Mongolia Issues Its First Dim Sum Bond
Trade and Development Bank (TDB), the oldest and the largest corporate bank in Mongolia, has successfully issued the country’s first ever offshore CNH 700 million bond listed in Singapore Stock Exchange on 14 January 2014.
This was the fifth time that TDB tapped into the international bond markets, after three successful senior unsecured deals in 2007, 2010 and 2012, respectively and a subordinated note issuance in 2010. In fact, TDB is the first ever Mongolian bank to issue bonds in both USD and CNH, and the only Mongolian repeat bond issuer.
Strong Demand and EMTN Program Details
The transaction met with overwhelming demand and produced an order book of CNH 1.4 billion, comprising of 48 accounts and the issue has been a part of USD 700 million EMTN (Euro Medium Term Note) program.
Trade and Development Bank
Significance of the CNH Bond Issuance
The issuance of CNH 700 million affirms market confidence in TDB’s strategy, financial strength and management and the Bank’s standing in the international markets. It is an event of great significance within the bigger picture of further opening up Mongolia’s economy to the world and strengthening TDB’s ability to grow strong. Moreover, the first dim sum bond from Mongolia provides an interesting investment alternative for CNH bond investors and further diversifies the offshore renminbi bond market.
Trade and Development Bank (TDB), the oldest and the largest corporate bank in Mongolia, has successfully issued the country’s first ever offshore CNH 700 million bond listed in Singapore Stock Exchange on 14 January 2014.This was the fifth time that TDB tapped into the international bond markets, after three successful senior unsecured deals in 2007, 2010 and 2012, respectively and a subordinated note issuance in 2010. In fact, TDB is the first ever Mongolian bank to issue bonds in both USD and CNH, and the only Mongolian repeat bond issuer.
The transaction met with overwhelming demand and produced an order book of CNH 1.4 billion, comprising of 48 accounts and the issue has been a part of USD 700 million EMTN (Euro Medium Term Note) program.
Trade and Development Bank
The issuance of CNH 700 million affirms market confidence in TDB’s strategy, financial strength and management and the Bank’s standing in the international markets. It is an event of great significance within the bigger picture of further opening up Mongolia’s economy to the world and strengthening TDB’s ability to grow strong. Moreover, the first dim sum bond from Mongolia provides an interesting investment alternative for CNH bond investors and further diversifies the offshore renminbi bond market.
