Commentary & Deal Flow

The Government of Mongolia (the “Issuer”), rated B1 (Stable) by Moody’s, BB- (Stable) by S&P, and B+ (Stable) by Fitch, has mandated HSBC, Morgan Stanley and Standard Chartered Bank as Joint Bookrunners and Joint Lead Managers to arrange a series of fixed income investor calls commencing on February 24, 2026. An offering of Rule 144A/Regulation S USD-denominated 6-year senior unsecured bonds (the “New Bonds”) may follow, subject to market conditions. The New Bonds, if issued, are expected to be rated B1 by Moody’s and BB- by S&P.

The Issuer has also mandated The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley and Standard Chartered Bank as Joint Dealer Managers in relation to the Tender Offer of its outstanding 5.125% Bonds due 2026 (the “2026 Bonds”), 8.650% Bonds due 2028 (the “2028 Bonds”), and 7.875% Bonds due 2029 (the “2029 Bonds”) (together, the “Tender Offer Bonds”). The Issuer intends to use the net proceeds of the offering of the New Bonds to repurchase the Tender Offer Bonds and pay costs and expenses related to the Tender Offer. To the extent there are additional proceeds after the application described above, the Issuer intends to repay the 2026 Bonds upon maturity and, to the extent there are additional proceeds, utilize them for any further debt management activities. Any Target Bonds repurchased in connection with the Tender Offer will be cancelled.