Mongolia successfully completed a $500 million bond offering on March 9, 2026, utilizing a Rule 144A/Reg S structure, and simultaneously launched a tender offer for its existing dollar-denominated bonds. The fresh bonds, due in 2032 and carrying a 5.95% interest rate, were listed on the Singapore Stock Exchange.
The offering, designed to refinance maturing debt, targeted bonds due in 2026, 2028, and 2029, according to details of the transaction. HSBC, Morgan Stanley, and Standard Chartered Bank acted as joint lead managers and dealer managers for both the issuance and the tender offer.
Cleary Gottlieb represented the government of Mongolia throughout the transaction. The legal team was led by partner Shuang Zhao and included counsel Robert Williams and Daisy Yan, alongside associate Jitong Liu. Tax advice was provided by partner Matthew Brigham and associate Michael Hughes.
The bond issuance allows Mongolia to extend the maturity profile of a portion of its overall indebtedness, addressing upcoming debt obligations. The government’s move to refinance a substantial portion of its debt maturing in 2026 and 2028 signals a proactive approach to managing its fiscal position.
Concurrent with the bond offering, Alphabet announced a $17.5 billion offering and a €6.5 billion offering, with Cleary Gottlieb also providing legal counsel in that transaction. This separate offering does not directly impact Mongolia’s bond deal but highlights broader activity in the global bond markets.
JINGDONG Industrials also launched a HK$2.98 billion Hong Kong IPO, with Cleary Gottlieb advising on that matter as well. This IPO, like Alphabet’s offering, represents a separate financial event occurring around the same time as Mongolia’s bond issuance.