Select Transactions
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
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
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
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
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