The cost of insuring exposure to Lebanon's sovereign debt fell on Tuesday while the country's dollar bonds rose after the government approved a 2019 budget with deep spending cuts.

Five-year credit default swaps slipped 23 basis points (bps) from Monday's close to 847 bps, according to IHS Markit data.

Lebanon's November 2019 dollar-denominated issue rose more than 0.7 cents in the dollar, while the March 2020 issue gained some 0.6 cents, according to Refinitiv data.