Mongolia
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A host of Asian issuers are turning to Dutch auctions for the transparency they offer, but the move has its limitations -
The sovereign is mulling a deal in treacherous market conditions
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Renewed direct foreign investment to bring further frontier currency supply
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The Government of Mongolia made a strong return to the debt market this week for a $1bn bond, marking the country's second dollar trade in 10 months as it tackles some upcoming maturities.
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Mongolian Mortgage Corp (MIK), which was forced to pull its dollar bond last month after sudden political upheaval in the country, returned to the market on Monday to raise $250m.
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Mongolian Mortgage Corp's (MIK) dollar bond market return was cancelled on Thursday after pandemic-related protests forced the country's prime minister to resign.
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Mongolia returned to the dollar bond market on Monday, ending a nearly three year hiatus. The sovereign borrower pulled off a $600m liability management exercise that has taken care of the country’s upcoming bond maturities.
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The World Bank is hoping to step up its activity as an intermediary in commodity hedging transactions, providing credit enhancements for its clients in their arrangements with insurers to protect them from external shocks
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The second Mongolian issuer in as many weeks was forced to postpone a dollar deal last Thursday. But the failed trades are not indicative of the greater market in Mongolia, as three of the country’s dollar bonds were among the top performers in high yield last week.
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The Trade and Development Bank of Mongolia (TDBM) postponed its proposed dollar bond on Thursday, after opening the order book for the three year notes on Tuesday.
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Bookbuilding for the Trade and Development Bank of Mongolia’s (TDBM) three year notes was carried over into a second day on Wednesday, giving investors more time to stew over the risks facing the embattled bank.
