Hordes of investors charge Mongolian bond

Mongolia averts default with Extended Fund Facility and wildly successful exchange offering.

Hordes of investors charge Mongolian bond

The Government of Mongolia staved off its latest re-payment difficulties on Thursday with the successful completion of an exchange offering and bond issue.

Getting investors to swap their $580 million Development Bank of Mongolia DBM notes for a new longer-dated sovereign issue was of critical importance to the country given it only had $1.27 billion in foreign exchange reserves three months' cover to repay the debt, which falls due on March 21.

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