HONG KONG, Aug 24 (IFR) - Trade and Development Bank of Mongolia is said to have mandated three banks for a three-year $300 million stand-alone bond.
According to sources familiar with the matter, the banks are Deutsche Bank, Bank of America Merrill Lynch and ING.
Roadshows are expected to begin in early September.
In May TDBM issued a $500 million government-guaranteed five-year bond at 9.375 percent, but the proposed new bond will not have a guarantee from the state.
The prospectus for that bond discussed an upcoming US$300 million maturity on September 20, but said the issuer had ample foreign reserves and an undrawn US dollar lending facility it could use to repay it.
The $500 million deal was criticised for paying a huge premium after it rallied to 103 in secondary trading and went even higher days later. The bonds are now trading close to par.
ING, Bank of America Merrill Lynch and Deutsche Bank declined to comment.
TDBM did not respond to requests for comment. (Reporting By Spencer Anderson; Editing by Vincent Baby and Daniel Stanton)
Source:Reuters
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