Shearman & Sterling has advised the Mongolian government on its debut $1.5 billion global bond offering, with Allen & Overy advising the underwriters.
The securities were issued under the Mongolian government’s $5 billion global medium-term note programme in two tranches; Series A $500 million 4.125 percent notes due 2018 and Series B $1 billion 5.125 percent notes due 2022.
An Allen & Overy team led by Hong Kong-based partners Walter Son and James Grandolfo, assisted by partner Kenny Kwan in Singapore, acted for the underwriters – Bank of America Merrill Lynch, Deutsche Bank, HSBC, J.P. Morgan and TDB Capital.
Lehman Lee & Xu and GTs Advocates acted as Mongolian counsel for the Mongolian government and the underwriters respectively.
The proceeds from the offering are expected to fund industrial and infrastructure projects in Mongolia.
“The market has widely anticipated a sovereign issue by the Mongolian government for some time now,” said Allen & Overy’s Son in a statement. “Its debut issuance has been hugely successful, and highlights investor confidence in Mongolia’s economic growth.”
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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