TDBM takes Mongolia into dim sum
Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.
CLSA, Deutsche Bank and ING are global coordinators and bookrunners, and set initial guidance in the 10.25% yield area for a three year bond. They had received over Rmb1bn in orders by lunchtime, but kept guidance unchanged, said a banker away from the deal.
“Some of the Chinese
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