LONDON, June 15 - The Republic of Lebanon launched a dual tranche $500 million Eurobond on Wednesday, the lead managers said, with pricing in line with earlier market guidance.

Lebanon issued two $250 million Eurobonds, one maturing 2008 and priced at 376 basis points over the benchmark U.S. Treasury, the other a 2013 bond with a spread of 478 basis points.

The 3-year paper has a reoffer price of 99.67, with a coupon of 7.375 percent, with the 8-year bonds with a reoffer price of 99.29 and a coupon of 8.625 percent.

The deal is being lead managed by Blom Bank SAL and CSFB.

Lebanon's long-term foreign currency debt is rated 'B-' by Fitch and Standard & Poor's and at B3 by Moody's.

The country is a regular issuer on international markets as it grapples with huge public debt levels, amounting to around 185 percent of GDP. The bulk of its paper is held by domestic and regional accounts.  (Reuters)