Select Transactions
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