Mayer Brown has been recognized at the Asia Legal Awards 2021 for its innovative work advising the lead arrangers and dealer-managers in connection with the issuance of US$600 million 5.125% bonds due 2026 by the government of Mongolia and its concurrent offer to repurchase 10.875% senior notes due 2021 and 5.125% senior notes due 2022.
With its sustainability focus, this landmark transaction was named "Securities Deal of the Year: Debt" at the Asia Legal Awards on May 5, 2021. The prestigious award was hosted by The Asian Lawyer to celebrate the most stellar achievements in the legal profession in Asia.
As a first-of-its kind sustainable sovereign transaction in Asia, Mongolia’s issuance extended the maturity profile of the government’s debt and reduced debt-servicing costs, thereby enabling the government to increase spending on sustainable activities consistent with the country’s objectives. These sustainability objectives include a broad range of goals including the development of hydropower projects and schools, as well as the continuing development of affordable housing to reduce substandard living conditions in the ger districts where winter heating requires burning wood or low-quality coal that exacerbates urban pollution.
The winning Mayer Brown team was led by Corporate & Securities partner Jason T. Elder (Hong Kong) and included: Tax Transactions & Consulting partner Jared Goldberger and associate Brennan Young (both New York); Corporate & Securities partner Thomas Kollar (Hong Kong); Government and Global Trade partner Tamer Soliman (Washington, DC); and Litigation & Dispute Resolution partner Yu Jin Tay and associate Si Cheng Lim (both Singapore).
Commenting on the win, Mr. Elder said: "We are honored and thankful for this recognition. Our work advising on this successful transaction speaks volumes for our capabilities in frontier market, first-of-kind transactions, and our market-leading capital markets work across Asia-Pacific. We are honored to have been asked to support the Government of Mongolia’s successful deal."