From BNE.com: Given Mongolia had the world's fastest growing economy in 2011, it was only going to be a matter of time before the country sought to leverage its position as the latest global financial hotspot in order to raise funds on the international bond markets and underpin its go-to investment status.
And that was just what has happened in recent days as both Mongolian Mining Corporation (MMC) and the Development Bank of Mongolia (DBM) tapped fixed-income investors with benchmark-sized issues. Thanks to the buzz around the Central Asian state, both issuers were easily able to hit their desired bond size targets and also price the bonds at cheaper levels than initially hoped for.
On March 23, MMC became the first Mongolian corporate to access the international bond markets with a benchmark-sized $600m, five-year issue that's callable after three years. Bank Of America Merrill Lynch, ING and JP Morgan were bookrunners in the deal, which featured an 8.875% coupon, at the tight end of the pre-launch marketing range of 8.875-9.00% and well inside the initial price talk of a 9.50% yield...
Find out more at http://www.bne.eu/storyf3392/Mongolia_goes_big_in_the_global_debt_markets
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