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Mongolia in $500 Million Debt Offering and Concurrent Tender Offer www.clearygottlieb.com
Cleary Gottlieb represented the government of Mongolia in a Rule 144A/Reg S offering of $500 million 5.95% bonds due 2032 and its concurrent tender offer for its outstanding dollar-denominated 5.125% bonds due 2026, 8.65% bonds due 2028, and 7.875% bonds due 2029.
HSBC, Morgan Stanley, and Standard Chartered Bank were joint lead managers and dealer managers for the transactions. The transactions closed on March 9, 2026, and the new bonds were listed on the Singapore Stock Exchange.
The issuance allowed Mongolia to refinance a substantial portion of its debt maturing in 2026 and 2028, and also extended the maturity profile of a portion of its indebtedness.
The Cleary team included partner Shuang Zhao, counsel Robert Williams and Daisy Yan, and associate Jitong Liu. Partner Matthew Brigham and associate Michael Hughes advised on tax matters.
Published Date:2026-03-13
