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Mayer Brown JSM advises Mongolian government on US$600 M notes issuance and exchange offer

20 March 2017
Mayer Brown JSM advised the Government of Mongolia on its recent issuance of US$600 million 8.75% notes due 2024. The transaction included an exchange offer for the US$580 million 5.75% notes due 2017 issued by Development Bank of Mongolia LLC, as well as a new money component.

Jason T. Elder, lead partner of the transaction said, "This transaction represents a significant achievement for our long-term client, the Government of Mongolia. We are honoured to have advised the Ministry of Finance on this landmark transaction, which marks a new stage in the evolution of the Mongolian capital markets and extends the sovereign debt profile as new mining projects increase production domestically."

The transaction formed part of larger discussions with the International Monetary Fund related to its staff-level agreement to provide a three-year extended fund facility to Mongolia in response to the country's challenging economic conditions.

Credit Suisse and JPMorgan acted as joint lead managers and joint bookrunners for the deal, and SC Lowy acted as financial advisor for the Government of Mongolia.

With market-leading experience in cross-border international capital markets transactions involving Mongolia, Mayer Brown JSM has advised on other milestone transactions in the country, including the Government of Mongolia's issuance of US$500 million 10.875% notes due 2021, and multiple issuances for Trade and Development Bank of Mongolia and Development Bank of Mongolia.

The Mayer Brown team was led by Hong Kong-based Corporate & Securities partner Jason T. Elder and included Corporate & Securities partner Thomas Kollar in Hong Kong, Tax Transactions & Consulting partner Jason Bazar in New York, and Financial Services Regulatory & Enforcement partners David R. Sahr and Donald S. Waack in Washington D.C.

Related Information

  • Related People
    Jason T. Elder
    Partner, Registered Foreign Consultant (New York, USA)
    T +852 2843 2394
    Thomas Kollar
    T +852 2843 4260
    Jason S. Bazar
    T +1 212 506 2323
    David R. Sahr
    T +1 202 263 3332
    Donald S. Waack
    T +1 202 263 3165
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