Commentary & Deal Flow

Government of Mongolia (MONGOL) exp issue ratings (B1/BB-); Issuer ratings (B1/BB-/B+), US$ benchmark 144A/Reg S 6y sr unsec notes. HSBC (B&D), Morgan Stanley and Standard Chartered Bank as JLMs and JBRs. UOP: Issuer intends to use net proceeds of bonds to repurchase the Tender Offer Bonds pursuant to the terms of Tender Offer and pay costs and expenses related to the Tender Offer. To the extent there are additional proceeds after application described above, 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. Pricing 02-Mar-26.

IPTs: 6.300% area

FINAL PRICE GUIDANCE: 5.95%#.

Issuer has concurrently launched a 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"). The Government of Mongolia is offering to purchase for cash: (i) any and all of the 2026 Bonds; and (ii) up to the Maximum Acceptance Amount, the 2028 Bonds and the 2029 Bonds.
Marketing: www.netroadshow.com | Password: MOG2026 (not case sensitive)