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Mayer Brown JSM advises Trade and Development Bank of Mongolia on US$500 million notes

26 May 2015
Mayer Brown has advised Trade and Development Bank of Mongolia (TDB) in connection with the update and the issuance of US$500 million 9.375 percent notes due 2020 under its Global Medium Term Note Programme established in 2014 guaranteed by the Ministry of Finance on behalf of the Government of Mongolia. This is the first time that TDB has accessed investors in the United States. Deutsche Bank, ING and BofA Merrill Lynch acted as the joint bookrunners and lead managers for the issuance.

Based on the unconditional and irrevocable guarantee provided by the Government of Mongolia, ratings agency Moody’s has assigned the notes a B2 rating. Standard & Poor’s has assigned the notes a B+ rating. The notes are listed on the Singapore Exchange Securities Trading Limited.

Jason T. Elder, a Mayer Brown partner who led the transaction said, “We believe this transaction represents a significant achievement for our long-term client TDB and Mongolia, and we appreciate being a part of this historic transaction. With recent legislative clarifications by the Government related to its attempts at transparency of foreign borrowings and enforcement of the debt ceiling, Mongolia remains poised for future growth and we are honoured to have been able to assist."

Other team members included Banking & Finance partners Stephen Walsh and James Taylor in London, Tax Transactions & Consulting partner Jason Bazar in New York. They were assisted by Corporate & Securities registered foreign lawyer (New York, USA) Karen Chong in Hong Kong.

Mayer Brown continues to represent TDB in connection with its offshore bond financing, including the establishment of its US$1 billion Global Medium Term Note Programme last year. We also earlier advised TDB on Mongolia’s first “dim sum” bond, an issuance of CNY700 million 10.00 percent Notes due 2017 pursuant to an existing US$700 million Euro Medium Term Note Programme.

Media Contact

  • John D. Tuerck
    Director of Public Relations
    T +1 312 701 8280

Related Information

  • Related People
    Jason T. Elder
    Partner, Registered Foreign Consultant (New York, USA)
    T +852 2843 2394
    Stephen Walsh
    T +44 20 3130 3931
    James Taylor
    T +44 20 3130 3136
    Jason S. Bazar
    T +1 212 506 2323
    Karen K. W. Chong
    Registered Foreign Lawyer, (New York, USA)
    T +852 2843 2414
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