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Artmarket.com: the Artprice100© index was up 1.55% in 2023
PARIS, April 4, 2024 /PRNewswire/ — The simulated portfolio put together by Artprice to evaluate the annual performance of a weighted investment in the world’s 100 top-selling blue-chip artists on the global art auction market continued to grow with an overall return on investment of 1.55 % between January 1, 2023, and December 31, 2023.
The portfolio’s yield in 2023 was lower than the annual average of 10% recorded since 2000, but it nevertheless proves that works by blue-chip artists still grow in value even during periods of art market adjustment. Lacking major masterpieces since the sale of the Paul G. Allen Collection in 2022, the major auction houses have focused on offering a greater volume of works, including works that are more accessible, more recent or, which return to auction more quickly. But, even during this shift in focus, the popularity of blue-chip artists has continued to increase.
“Artprice’s latest annual report, “The Art Market in 2023” underscores the shift from a sellers’ market to a buyers’ market in 2023, explains thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice department. “During such periods, the balance of power tends to switch from the sellers to the buyers with the latter now being able to afford to be more demanding. But this shift has the effect of slowing the high-end segment, by reducing the availability of works likely to fetch over a million dollars. However, even in these circumstances, Artprice recorded a slight increase in prices for works by Blue-Chips artists.
Artprice100© vs. S&P 500 and STOXX Europe 50 – Base 100 in January 2000
Calculation principle of the Artprice100©
On 1 January 2023, Artprice updated its portfolio respecting the same investment strategy as in previous years. This consists of maintaining fictitious stakes in the world’s 100 top-selling artists on the secondary market, with the stakes adjusted annually based on the artists’ annual auction turnover and the market liquidity of their works over the previous 5-year period. The relative weight of each artist in the portfolio at the start of every year is therefore proportional to the relative turnover their works have generated over the previous five years, and this figure is then adjusted by a market liquidity factor. The exact breakdown of the portfolio as of 1 January 2023 is provided below in the section Composition of Artprice100© as of 1 January 2023.
On 31 December 2023, Artprice noted the theoretical change in value for each of the 100 artists in the portfolio based on the evolution of their respective price indices over the previous year. These indices are calculated by Artprice on all auction results recorded during the year 2023, for all categories of Fine Art works, with the exception of Prints and Multiples which constitute a separate market.
For example, investment in works by Gerhard Richter (1932) represented 2.8% of the Artprice100© portfolio on 1 January 2023, and his price index increased by +21% over the following twelve months. The investment in works by Jean-Michel Basquiat (1960-1988) represented 3.9% of the portfolio at the start of 2023, but his price index fell by -15% in 2023.
But, despite the heaviest-weighted artists recording price contractions in 2023 (particularly Pablo Picasso, Andy Warhol, and Claude Monet who between them accounted for almost a fifth of the portfolio) the Artprice100© portfolio, which is highly diversified, ended the year in positive territory. So, at the end of 2023, the overall ROI for the 100 artists in the Artprice100© was +1.55%.
Composition of the Artprice100© Index as of 1 January 2023
Due to the rarity of works by Old Masters, they are now practically absent from the composition of the Artprice100© portfolio. Only the great Chinese master Dong Qichang (1555-1636) was included at the start of 2023 with a 0.3% theoretical investment.
The share of 19th-Century artists has increased significantly. The spectacular results recorded in 2022 for Vincent van Gogh (1853-1890) and Paul Cézanne (1839-1906) during the sale of the Paul G. Allen Collection significantly raised their participation when the portfolio was adjusted at the start of the following year (2023). In total, 19th Century artists represented 12% of the portfolio at the start of 2023, compared with 10% at the beginning of 2022.
Weight of the five major creative periods in the Artprice100© in 2023
Modern Art remained the largest segment in the composition of the Artprice100© index, accounting for 43% of the initial 2023 investment. The Belgian Surrealist René Magritte (1898-1967) and the Chinese master Qi Baishi (1864-1957) have both been included in the composition of the Artprice100© for around ten years, but the dynamics of their respective markets are currently following very different paths: while the prices of works by René Magritte are increasing quickly (+38%), Qi Baishi’s prices recorded a contraction of around -22% in 2023.
This year, the Post-War Art period accounted for 5 of the top 10 artists in the Artprice100© Index. Among them, the weight of the Japanese artist Yayoi Kusama (b.1929) in the portfolio is continuing to grow, driven by tremendous global success. With 812 lots sold at auction in 2023 for a total of $193 million, Yayoi Kusama is currently the 8th top-selling artist on the global art auction market (all creative periods combined) and the world’s most in-demand female artist. In 2023, Gerhard Richter was the only living artist whose auction turnover was higher than Kusama’s.
Lastly, in our 2023 Artprice100© portfolio, Contemporary Art represented 13% of the initial investment. The youngest artist in the portfolio was the Romanian painter Adrian Ghenie (b.1977), represented by the Plan-B, Thaddaeus Ropac, Tim Van Laere, and Pace galleries.
Composition of Artprice100©: Artist and weight in the initial Artprice100© portfolio for 2023
- Pablo PICASSO (1881-1973) (Modern Art): 8.3%
- Andy WARHOL (1928-1987) (Post-War Art): 5.1%
- Claude MONET (1840-1926) (19th Century): 5.0%
- Jean-Michel BASQUIAT (1960-1988) (Contemporary Art): 3.9%
- ZAO Wou-Ki (1921-2013) (Post-War Art): 3.4%
- Gerhard RICHTER (1932-) (Post-War Art): 2.8%
- David HOCKNEY (1937-) (Post-War Art): 2.4%
- Yayoi KUSAMA (1929-) (Post-War Art): 2.1%
- René MAGRITTE (1898-1967) (Modern Art): 2.1%
- QI Baishi (1864-1957) (Modern Art): 2.0%
- Willem DE KOONING (1904-1997) (Modern Art): 1.9%
- Vincent VAN GOGH (1853-1890) (19th Century): 1.9%
- Alberto GIACOMETTI (1901-1966) (Modern Art): 1.8%
- WU Guanzhong (1919-2010) (Modern Art): 1.8%
- Cy TWOMBLY (1928-2011) (Post-War Art): 1.6%
- FU Baoshi (1904-1965) (Modern Art): 1.5%
- Yoshitomo NARA (1959-) (Modern Art): 1.5%
- Paul CÉZANNE (1839-1906) (19th Century): 1.5%
- Alexander CALDER (1898-1976) (Modern Art): 1.4%
- Roy LICHTENSTEIN (1923-1997) (Post-War Art): 1.4%
- Marc CHAGALL (1887-1985) (Modern Art): 1.4%
- SAN Yu (1895-1966) (Modern Art): 1.3%
- Joan MIRO (1893-1983) (Modern Art): 1.3%
- BANKSY (1974-) (Contemporary Art): 1.3%
- Joan MITCHELL (1925-1992) (Post-War Art): 1.2%
- François-Xavier LALANNE (1927-2008) (Post-War Art): 1.1%
- Amedeo MODIGLIANI (1884-1920) (Modern Art): 1.1%
- Jean DUBUFFET (1901-1985) (Modern Art): 1.0%
- Lucio FONTANA (1899-1968) (Modern Art): 1.0%
- Henri MATISSE (1869-1954) (Modern Art) : 1.0%
- XU Beihong (1895-1953) (Modern Art): 0.9%
- Pierre-Auguste RENOIR (1841-1919) (19th Century): 0.9%
- Ed RUSCHA (1937-) (Post-War Art): 0.9%
- George CONDO (1957-) (Contemporary Art): 0.9%
- CHU Teh-Chun (1920-2014) (Post-War Art) : 0.9%
- Edgar DEGAS (1834-1917) (19th Century): 0.8%
- Fernand LÉGER (1881-1955) (Modern Art): 0.8%
- Paul GAUGUIN (1848-1903) (19th Century): 0.8%
- Jeff KOONS (1955-) (Contemporary Art): 0.8%
- Pierre SOULAGES (1919-2022) (Modern Art): 0.8%
- CUI Ruzhuo (1944-) (Post-War Art): 0.8%
- Christopher WOOL (1955-) (Contemporary Art): 0.7%
- KAWS (1974-) (Contemporary Art: 0.7%
- Wassily KANDINSKY (1866-1944) (Modern Art): 0.7%
- PAN Tianshou (1897-1971) (Modern Art): 0.7%
- Morton Wayne THIEBAUD (1920-2021) (Post-War Art): 0.7%
- LIN Fengmian (1900-1991) (Modern Art): 0.6%
- Jasper JOHNS (1930-) (Post-War Art): 0.6%
- Richard DIEBENKORN (1922-1993) (Post-War Art): 0.6%
- Paul SIGNAC (1863-1935) (Modern Art): 0.6%
- Georgia O’KEEFFE (1887-1986) (Modern Art): 0.6%
- Keith HARING (1958-1990) (Contemporary Art): 0.6%
- Peter DOIG (1959-) (Contemporary Art): 0.6%
- Frank STELLA (1936-) (Post-War Art): 0.6%
- Henry MOORE (1898-1986) (Modern Art): 0.5%
- Camille PISSARRO (1830-1903) (19th Century): 0.5%
- Damien HIRST (1965-) (Contemporary Art): 0.5%
- Georg BASELITZ (1938-) (Post-War Art): 0.5%
- Yves KLEIN (1928-1962) (Post-War Art): 0.5%
- Robert RAUSCHENBERG (1925-2008) (Post-War Art): 0.5%
- ZHOU Chunya (1955-) (Contemporary Art): 0.5%
- LIU Ye (1964-) (Contemporary Art): 0.5%
- Philip GUSTON (1913-1980) (Modern Art): 0.5%
- Adrian GHENIE (1977-) (Contemporary Art): 0.5%
- Louise BOURGEOIS (1911-2010) (Modern Art): 0.4%
- Richard PRINCE (1949-) (Contemporary Art): 0.4%
- ZENG Fanzhi (1964-) (Contemporary Art): 0.4%
- Fernando BOTERO (1932-2023) (Post-War Art): 0.4%
- Brice MARDEN (1938-2023) (Post-War Art): 0.4%
- Helen FRANKENTHALER (1928-2011) (Post-War Art): 0.4%
- Tsuguharu FOUJITA (1886-1968) (Modern Art): 0.4%
- PU Ru (1896-1963) (Modern Art): 0.4%
- Gustav KLIMT (1862-1918) (Modern Art): 0.4%
- Auguste RODIN (1840-1917) (19th Century): 0.4%
- Sigmar POLKE (1941-2010) (Post-War Art): 0.4%
- Salvador DALI (1904-1989) (Modern Art): 0.4%
- Ufan LEE (1936-) (Post-War Art): 0.4%
- Bernard BUFFET (1928-1999) (Post-War Art): 0.4%
- Sam FRANCIS (1923-1994) (Post-War Art): 0.4%
- Takashi MURAKAMI (1962-) (Contemporary Art): 0.3%
- Ernst Ludwig KIRCHNER (1880-1938) (Modern Art): 0.3%
- Nicolas DE STAËL (1914-1955) (Modern Art): 0.3%
- Tamara DE LEMPICKA (1898-1980) (Modern Art): 0.3%
- Whan-Ki KIM (1913-1974) (Modern Art): 0.3%
- Agnes MARTIN (1912-2004) (Modern Art): 0.3%
- Alighiero BOETTI (1940-1994) (Post-War Art): 0.3%
- Kazuo SHIRAGA (1924-2008) (Post-War Art): 0.3%
- Francis Picabia (1879-1953) (Modern Art): 0.3%
- Pierre BONNARD (1867-1947) (Modern Art): 0.3%
- Egon SCHIELE (1890-1918) (Modern Art): 0.3%
- Donald JUDD (1928-1994) (Post-War Art): 0.3%
- ZHANG Xiaogang (1958-) (Contemporary Art): 0.3%
- Edvard MUNCH (1863-1944) (Modern Art): 0.3%
- Rudolf STINGEL (1956-) (Contemporary Art): 0.3%
- DONG Qichang (1555-1636) (Old Masters): 0.3%
- Max ERNST (1891-1976) (Modern Art): 0.3%
- BALTHUS (1908-2001) (Modern Art): 0.3%
- Albert OEHLEN (1954-) (Contemporary Art): 0.3%
- Barbara HEPWORTH (1903-1975) (Modern Art): 0.3%
- Ellsworth KELLY (1923-2015) (Post-War Art): 0.3%
Images:
[https://imgpublic.artprice.com/img/wp/sites/11/2024/04/image2-artprice100-composition-2023.jpg]
The information and econometric studies produced by Artmarket.com are presented uniquely for the purpose of analyzing and understanding the statistical realities of the art market. They should in no way be considered as advice or a suggestion or a solicitation to invest in the art market or in Artmarket.com, listed on Euronext Paris.
Copyright 1987-2024 thierry Ehrmann www.artprice.com – www.artmarket.com
- Don’t hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: [email protected]
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About Artmarket:
Artmarket.com is listed on Eurolist by Euronext Paris, and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.
See certified biography in Who’s who ©:
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years ) in databanks containing over 30 million indices and auction results, covering more than 837,800 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).
The Art Market’s future is now brighter than ever with Artprice’s Artmarket® Intuitive AI
Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
Artprice by Artmarket’s Global Art Market Report, “The Art Market in 2023”, published in March 2024:
https://www.artprice.com/artprice-reports/the-art-market-in-2023
Artprice by Artmarket publishes its 2023 Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2023
Index of press releases posted by Artmarket with its Artprice department:
https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 6.5 million followers)
Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos / Abode of Chaos
GESAMTKUNSTWERK & SINGULAR ARCHITECTURE
Confidential bilingual work now public:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
- L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o
- www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (over 4.1 million followers)
- https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, [email protected]
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NEW YORK, Jan. 15, 2025 /PRNewswire/ — J.F. Lehman & Company (“JFLCO”), a leading middle-market private investment firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors, is pleased to announce several promotions and team additions.
Promotions include Karina Perelmuter to Managing Director, Megan E. Kanefsky to Director, Bridget A. Harding to Vice President and Bailee D. Glass to Associate. “Our latest promotions highlight the exceptional contributions by these individuals as well as our established track record cultivating career progression,” said Louis N. Mintz, Partner. “Their dedication and impact across our own organization and our portfolio companies illustrates our commitment to excellence and fostering sustained success.”
The firm also recently welcomed several new investment professionals including Sandra Wong, Jack R. Chandler, Yosef W. Medhin, Jack R. Smith and Emily O. Strambi. JFLCO’s functional capabilities were augmented with the addition of Isabel R. Grabel and Jessica S. Godt in Investor Relations, Miguel Zhindon in Technology and Grace Xu in Finance & Accounting.
“We continue to attract outstanding new talent following the successful closing of our latest buyout fund,” said Glenn M. Shor, Partner. “These new team members further enhance the firm’s capacity and capabilities.”
Recent Promotions
Karina Perelmuter, Managing Director, Marketing & Investor Relations. Prior to joining the firm in 2019, Ms. Perelmuter served as a Vice President in Lazard’s Private Capital Advisory practice, a member of the Investor Relations team at Tiger Global and a Fund Accountant at Mount Kellett. She began her career in Assurance at Ernst & Young. Ms. Perelmuter graduated magna cum laude from American University, where she earned a B.S. in finance and accounting.
Megan E. Kanefsky, Director, Human Capital. Prior to joining the firm in 2021, Ms. Kanefsky spent 15 years in the Human Resources Group at Blackstone, where she focused on recruiting, benefits administration, performance evaluation and organizational development. Ms. Kanefsky earned a B.A. in psychology from the University of Maryland and an M.A. in industrial and organizational psychology from Baruch College.
Bridget A. Harding, Vice President. Prior to joining the firm in 2020, Ms. Harding began her career as an Investment Banking Analyst in Goldman Sachs’ Global Industrials Group. Ms. Harding graduated summa cum laude from Lehigh University, where she earned a B.S. in accounting and finance.
Bailee D. Glass, Associate. Prior to joining the firm in 2022, Ms. Glass began her career as an Alternative Investments Research Analyst in BlackRock’s hedge fund solutions group. Ms. Glass graduated from the University of Chicago, where she earned a B.A. in economics.
Investment Team Additions
Sandra Wong, Vice President, Credit. Prior to joining the firm, Ms. Wong served as Vice President on the U.S. Investment Team at Strategic Value Partners, where she focused on distressed and special situations opportunities. She began her career as an Investment Banking Analyst at Credit Suisse, where she later transitioned to the Private Equity Group. Ms. Wong earned a B.A. in business economics as well as a minor in accounting from UCLA and an M.B.A from the Wharton School at the University of Pennsylvania.
Jack R. Chandler, Associate. Prior to joining the firm, Mr. Chandler began his career as an Investment Banking Analyst at Grace Matthews. He graduated magna cum laude from the University of Notre Dame, where he earned a B.B.A. in finance and applied computational mathematics and statistics.
Yosef W. Medhin, Associate. Prior to joining the firm, Mr. Medhin was an Investment Banking Analyst in Citi’s Industrials Group and began his career as an Investment Banking Analyst at Deutsche Bank. He graduated from Washington and Lee University, where he earned a B.S. in business administration.
Jack R. Smith, Associate. Prior to joining the firm, Mr. Smith began his career at Morgan Stanley in the Private Equity Solutions group. He graduated summa cum laude from Drexel University, where he earned a B.S. in finance.
Emily O. Strambi, Analyst. Prior to joining the firm, Ms. Strambi began her career as an Equity Trading Analyst at the Royal Bank of Canada, where she covered the healthcare and consumer sectors. She graduated magna cum laude from the Wharton School at the University of Pennsylvania, where she earned a B.S. in economics with concentrations in finance and business analytics as well as a minor in legal studies and history.
Other Team Additions
Isabel R. Grabel, Marketing & Investor Relations. Prior to joining the firm as a Senior Associate, Ms. Grabel was a Senior Associate at Harvest Partners, where she focused on private equity investments in industrials, healthcare, business services and consumer products. She began her career as an Investment Banking Analyst at Jefferies. Ms. Grabel graduated from the Ross School of Business at the University of Michigan, where she earned a B.B.A. with a concentration in finance and financial management services.
Jessica S. Godt, Marketing & Investor Relations. Ms. Godt joined JFLCO in 2024 to support and consult on the firm’s marketing and fundraising efforts across private equity and credit strategies. Previously, Ms. Godt served as Vice President of Investor Relations at Warwick Investment Group and began her career in Lazard’s Private Capital Advisory practice. She earned a B.S. in commerce with concentrations in finance and management and a minor in business analytics from the University of Virginia.
Miguel Zhindon, Enterprise Technology. Prior to joining the firm as a Vice President, Mr. Zhindon served as a Senior Technology Consultant at iCorps Technologies, tailoring IT strategies, training and technical support for JFLCO and other clients. Previously, Mr. Zhindon held various roles in network administration and telecommunications. He began his career in the United States Marine Corps and graduated from Pace University, where he earned an M.S. in information systems and assurance.
Grace Xu, Finance & Accounting. Prior to joining the firm as an Assistant Controller, Ms. Xu served as a Business Unit Controller at Millennium Management. Previously, Ms. Xu worked as a Manager at PricewaterhouseCoopers in the financial services group. Ms. Xu earned a B.S. in accounting from Pennsylvania State University. Ms. Xu is a Certified Public Accountant.
About J.F. Lehman & Company, Inc.
Founded in 1992, J.F. Lehman & Company focuses exclusively on investing in the aerospace, defense, maritime, government and environmental industries. The firm has offices in New York and Washington, D.C.
http://www.jflpartners.com
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FORNEBU, Norway, Jan. 15, 2025 /PRNewswire/ — Reference is made to the announcement by Aker Horizons ASA (“Aker Horizons” or the “Company”) on 9 January 2025 regarding fixed income investor meetings and a potential new bond issue. The Company has met a broad range of investors and experienced strong interest from the market.
The Company has received valuable feedback, which it will evaluate as part of the ongoing process to optimize the Company’s overall capital structure. Accordingly, the Company will not pursue a potential bond offering at this time.
Aker Horizons has a robust liquidity position and benefits from strong support from its main shareholder and creditor Aker ASA. The Company is committed to its strategy of developing green energy and green industry.
For further information, please contact:
Stian Andreassen, Investor Relations, Tel: +47 41 64 31 07
[email protected]
Mats Ektvedt, Media, Tel: +47 41 42 33 28
[email protected]
About Aker Horizons:
Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and sustainable industrial assets. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
IMPORTANT INFORMATION
This communication is not an offer to sell or purchase, or the solicitation of an offer to sell or purchase, any securities, or the solicitation of a proxy, in any jurisdiction in which, or to any person to whom, such offer, sale or solicitation is not authorized or would be unlawful.
This communication contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and other statements, which are not statements of historical facts. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “will be” and similar expressions. You are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, and that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward -looking information and statements contained herein. The forward-looking statements in this communication speak only as of the date hereof and, other than as may be required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/aker-horizons/r/fixed-income-investor-meetings—update,c4091958
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LONDON and NEW YORK, Jan. 15, 2025 /PRNewswire/ — In March 2020, several of the largest institutional holders of sovereign bonds issued by Lebanon formed a group (the “Ad Hoc Group”) in response to the deteriorating financial and economic situation in the country and the government’s decision to default on its international bonds. The Ad Hoc Group’s stated objective from the outset has been to find a sustainable and equitable solution to Lebanon’s severe debt challenges. The Ad Hoc Group is supported by White & Case LLP as legal advisor.
The intervening years have witnessed a further decline of Lebanon’s political, economic and security situation, which has prevented any meaningful engagement with the Lebanese authorities. Despite the lack of progress to date, the Ad Hoc Group continues to provide a forum for coordination and communication among international bondholders, and remains prepared to engage constructively with the Lebanese authorities and other domestic and international stakeholders.
In this regard, the Ad Hoc Group is encouraged by the recent election of Joseph Aoun as President of Lebanon and nomination of Nawaf Salam as prime minister, and looks forward to the formation of a new government that will have the mandate to address the many challenges facing the country.
The Ad Hoc Group also takes note of last week’s statement of the Council of Ministers of Lebanon relating to the proposed suspension of Eurobond prescription periods until 9 March 2028, and confirms its willingness to discuss the implementation of the proposed suspension with the authorities and, at the appropriate time, to engage more broadly to find a resolution to the longstanding debt default.
Holders of Lebanon’s international bonds who wish to learn more about the Ad Hoc Group and its objectives, or discuss recent developments, may contact White & Case LLP by emailing [email protected].
View original content:https://www.prnewswire.co.uk/news-releases/statement-of-ad-hoc-lebanon-bondholder-group-302351961.html
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