Mongolia Eyes First Dim Sum Bond as Trade & Development Offers
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Trade & Development Bank of Mongolia is offering what would be the country’s first offshore yuan bond just one week after Moody’s Investors Service downgraded the ratings outlook of the lender.
The Ulaanbaatar-based bank is marketing the three-year securities to yield about 10.25 percent, a person familiar with the matter said, asking not to be identified because the matter is private. Dollar borrowing costs for Mongolian issuers climbed to a four-month high of 8.97 percent on Jan. 13, according to JPMorgan Chase & Co. indexes. That compares with an average yield of 4.05 percent for Dim Sum notes, a HSBC Holdings Plc index shows.