Allen & Overy Advises on Mongolia's Sovereign Bond Offering

15 April, 2016

Allen & Overy has advised the joint lead managers of Mongolia’s successful sovereign bond offering. The USD500 million issuance, which closed last Wednesday, was done under the Government of Mongolia’s Global Medium Term Notes Program (in respect of whose establishment Allen & Overy advised the arrangers). The bonds were sold internationally on a combined Rule 144A / Regulation S basis, with US qualified institutional buyers accounting for a substantial portion of the total demand.

Credit Suisse, Deutsche Bank, ING and J.P. Morgan were joint bookrunners, and together with Golomt Bank and TDB Capital, acted as joint lead managers of the offering.  The proceeds of the offering will be used to refinance indebtedness as well as to finance budget deficits and various projects including roads and infrastructure.

Alexander Stathopoulos, a partner in Allen & Overy’s US Law Group based in Hong Kong, led the A&O team and was assisted by counsel Gian Sambalido and associates Grace Yumul and Julia Cheung.

Commenting on the transaction, Alexander said “We are very pleased to have assisted on this transaction, which highlights two key strengths we consistently deploy throughout the Asia Pacific region – the strength of our US-qualified capital markets team in supporting Rule 144A placements, and our market leading credentials advising on offerings by sovereign issuers.

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