Development Bank of Mongolia opens floodgates for frontier credits

Mongolia's only policy bank prints $580 million, with investors submitting a whopping $6.25 billion worth of orders. Separately, Agile Property reopens issuance from the Chinese property sector with a $700 million deal.

Development Bank of Mongolia opens floodgates for frontier credits
Like a traditional gathering on the tundra, bond investors flock to the Development Bank of Mongolia's bond(Photononstop)

The Asian bond frenzy reached a new height last night as investors welcomed a debut frontier credit -- the Development Bank of Mongolia -- which priced a $580 million five-year bond. More than 300 investors stampeded into the deal, putting in orders of $6.25 billion. The initial guidance was 6% to 6.25%, which was later revised to 5.75% to 6% and the bonds priced at the tight end of that. Deutsche Bank, HSBC and ING were joint...

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