR PROTECTION ACT AND HAVE NOT BEEN REGISTERED UNDER
SAID ACT IN THE STATE OF FLORIDA. ALL FLORIDA RESIDENTS (OTHER THAN EXEMPT
INSTITUTIONAL INVESTORS) HAVE THE RIGHT TO VOID THE PURCHASE OF THESE NOTES WITHOUT
PENALTY WITHIN THREE (3) DAYS OF MAKING SUCH PURCHASE.
BENCHMARKS REGULATION
Amounts payable under Notes issued under the Program may be calculated by reference to the London Interbank
Offered Rate ("LIBOR") and the Euro Interbank Offered Rate ("EURIBOR"), which are administered by the ICE
Benchmark Administration Limited ("ICE") and the European Money Markets Institute, respectively. As at the date of
this Base Prospectus, the European Money Markets Institute does not appear on the register of administrators and
benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to
Article 36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (the "BMR"). As far as the Issuer is aware, the
transitional provisions in Article 51 of the BMR apply, such that the European Money Markets Institute is not currently
required to obtain authorization or registration (or, if located outside the EU, recognition, endorsement or equivalence).
ICE appears on the register of administrators and benchmarks established and maintained by ESMA.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance", which will
outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into
consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distribution channels.
A determination will be made in relation to each issue of Notes about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer
subscribing for any such Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the
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Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance
Rules.
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA
This Base Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any
offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive
(each, a "Relevant Member State") will be made pursuant to an exemption under the Prospectus Directive, as
implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of Notes.
Accordingly any person making or intending to make an offer in that Relevant Member State of Notes, which are the
subject of an offering contemplated in this Base Prospectus, as completed by the relevant Final Terms may only do so
(i) in circumstances in which no obligation arises for the Issuer, the Arranger or any Dealer to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus
Directive, in each case, in relation to such offer, or (ii) if a base prospectus for such offer has been approved by the
competent authority in that Relevant Member State, or where appropriate, approved in another Relevant Member State
and notified to the competent authority in that Relevant Member State and (in either case) published, all in accordance
with the Prospectus Directive, provided that any such base prospectus has subsequently been completed by Final Terms
which specify that offers may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant
Member State and such offer is made in the period beginning and ending on the dates specified for such purpose in such
base prospectus or Final Terms, as applicable. Except to the extent sub-paragraph (ii) above may apply, neither the
Issuer, the Arranger nor any Dealer has authorized, nor do they authorize, the making of any offer of Notes in
circumstances in which an obligation arises for the Issuer, the Arranger or any Dealer to publish or supplement a
prospectus for such offer. The expression "Prospectus Directive" means Directive 2003/71/EC (as amended, including
by Directive 2010/73/EU) and includes any relevant implementing measure in the Relevant Member State.
If the Final Terms in respect of any Notes specifies "Prohibition of Sales to EEA Retail Investors" as "Applicable", the
Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investors in the European Economic Area ("EEA"). For these purposes, a retail investor
means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a
customer within the meaning of Directive 2002/92/EC (as amended, the "IMD"), where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as
defined in the Prospectus Directive. Consequently no key information document required by Regulation (EU)
1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail
investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available
to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
NOTICE TO UK RESIDENTS
The distribution in the United Kingdom (the "UK") of this Base Prospectus, any Final Terms and any other marketing
materials relating to Notes, if effected by a person who is not an authorized person under the Financial Services and
Markets Act 2000, is being addressed to, or directed at, only the following persons: (i) persons who are Investment
Professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Financial Promotion Order"); (ii) persons falling within any of the categories of persons
described in Article 49 of the Financial Promotion Order; and (iii) any other person to whom it may otherwise lawfully
be made in accordance with the Financial Promotion Order.
Any individual intending to invest in the Notes described in this Base Prospectus should consult his or her professional
adviser and ensure that he or she fully understands all the risks associated with making such an investment and that he
or she has sufficient financial resources to sustain any loss that may arise from such investment.
NOTICE TO RESIDENTS OF THE KINGDOM OF SAUDI ARABIA
This Base Prospectus and any Final Terms may not be distributed in the Kingdom of Saudi Arabia, except to such
persons as are permitted under the Offers of Securities Regulations issued by the Capital Market Authority of the
Kingdom of Saudi Arabia (the "Capital Market Authority").
The Capital Market Authority does not make any representations as to the accuracy or completeness of this Base
Prospectus or any Final Terms and expressly disclaims any liability whatsoever for any loss arising from, or incurred in
reliance upon, any part of this Base Prospectus, as it may be supplemented. Prospective purchasers of Notes issued
under the Program should conduct their own due diligence on the accuracy of the information relating to the Notes. If a
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prospective purchaser does not understand the contents of this Base Prospectus or any Final Terms, he or she should
consult an authorized financial adviser.
NOTICE TO RESIDENTS OF THE KINGDOM OF BAHRAIN
This Base Prospectus and any related offering documents do not constitute an offer of securities in the Kingdom of
Bahrain in terms of Article (81) of the Central Bank and Financial Institutions Law 2006 (Decree Law 64 of 2006).
This Base Prospectus and related offering documents have not been, and will not be, registered as a prospectus with the
Central Bank of Bahrain. Accordingly, no securities may be offered, sold or made the subject of an invitation for
subscription or purchase nor will this Base Prospectus or any other related document or material be used in connection
with any offer, sale or invitation to subscribe or purchase securities, whether directly or indirectly, to persons in the
Kingdom of Bahrain, other than to `accredited investors', as such term is defined by the Central Bank of Bahrain.
The Central Bank of Bahrain has not reviewed, approved or registered this Base Prospectus or related offering
documents and it has not in any way considered the merits of the Notes to be offered for investment, whether in or
outside the Kingdom of Bahrain. Therefore, the Central Bank of Bahrain assumes no responsibility for the accuracy and
completeness of the statements and information contained in this Base Prospectus and expressly disclaims any liability
whatsoever for any loss howsoever arising from reliance upon the whole or any part of the content of this Base
Prospectus. No offer of securities will be made to the public in the Kingdom of Bahrain and this Base Prospectus must
be read by the addressee only and must not be issued, passed to, or made available to the public generally.
NOTICE TO RESIDENTS OF THE STATE OF QATAR
This Base Prospectus and any Final Terms do not and are not intended to constitute an offer, sale or delivery of notes or
other debt financing instruments under the laws of the State of Qatar and have not been and will not be reviewed or
approved by or registered with the Qatar Financial Markets Authority or Qatar Central Bank. The Notes are not, and
will not be, traded on the Qatar Exchange.
PRESENTATION OF FINANCIAL INFORMATION
All references in this document to "Lebanese Pounds" and "LL" are to the currency of the Lebanese Republic; to
"U.S. Dollars" and "U.S.$" are to the currency of the United States of America; to "Euros" or "" are to the currency
introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing
the European Community, as amended by the Treaty on European Union; and to "SDR" are to Special Drawing Rights
of the International Monetary Fund (the "IMF"). References in this document to "billions" are to thousands of millions
and to the "Government" are to the Government of Republic.
For ease of presentation, certain financial information relating to the Republic included herein is presented as translated
into U.S. Dollars. On the date of this Base Prospectus the closing U.S. Dollar/Lebanese Pound rate of exchange as
reported by Banque du Liban ("BdL"), the Republic's Central Bank, was LL 1,507.5 = U.S.$1.00. However, this
translation should not be construed as a representation that the Lebanese Pound amount actually represents such U.S.
Dollar amount or could be converted into U.S. Dollars at the rate indicated or any other rate.
The Gross Domestic Product ("GDP") figures, the ratios that include GDP figures and the statements regarding the
evolution of GDP presented in this Base Prospectus differ from previously published data due to the publication of new
official GDP estimates published by the Central Administration for Statistics ("CAS"). See "The Economy--Gross
Domestic Product".
Certain other figures included in this Base Prospectus differ from previously published figures for a number of reasons,
including continuing implementation of a debt management system, consultation with the IMF and ongoing statistical
revisions. Also, certain monetary amounts included in this Base Prospectus have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures that
precede them. See "Risk Factors--Risks Relating to the Republic--Accuracy of Financial and Statistical Information".
FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Base Prospectus constitute forward-looking statements. Statements that are not
historical facts are forward-looking statements. Forward-looking statements generally can be identified by the use of
forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "target", "anticipate", "believe",
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"continue" or similar terminology. These statements are based on the Government's current plans, objectives,
assumptions, estimates and projections. Therefore, undue reliance should not be placed on them. Forward-looking
statements speak only as of the date that they are made and the Republic does not undertake to update any of them in
light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. The
Republic cautions that a number of important factors could cause actual results to differ materially from those contained
in any forward-looking statement. Forward-looking statements include, but are not limited to, certain statements relating
to the general political, military and economic conditions in the Republic, the absence of military conflict between the
Republic and Israel, the state of relations between the Republic and Syria, the ability of the Government to implement
economic and fiscal reforms, including its privatization program, the effective implementation of decisions of donor
countries and international financial institutions regarding financial assistance to the Republic, estimates of external
debt repayment and the effects of the global financial crisis on the Republic's economy and finances.
JURISDICTION AND ENFORCEMENT
Jurisdiction and Immunity
The Republic is a sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments
against the Republic in the courts of the United States. The Republic has irrevocably submitted to the non-exclusive
jurisdiction of any New York state or federal court sitting in New York City in the Borough of Manhattan for purposes
of any suit, action or proceeding arising out of or relating to the Notes (a "Related Proceeding"). The Republic has also
irrevocably agreed that all claims in respect of any Related Proceeding may be heard and determined in any such New
York state court or any such federal court, subject to the following. The Republic has irrevocably waived the defense of
an inconvenient forum to the maintenance of any Related Proceeding whether on the grounds of venue, residence or
domicile; however, the Republic will not waive any right to seek removal or transfer of any Related Proceeding from
any such court of the State of New York to any U.S. federal court sitting in New York City, in the Borough of
Manhattan.
To the extent that the Republic or its assets have or hereafter may acquire any immunity (sovereign or otherwise) from
the jurisdiction of any such courts or from any legal process (whether through service or notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) in any such court, the Republic has, to the extent it is
lawfully entitled to do so, irrevocably agreed not to claim and will irrevocably waive such immunity in respect of any
Related Proceeding. This waiver of immunity by the Republic will have the fullest scope permitted under the U.S.
Foreign Sovereign Immunities Act of 1976 but will not constitute a general waiver or a waiver of immunity in respect
of property that is used solely or principally for official purposes (such as ambassadorial and consular real property and
buildings and the contents thereof, any military property or military assets or property or assets of the Republic related
thereto, or any bank accounts of embassies or consulates to the extent of monies maintained therein for ambassadorial,
consular or other official purposes, but not commercial purposes, in each case necessary for the proper official,
ambassadorial or consular functioning of the Republic).
Prospective investors in Notes should be aware that, pursuant to Lebanese law, including Article 860 of the Code of
Civil Procedure of Lebanon, the Republic's properties and assets are immune from execution, attachment or other legal
or judicial process and, in any Related Proceeding brought in the courts of Lebanon against the Republic or brought in
those courts to enforce or seek recognition of a judgment obtained outside Lebanon, the Republic's waiver of immunity
referred to above would not be given effect to the extent it violates Article 860 of the Code of Civil Procedure of
Lebanon.
Proceedings and Enforcement
The enforcement of foreign judgments in Lebanon is governed by Articles 1013, 1014, 1015 and 1016 of the Lebanese
Code of Civil Procedure. Under those provisions, a judgment obtained in any U.S. court would be recognized and
enforced by the courts in Lebanon without reconsideration of its merits provided that the foreign judgment satisfies the
following additional conditions: (i) the foreign judgment must have been issued by a court competent to do so under the
law of the relevant country in a proceeding in which the court's jurisdiction was not based solely on the nationality of
the plaintiff; (ii) the foreign judgment must be final and enforceable in the country in which it was rendered, and the
foreign judgment must not be based on documents subsequently deemed or found to be untrue and must not contain
contradictory terms; (iii) the laws of the country in which the foreign judgment was rendered must permit the
enforcement of judgments rendered by Lebanese courts without reconsideration of the merits; (iv) the defendant must
have been properly served with legal process with respect to the proceeding in which the foreign judgment was
rendered and due process must have been observed in connection with the proceeding, and no party to the litigation
must have failed to deliver to the court material documents relating to the dispute; (v) the foreign judgment must not be
contrary to Lebanese public policy; (vi) a final judgment in the same case between the same parties must not have been
vi


rendered by a Lebanese court; and (vii) no action commenced prior to the relevant foreign proceeding may be pending
with respect to the same subject matter and between the same parties before the Lebanese courts.
Enforcement of foreign judgments in Lebanon also involves the payment of significant court and related fees, which
may be as high as 2.5% of the amount claimed. Court costs and fees in connection with a direct action brought against
the Republic in Lebanese courts may be as high as 5% of the amount claimed.
vii


TABLE OF CONTENTS
IMPORTANT NOTICE ........................................................................................................................................... i
RESPONSIBILITY STATEMENT........................................................................................................................ iii
NOTICE TO FLORIDA RESIDENTS................................................................................................................... iii
BENCHMARKS REGULATION .......................................................................................................................... iii
MIFID II PRODUCT GOVERNANCE / TARGET MARKET............................................................................. iii
NOTICE TO INVESTORS IN THE EUROPEAN ECONOMIC AREA .............................................................. iv
NOTICE TO UK RESIDENTS .............................................................................................................................. iv
NOTICE TO RESIDENTS OF THE KINGDOM OF SAUDI ARABIA............................................................... iv
NOTICE TO RESIDENTS OF THE KINGDOM OF BAHRAIN.......................................................................... v
NOTICE TO RESIDENTS OF THE STATE OF QATAR ..................................................................................... v
PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... v
FORWARD-LOOKING STATEMENTS ............................................................................................................... v
JURISDICTION AND ENFORCEMENT ............................................................................................................. vi
TABLE OF CONTENTS ..................................................................................................................................... viii
SUMMARY............................................................................................................................................................. 1
RISK FACTORS ................................................................................................................................................... 17
INCORPORATION BY REFERENCE ................................................................................................................ 33
GENERAL DESCRIPTION OF THE PROGRAM .............................................................................................. 35
IMPORTANT INFORMATION RELATING TO PUBLIC OFFERS OF NOTES.............................................. 39
TABLE OF SELECTED LEBANESE ECONOMIC INDICATORS ................................................................... 41
THE LEBANESE REPUBLIC.............................................................................................................................. 42
THE ECONOMY .................................................................................................................................................. 55
EXTERNAL SECTOR .......................................................................................................................................... 75
MONETARY SYSTEM ........................................................................................................................................ 84
PUBLIC FINANCE............................................................................................................................................... 95
PUBLIC DEBT.................................................................................................................................................... 106
TERMS AND CONDITIONS OF THE NOTES ................................................................................................ 118
USE OF PROCEEDS .......................................................................................................................................... 137
FORMS OF THE NOTES ................................................................................................................................... 138
BOOK-ENTRY CLEARANCE SYSTEMS........................................................................................................ 141
NOTICE TO PURCHASERS AND HOLDERS OF RESTRICTED NOTES
AND TRANSFER RESTRICTIONS ................................................................................................................. 146
TAXATION......................................................................................................................................................... 148
SUBSCRIPTION AND SALE ............................................................................................................................ 157
GENERAL INFORMATION.............................................................................................................................. 164
FORM OF APPLICABLE FINAL TERMS........................................................................................................ 167
viii


SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A
­ E (A.1 ­ E.7). This summary contains all the Elements required to be included in a summary for this type of securities
and issuer. As some Elements are not required to be addressed, there may be gaps in the numbering sequence of the
Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and
issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of
the Element is included in the summary with the mention of "Not Applicable".
Section A ­ Introduction and Warnings
Element
Requirement
A.1
Introductory
This summary should be read as an introduction to the Base Prospectus.
disclaimer
Any decision to invest in Notes should be based on consideration of the Base
Prospectus, as a whole, and the relevant Final Terms by the investor.
Where a claim relating to the information contained in the Base Prospectus is
brought before a court in a Member State, the plaintiff investor may, under the
national legislation of the relevant Member State, have to bear the costs of
translating the Base Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the summary,
including any translation thereof, but only if the summary is misleading,
inaccurate or inconsistent, when read together with the other parts of the Base
Prospectus and Final Terms or it does not provide, when read together with the
other parts of the Base Prospectus and Final Terms, key information in order to
aid investors when considering whether to invest in the Notes.
A.2
Consent to use of
[Not Applicable--the Notes are being offered in circumstances falling within
Base Prospectus
Article 3(2) of the Prospectus Directive.]
[Not Applicable--the Notes are issued in denominations of at least 100,000 (or
its equivalent in any other currency).]
[The Issuer consents to the use of this Base Prospectus in connection with a Non-
exempt Offer of the Notes subject to the following conditions:
(i)
the consent is only valid during the period from [·] until [·] (the "Offer
Period");
(ii)
the only persons ("Offerors") authorized to use this Base Prospectus to
make the Non-exempt Offer of the relevant Tranche of Notes are the
relevant Dealer and either:
(a)
(1) if the applicable Final Terms names financial intermediaries
authorized to offer the Notes, the financial intermediaries so
named or (2) if the Lebanese Republic (the "Republic")
appoints additional financial intermediaries after the date of the
applicable Final Terms and publishes details of them on its
website, each financial intermediary whose details are so
published; or
(b)
if specified in the applicable Final Terms, any financial
intermediary which is authorized to make such offers under the
Directive 2014/65/EU, which states on its website that it is
relying on this Base Prospectus to offer the relevant Tranche of
Notes during the Offer Period; [and]
1