IFR Asia: Funds lap up first taste of Mongolian sovereign debt

State-owned Development Bank of Mongolia drew orders totalling US$6.25bn ahead of last night’s US$580m debut bond, revealing the depth of demand for exposure to the frontier market. DBM’s five-year Reg S bond attracted over 300 investors and priced at par to yield 5.75%, well inside the initial guidance of 6.00%–6.25%. It is the first time investors have had the opportunity to book exposure to the Mongolian sovereign, following a series of false starts on sovereign bonds over the last decade. The bonds carry an unconditional and irrevocable guarantee from the Ministry of Finance on behalf of the Government of Mongolia. To read the full article, click hereFunds lap up first taste of Mongolian sovereign debt

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