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 Coat of arms of Ulaanbaatar

Capital City of Ulaanbaatar

US$500 million 7.75% senior guaranteed notes due 2027
November 2024

  • The largest ever offshore private placement out of Mongolia and a benchmark municipal bond, being the largest ever, denominated in US dollars, from the Asia-Pacific ex Japan
  • Raised to finance projects and measures to provide housing within the framework to redevelop the City’s ger areas, a key step under the Ulaanbaatar Master Plan for 2030 to combat pollution and congestion
  • Well subscribed by a number of top-tier global real-money asset managers, hedge funds and financial institutions, the issue traded well, and on settlement day had tightened to a spread of around 85bps against the interpolated sovereign curve
Golomt Bank Logo

Golomt Bank

US$300 million 11% senior notes due 2027
May 2024

  • The first stand-alone international benchmark bond transaction from Mongolia’s commercial banking sector in 12 years and the first benchmark-seized deal out of the country in 2024
  • The domestic systemically important bank status, the overall positioning of Golomt Bank within the banking sector, a strong banking product innovation track record, especially in digital products, tangible ESG measures and strategies attracted a wide range of investors across investor brackets and geographies
  • Golomt Bank performed a Sustainable development impact disclosure with targets based on the United Nations sustainable development goals
  • Based on a strong financial performance of Golomt Bank the transaction became the best performer in the Mongolian bond universe within the half year after pricing, increasing by almost nine points

Development Bank of Mongolia

US$200 million 11% senior notes due 2027
March 2024

  • The first major internationally placed private placement bond coming out of Mongolia. allowing DBM a quick-to-market access to refinance domestic obligations
  • In the absence of a sovereign guarantee investors the transaction features a support letter from the Mongolian government and specific covenants such as a “most favored nation” clause with regards to collateral and guarantees on subsequent debt
  • Demand well exceeding the required transaction size came from emerging market investors seeking incremental yield versus the Mongolia sovereign curve. The transaction performed well in the secondary market
Flag of Mongolia

Government of Mongolia

US$350 million 7.875% senior notes due 2029
Tender offer of US$ senior notes due 2024

November 2023

  • The second offering 2023 finalised the refinancing of Mongolia’s foreign currency-denominated commercial debt until 2026
  • Achieved a large 85bps price tightening compared to the January 2023 deal, and the second largest tightening during bookbuilding of all emerging markets sovereigns in 2023, right after Mongolia’s January deal.  
  • The orderbook peaked at US$4.7bn and held at US$4.2bn at final pricing, representing a 12x oversubscription, the largest ever achieved by Mongolia. 
  • Final pricing was as much as 5bps inside the Mongolia sovereign yield curve, pushing the entire curve down in secondary trading, effectively repricing Mongolia risk, whilst achieving all strategic objectives of the sovereign      
Flag of Mongolia

Government of Mongolia

US$650 million 8.650% senior notes due 2028
Tender and exchange offers of US$ senior notes due 2023 and 2024

January 2023

  • The first high yielding sovereign bond globally and the first US$ liability management by an Asian sovereign in 2023
  • The first US$ bond issuance from a single B issuer from Asia in 11 months
  • One of the highest orderbook oversubscriptions amongst Mongolia’s US$ bond issuances, allowing the largest ever tightening from initial price guidance to pricing
  • Achieving all strategic refinancing and debt management objectives
Flag of Mongolia

Government of Mongolia

US$500 million 3.500% senior notes due 2027
US$500 million 4.450% senior notes due 2031
Tender offer of US$ senior notes due 2022 and 2023

July 2021

  • Massive order book for the new issue and success on the tender allowing for further back-loading and duration extension of Mongolia’s debt stock
  • Substantial cost reduction: the transaction achieved the lowest ever coupon of any single-B rated EM sovereign in the international US$ bond market
  • Further advancing UN Sustainability Development Goals via JP Morgan’s Development Financial Institution qualification
  • “Best of Frontier Markets” in 2021 award by Finance Asia
  • “Beat Sovereign Borrower” in 2021 award by Finance Asia
  • “Best Sovereign Liability Management” in 2021 award by The Asset
  • “Frontier Markets Deal of the Year” in 2021 award by IFR Asia
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