The government of economically troubled Mongolia priced an upsized $800 million US dollar bond offering on Thursday at almost half the cost it managed a year and a half earlier as yield-famished investors lapped up the deal, underlining the sovereign borrower's return to favour.
The 144AReg S bond sold for a yield of 5.625%, contrasting with the 10.875% paid by Mongolia on its March 2016 $500 million five-year offering, and drew impressive support from global investors, building a $5.1 billion order book during Asia hours before taking orders from US investors late on Wednesday. For the sovereign, the deal offers an opportunity to extend its debt...
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