Mongolia mines deep for bond investors

Government takes new step to avoid balance of payments crisis by raising $500 million from the international bond market.
Oyu Tolgoi
Oyu Tolgoi

The Government of Mongolia took a further step away from a balance of payments crisis on Monday after raising $500 million from the international bond markets. 

The B2BB rated credit's ability to access the market at all underscores just how much conditions have improved since mid-February when the sovereign's existing bonds were trading nearly 10 points wider.

The government had originally hoped to raise funds in January but had been forced to step back because of volatility across the whole of the emerging and frontier markets.

This time round it had to pay up to achieve its fundraising goal and investors...

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