Would-be Mongolian debut pulled after book closed

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By Morgan Davis
17 May 2019

Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.

Credit Suisse and Morgan Stanley were mandated as bookrunners and lead managers on the transaction on May 3. A roadshow took place in Hong Kong, Singapore, London and the US, beginning on May 6.

During the roadshow, the banks were able to secure anchor orders, giving them the confidence ...

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