Select Transactions

Flag of Mongolia

Government of Mongolia

US$600 million 5.125% senior notes due 2026
Tender offer of US$ senior notes due 2021 and 2022

October 2020

  • Helped to back-load Mongolia’s debt maturity profile
  • Substantially reduced running costs
  • Obtained JP Morgan’s Development Financial Institution qualification for
    advancing certain UN Sustainability Development Goals
  • Expanded Mongolia’s investor base in Europe and the United States
  • “Best of Frontier Markets” in 2020 award by FinanceAsia
  • “Best Sovereign Borrower” in 2020 award by FinanceAsia
  • “Best Sovereign Liability Management” in 2020 award by The Asset
  • “Frontier Markets Deal of the Year” in 2020 award by IFR Asia

Mongolian Mining Corporation (“MMC”)

US$440 million 9.25% senior notes due 2024
Concurrent tender offer for restructured senior and perpetual notes

April 2019

  • MMC is Mongolia’s leading integrated coking coal producer
  • First successful tender / new issue financing of an Asian restructured
    company
  • Stripped restrictive covenants and released collateral
  • Obtained a standard high-yield covenant package and duration extension
  • Established the MMC name as a performing credit
  • Diversification of the company’s global investor base
  • “Best Mongolia Deal” in 2019 in 2019 award by FinanceAsia
  • “Turnaround Deal of the Year” in 2019 award by IFR Asia
  • “Asia Restructuring Deal of the Year” in 2019 award by IFR

Development Bank of Mongolia (“DBM”)

US$500 million 7.25% senior notes due 2023
October 2018

  • DBM was established in 2011 as Mongolia’s sole export-import and
    development bank
  • Debut standalone benchmark new issue transacted by DBM
  • Achieved a tight spread over the government curve
  • “Best Quasi-Sovereign Bond” in 2018 award by The Asset
  • “Best Mongolia Deal” in 2018 award by FinanceAsia
Flag of Mongolia

Government of Mongolia

US$800 million 5.625% senior notes due 2023
Tender offer for US$ and CNY senior notes due 2018

October 2017

  • Followed a successful exchange offer transacted in March 2017
  • Continued duration extension and cost reduction of the sovereign’s external
    debt stock
  • Novelty tender offer encompassed two currencies
  • Substantial diversification of Mongolia’s investor base
  • “Best Sovereign Borrower” in 2017 award by FinanceAsia
  • “Best Mongolia Deal” in 2017 award by FinanceAsia