Mayer Brown represented Mongolian Mortgage Corporation HFC LLC and MIK Holding JSC in connection with the issuance of US$250 million 8.85% senior notes due 2024.

The issuer plans to use the net proceeds from the offering to purchase its outstanding 9.75% senior notes due 2022, and the remainder to purchase mortgages with recourse in the ordinary course of business.

This transaction forms part of Mongolia’s effort to revitalize its economy and encourage domestic sustainable development during the COVID-19 pandemic. This issuance introduces much-needed liquidity into the growing mortgage market in Mongolia. The new issuance should translate into lower lending rates for Mongolian mortgage holders, while taking pressure off the balance sheets of Mongolia’s commercial banks through the purchase of underlying mortgages. We are very proud to be part of this transaction and to contribute to the further development of Mongolia’s domestic mortgage market.

Mayer Brown has advised on numerous bond offerings involving Mongolia-based issuers, and has won a number of awards in connection with these deals. The firm's latest representation again demonstrates our leadership in Asia-Pacific debt capital markets transactions and our deep understanding of frontier markets.

The Mayer Brown team across three continents was led by Corporate & Securities partners Jason T. Elder and Thomas Kollar (both Hong Kong). The team included Tax Transactions & Consulting partner Jared Goldberger and associate Brennan Young (both New York), Banking & Finance partner James Taylor (London), and Corporate & Securities associate Sean Su and corporate finance officer Jinni Yeo (both Hong Kong).