Mongolian bond

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.
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Like a traditional gathering on the tundra, bond investors flock to the Development Bank of Mongolia's bond(Photononstop)</div>
<div style="text-align: left;"> Like a traditional gathering on the tundra, bond investors flock to the Development Bank of Mongolia's bond(Photononstop)</div>

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 bookrunners.

Development Bank of Mongolia was set up by the Mongolian sovereign to fund infrastructure projects, including railroads, roads and infrastructure for housing projects, energy and industrial development. It is wholly-owned by...

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