Commentary & Deal Flow

Reoffer: 5yr: 7.200% / 98.759

Launched: 5yr: US$500m @ 7.2%
IPTs: 5yr: 7.6%a

• Issuer: Development Bank of Mongolia LLC
• Issuer Ratings: B1 Stable (Moody's) / BB- Stable (S&P) / B+ Stable (Fitch)
• Expected Issue Ratings: B1 (Moody's) / BB- (S&P)
• Instrument: Senior Unsecured Fixed Rate Bonds (the "New Bonds")
• Format: 144A / Reg S
• Size: US$500m
• Tenor: 5-year
• Coupon: 6.900% S/A 30/360
• Reoffer Yield: 7.200%
• Reoffer Price: 98.759
• Settlement Date: 2-Jul-26 (T+5)
• Maturity Date: 2-Jul-31
• Listing: Singapore Stock Exchange
• Denominations: US$ 200k / US$ 1k
• Governing Law: New York Law
• Clearing: DTC
• Use of Proceeds: The Issuer intends to use a portion of the proceeds of the Notes to repurchase Concurrent Transaction Bonds and to pay certain costs and expenses related to the Concurrent Transaction. The Issuer intends to use the balance of the proceeds remaining after the settlement of the Concurrent Transaction to fund its business operations, including lending operations.
• JBRs and JLMs: HSBC (B&D), ING and J.P. Morgan
• ISIN: USY2056PAJ58 (Reg S) / US25161AAC36 (144A)
• TOE: 23:44 HKT
• Pricing: 25-Jun-26
• Settle: 2-Jul-26 (T+5)