Mayer Brown is pleased to announce that an issuance for the Development Bank of Mongolia, on which the firm advised, won the award for “Best Mongolia Deal” at the 2018 FinanceAsia Achievement Awards. This is the third consecutive year the firm has won the Mongolia award. In addition, a bond deal handled by the firm for the Sri Lankan government won the “Best Sri Lanka Deal.”
The firm advised the Development Bank of Mongolia’s (DBM) $500 million 7.25% October 2023 bond deal. DBM, a wholly government-owned and systematically important bank, will use the net proceeds to refinance existing debt, lower its cost of funding and extend the maturity profile of its existing indebtedness.
“This deal provides the Development Bank of Mongolia the funding and flexibility it needs to continue safeguarding the growing economy of Mongolia and the stability of its financial system," said Jason T. Elder, the lead partner on the transaction. "Being recognized for our strategic involvement in the ‘Best Mongolia Deal’ for the third year in a row really cements Mayer Brown’s reputation for working on complex transactions in frontier markets."
Mayer Brown has advised on a number of transactions for Mongolia, having previously partnered with the ministry of finance of the government of Mongolia on its issuance of US$600 million 8.75% Notes due 2024 and the government of Mongolia’s issuance of US$500 million 10.875% Notes due 2021 in 2016. The firm also advised the Trade and Development Bank of Mongolia LLC on the update and the issuance of US$500 million 9.375% Notes due 2020 under its existing Global Medium-Term Note Program in 2015.
Meanwhile, the Democratic Socialist Republic of Sri Lanka’s $2.5 billion 5.75% and 6.75% April 2023 and 2028 bond deal was recognized as the “Best Sri Lanka Deal.”
“Recognition for this landmark transaction is a strong vote of confidence in Mayer Brown," said Thomas Kollar, the lead partner on the transaction. "Our involvement reflects the depth of our experience in providing innovative and strategic solutions to complex sovereign bond transactions in the region.”
The annual FinanceAsia Achievement Awards recognizes companies across the financial services industry, as well as the law firms acting for them, that have been at the forefront of innovative deals and the cutting edge of change in Asia’s capital markets.