Thursday, May 28, 2015

[BREAKING: GoM approves $1 billion int'l bond sale to fund deficit, refinance bonds]

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Thursday, May 28, 2015

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Overseas Market

Oyu Tolgoi Deal Primes Mongolia for $1 Billion Bond Sale: Govt

By Michael Kohn

May 28 (Bloomberg) -- Mongolia to sell up to $1b of bonds due to favorable mkt conditions created by pact with Rio Tinto to develop underground mine at Oyu Tolgoi, govt says on website.

* Intl investors now consider Mongolia as having low risk because Oyu Tolgoi issue resolved: statement

* Ministry of Finance authorized to sell bond in intl market

* Ministry to appoint Development Bank of Mongolia to choose technical adviser, appoint payment agent: statement

* Bonds to fund fiscal deficit at low cost, provide long-term funding, support balance of payments, extend payment time of govt, govt-guaranteed intl securities: statement

* Mongolia taking advantage of “window of opportunity” created by Oyu Tolgoi pact, says Dale Choi, founder of Independent Mongolian Metals & Mining Research

* “The government is pressed financially, so there is an acute fiscal necessity for this”: Choi

* NOTE: Mongolia sold 1st intl bonds in Nov. 2012, $1.5b USD “Chinggis Bonds’

* NOTE: Mongolia’s Trade & Development Bank sold $500m of government-guaranteed notes in May 2015




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