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.

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