Mongolia bond, bigger than forex reserves, gets huge bid

Mongolia made an explosive debut in the international bond market this week, raising $1.5bn from a deal that was the biggest Asian sovereign debut in more than a decade. But more eye-catching for bankers was the deal’s size relative to the country’s economy — it was equivalent to 15% of Mongolia’s projected GDP for this year, and was greater than its entire foreign exchange reserves.

  • 29 Nov 2012
The size of the deal relative to the country’s economy made it unique in the capital market, said debt bankers, none of whom could remember such a huge increase in government debt-to-GDP from a single bond. Mongolia’s nominal GDP was $8.7bn in 2011, according to the International Monetary ...

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