Bonds/Structured Finance
Mongolia eyes issuance
Mongolia was firming up plans last week for its maiden issuance in the offshore dollar bond market with a trade of up to US$1.2bn rumoured to be on the table. Batbayar Balgan, director-general of the financial and economic policy department in the country’s finance ministry, said last week at a conference in Ulaanbaatar that discussions are underway for Mongolia’s debut issuance.
Planning a dollar global
Mongolia is planning a US dollar global which could be for as much as US$1.2bn with issuance planned at five and 10 years and likely to emerge in the fourth quarter. Funds will be for investment in the mineral rich country’s mining sector as well as for infrastructure development. No formal RFP has been sent out.
Loans
Credit Suisse opens up Mongolian syndicated loan market
In a gutsy move defying the credit market turmoil, Credit Suisse has embarked on the syndication last week of a US$200m three-year financing for Mongolian iron ore miner Boldtumur Eruu Gol. The deal, marking the country’s first offshore syndicated loan, should test lenders’ appetite for Mongolian country risk and spark more offshore loans from the nation.
Equities
Mongolian Mining tests HK investor appetite for foreign IPOs
The US$700m Hong Kong IPO of Mongolian Mining Corp, the first company fully based and operated in Mongolia to sell shares in the city, is being hailed as a test of investor appetite for foreign listings.