Mongolian trade bank pulls bond deal

Trade and Development Bank of Mongolia has postponed its dollar bond deal, blaming a banking crisis in Portugal.

Mongolian trade bank pulls bond deal

Trade and Development Bank of Mongolia TDBM pulled its five-year dollar bond on Friday, having only announced the deal a day earlier.

The bank blamed adverse market conditions, sparked by concerns over Portuguese lender Banco Espirito Santo’s failure to make coupon payments on its short-term debt on Thursday.

In a statement, TDBM said that the environment was not conducive for primary issuance due to heightened volatility in the secondary markets.

...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES