Mongolia

Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.

Mongolian Mining Corp raised $440m with a new 2024 bond this week, in a sale that ran in tandem with a tender offer for the coking coal producer’s two existing dollar bonds.

Mongolian Mining Corp announced on Monday March 18 a tender offer for its two existing dollar bonds, alongside the proposed issuance of new notes.

Investors put their faith in Mongolia’s recovery story this week, helping Mongolian Mortgage Corp (MIK) raise $250m from a bond that showed appetite for frontier market risk. Addison Gong reports.

Mongolian Mortgage Corp (MIK) showed that investors have the appetite to take on frontier market risk, raising a larger-than-expected $250m from an issuance that was months in the making.

Mongolia received a huge vote of confidence from investors on Tuesday, when the Development Bank of Mongolia raised $500m from a bond that received orders exceeding $4bn at its peak. The country’s turnaround story and the issuer’s savvy around execution helped cement the transaction.

The Development Bank of Mongolia is ready to return to the dollar bond market after a six year hiatus.

Mongolia’s Khan Bank has signed a $120m term loan, the largest in its history.

Fitch upgraded the rating of Mongolia’s long term foreign currency debt to B from B- on Monday, causing the country’s outstanding dollar paper to tighten in the secondary market.

Coal mining company Mongolyn Alt (MAK) has further extended bookbuilding for its five year non-call two transaction, which is now expected to be priced in the week of April 23. The deal started taking orders officially on Tuesday.

Coal mining company Mongolyn Alt (MAK) is understood to have extended the bookbuilding process for a five non call two year transaction that was opened for orders on Tuesday.

Moody’s upgraded the government of Mongolia’s long-term issuer and senior unsecured ratings to B3 from Caa1 on Thursday.