TDBM highlights hunt for yield with dim sum sucess
Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.
CLSA and Deutsche Bank were joint global co-ordinators, and also joint bookrunners along with ING. They set initial guidance in the 10.25% yield area and priced the bond at the same level after receiving over Rmb1.4bn orders from 48 accounts.
“In many ways it was a very successful
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