Mayer Brown JSM and Hogan Lovells have advised the government of Mongolia on a $500 million sovereign bond offering under its $5 billion Global Medium Term Note Programme, its first offering since 2012.
Allen & Overy and local firm GTs Advocates acted for the joint lead managers, which includes Credit Suisse, Deutsche Bank, ING and JPMorgan Chase as well as local banks TDB Capital and Golomt Bank and TDB Capital.
Corporate and securities group partners Jason T. Elder and Tom Kollar handled the transaction for Mayer Brown. The Hogan Lovells team was led by Chris Melville in Ulaanbaatar and fellow partners Sina Hekmat in New York and Andrew Carey in London. Hong Kong-based partner Alexander Stathopoulos oversaw the offering for A&O.
The issuance, which closed last week, was done under the government’s Global Medium Term Notes Program. The bonds were sold internationally on a combined Rule 144A / Regulation S basis, with U.S.-qualified institutional buyers accounting for a substantial portion of the total demand.
Proceeds from the offering will be used to refinance indebtedness, fund budget deficits and finances different projects including infrastructure and roads.