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Crédit Agricole CIB supports the Government of Mongolia in pricing a US$500 million bond issuance and concurrent tender offer www.ca-cib.com
In February 2025, the Government of Mongolia priced a US$500 million 5-year bond issuance and completed a concurrent public tender offer to repurchase its outstanding 2026 and 2028 US dollar bonds as part of the Government’s debt neutral policy.
This transaction is Crédit Agricole CIB's first-ever Asian frontier sovereign deal and the first Asian high-yield sovereign bond issue in 2025. Frontier markets are a sub-segment of the global emerging markets space with increasing appetite for funding and capital to support domestic development and growth. Crédit Agricole CIB acted as joint bookrunner, joint lead manager and joint dealer manager on the transaction.
Debt issuers from frontier markets including Mongolia have been increasingly seeking foreign funding to develop their local economies. The Government of Mongolia, as a prime example, has been tapping the debt market for capital to support the country's long-term social and economic development – including the renewable energy, tourism, and agricultural sectors – to diversify the economy as part of its Vision 2050 recovery policy.
Mongolia presents attractive opportunities for investors as the country continues to seek ways to grow its economy sustainably while strengthening its governance. Its progress has been recognised by rating agencies with a rating upgrade last year.
This deal is a testament of Crédit Agricole CIB's commitment and ability to service frontier clients in achieving its long-term funding and liability management objectives.
This transaction is a breakthrough for our DCM franchise – marking our first-ever Asian frontier sovereign deal and the first Asian high-yield sovereign bond issue in 2025. Mongolia represents an attractive market opportunity for debt investors, and we look forward to explore more opportunities in this market.
Tim Fang
Head of Debt Capital Markets for Greater China
Published Date:2025-02-21
