Figures issued by Intercontinental Exchange, Inc. (ICE) indicate that Lebanon's external debt posted a return of 3.67% in December 2018, constituting the second highest return among 27 countries in the Middle East & Africa region, as well as among 44 markets in the Central & Eastern Europe and the Middle East & Africa (CEEMEA) region after Turkey (+4.82%). It also registered the third highest return among 76 emerging markets included in ICE's External Debt EM Sovereign Index, behind Turkey and Sri Lanka (+3.82%). 

Lebanon outperformed the emerging markets' return of 1.28%, and the 'B'- rated sovereigns' return of zero percent in December 2018.

Further, Lebanon has a weight of 2.37% on ICE's External Debt EM Sovereign Index, the seventh largest weight in the CEEMEA universe and the 13th largest among emerging economies. Lebanon accounted for 4.2% of allocations in the CEEMEA region.

In parallel, figures issued by Citi Research indicate that Lebanon's external sovereign debt posted a return of 1.8% in December 2018, constituting, along with Morocco, the third highest return among 21 countries in the Middle East & Africa region, behind Kuwait and South Africa (+2% each). It also registered, along with Hungary and Morocco, the 13th highest return among 52 emerging markets included in the Citi EM Sovereign Bond Index. Lebanon outperformed the emerging markets' return of 1.3%, the 'B'-rated sovereigns' return of 0.6% and the speculative grade sovereigns' return of 0.9% during the covered month.