Lebanese Eurobonds due in 2035 have risen above 20 cents on the dollar for the first time since 2020, Asharq News channel reported, marking a rare uptick in the country’s battered sovereign debt.

The modest rebound comes more than four years after Lebanon defaulted on its foreign currency debt in March 2020, the first sovereign default in the country’s history. Since then, its Eurobonds have traded at deeply distressed levels, with most hovering in the low- to mid-teens, around 15-16 cents on the dollar.