1 MONGOLIA-UN JOINT STEERING COMMITTEE CONVENES WWW.MONTSAME.MN PUBLISHED:2019/06/26      2 CHINA BLOCKS ALL CANADIAN MEAT IMPORTS AS TRADE WAR WITH US HEATS UP WWW.RT.COM PUBLISHED:2019/06/26      3 HOW MONGOLIA LEVERAGES ITS NEUTRALITY TO INFLUENCE DIPLOMACY WITH NORTH KOREA WWW.NKNEWS.ORG PUBLISHED:2019/06/26      4 MONGOLIA PRODUCES 48% OF TOTAL RAW CASHMERE IN WORLD WWW.AKIPRESS.COM PUBLISHED:2019/06/26      5 MONGOLIA TOLD TO STRENGTHEN FINANCES WWW.PUBLICFINANCEINTERNATIONAL.ORG PUBLISHED:2019/06/26      6 FOREIGN TRADE TURNOVER INCREASES BY USD 514.5 MILLION WWW.MONTSAME.MN PUBLISHED:2019/06/26      7 REGISTERED UNEMPLOYED DECREASES BY 2.1 PERCENT WWW.MONTSAME.MN PUBLISHED:2019/06/26      8 CITIC OK’D TO COMPLETE C$612M INVESTMENT IN IVANHOE MINES WWW.MINING.COM PUBLISHED:2019/06/26      9 CONSTRUCTION OF TAVANTOLGOI POWER PLANT TO BEGIN IN 2020 WWW.ZGM.MN PUBLISHED:2019/06/25      10 ANOTHER SOLAR PARK GOES ONLINE IN MONGOLIA WWW.PV-MAGAZINE.COM  PUBLISHED:2019/06/25      “VIKING MINES” МОНГОЛ ДАХЬ ХӨРӨНГӨӨ ХУДАЛДАЖ ЧАДСАНГҮЙ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/06/26     АЛТНЫ СПОТ ХАНШ 1439 АМ.ДОЛЛАР ХҮРТЭЛ ӨСӨЖ,СҮҮЛИЙН 6 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/06/26     НИЙТ ӨРХИЙН 9.6 ХУВЬ НЬ 2.1 САЯАС ДЭЭШ ТӨГРӨГИЙН ОРЛОГОТОЙ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2019/06/26     МОНГОЛ УЛС 5G-Д БЭЛЭН БИШ WWW.ZGM.MN  НИЙТЭЛСЭН:2019/06/26     МОНГОЛ УЛС ОЛОН УЛСЫН ХҮҮХЭД, ЗАЛУУЧУУДЫН САНХҮҮГИЙН БАЙГУУЛЛАГЫН “ШИЛДЭГ ТҮНШЛЭЛ 2019” ШАГНАЛЫГ ХҮРТЛЭЭ WWW.IKON.MN  НИЙТЭЛСЭН:2019/06/26     НҮҮРС РҮҮ ТЭМҮҮЛЭХ МОНГОЛ БА НҮҮРСНЭЭС ЗУГАТААХ ДЭЛХИЙ WWW.IKON.MN  НИЙТЭЛСЭН:2019/06/26     2000 ГАРУЙ ХҮНС ҮЙЛДВЭРЛЭГЧ, 200 ХҮНСТЭЙ ХОЛБООТОЙ ТББ БАЙНА WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/06/26     “FACEBOOK” КРИПТОВАЛЮТ ГАРГАХ НЬ ДОЛЛАРЫН ХАНШИЙГ СУЛРУУЛАХ УУ WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/06/26     MGI: ДАТА СУУРЬТАЙ БИЗНЕСҮҮД ШИНЭ ХАРИЛЦАГЧ ТАТАХАД БУСАД БИЗНЕСЭЭС 23 ДАХИН АХИУ БОЛОМЖТОЙ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/06/25     АЛТНЫ ХАНШ 1400 АМ.ДОЛЛАР ДАВЛАА WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/06/25    

Frontclear facilitates a transaction with Development Bank of Mongolia and Societe Generale www.montsame.mn

Ulaanbaatar/MONTSAME/ Frontclear arranged and structured back-to-back USD/JPY cross-border cross currency swap transactions for the value of USD 30 million with Societe Generale and Development Bank of Mongolia.

Credit, legal and operational risks have made it very difficult for Mongolian banks to access global capital markets. This second landmark transaction of Frontclear in Mongolia has made it possible for Development Bank of Mongolia LLC (DBM) to competitively access the swap market with foreign banks and hedge the proceeds of a Samurai bond issue into USD. Both cross currency swap transactions were documented under an International Swap and Derivatives Association (ISDA) agreement, whereby Frontclear customized the swap confirmation to overcome legal issues in the Mongolian market.

The transactions helped to further clarify certain legal issues related to close-out netting in Mongolia, which were mitigated by effective Frontclear deal arranging and structuring. The transaction documents introduced best practice operational and legal concepts, which were reviewed and discussed in a Frontclear organized Executives’ Roundtable in Ulaanbaatar in September 2018. Frontclear is already planning further technical assistance in Mongolia to address those legal issues as well as other roadblocks preventing Mongolian banks effecting accessing global funding and swap markets.

“We are proud to execute our second transaction in Mongolia and the key role we have played in originating the structure and bringing Societe Generale to work in money market transactions in the country. The transaction strengthens Mongolian banks’ ability to mitigate legal and operational risks and sets a benchmark for the development of Mongolia’s money market going forward,” according to Andrei Shinkevich, Senior VP at Frontclear.

“This is DBM’s first ever swap transaction with Societe Generale and we look forward to working with new partners to expand our treasury operation,” – Amgalan Battulga, Head of Treasury Management of Development Bank of Mongolia noted.

“Societe Generale is delighted to have concluded this transaction with Frontclear allowing Development Bank of Mongolia to hedge interest rate and currency risks related to its Samurai bond. It illustrates the strength of the collaboration between our two institutions, Societe Generale and Frontclear, which share the common objective to participate to the development of capital markets in emerging countries,” says Jérôme Sabah, Global Head of Rates, Credit and Forex Sales for Financial Institutions at Societe Generale said.
source: Development Bank of Mongolia



Published Date:2019-01-11