TDBM's $500m bond ends three-year drought

Order books exceed $2.3 billion for Mongolian trade development bank's $500 million offering, signaling global investors’ thirst for frontier market assets.

Trade and Development Bank of Mongolia TDBM sold a $500 million five-year note on Tuesday evening, the country’s first dollar offering in three years.

Rated B2B by Moody’s and Standard Poor’s respectively, the Reg S144A bond priced at the lower end of the final price guidance at 9.375%. It is also 37.5 basis points tighter than the initial guidance area of 9.75%, according to a term sheet seen by FinanceAsia.

Guaranteed by the government of Mongolia, the offering received an order book in excess of $2.3 billion from over 230 accounts, indicating strong appetite for the notes despite ongoing challenges within the Mongolian...

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