Mongolia: bonds

Mongolia operated as a Soviet-style centrally planned economy until the establishment of a new coalition government in 1990. Since 1990, Mongolia has transitioned into a market-oriented economy, with the private sector constituting 75.2% of the nation’s GDP in 2011, according to the National Statistical Office of Mongolia. Today, Mongolia is one of the world’s fastest growing economies, with a real growth rate of 17.5% in 2011. Recent growth has been primarily driven by expanding coal and copper production, ongoing development of new large mining projects, growth in the agriculture sector due to the sector’s recovery from the effects of the severe winter conditions in late 2009 and 2010 and a highly expansionary fiscal policy. Mongolia, however, faces certain challenges, including high rates of inflation, a growing dependence on the production and export of commodities, trade dependence on China and Russia, a growing need for foreign direct investment (“FDI”) to develop infrastructure projects, and fuel and energy requirements.
Public sector debt has risen steadily in recent years and, as at June 30, 2012, amounted to U.S.$3.5 billion. According to the National Statistical Office of Mongolia, Mongolia has a relatively prudent government debt management system among its Asian peers, with its total government debt to GDP ratio at 38.3% as at June 30, 2012. Public sector domestic debt is comprised of borrowings by the Government. The Bank of Mongolia is a major lender to the Government, holding approximately 33% of the total outstanding public sector bonds as at December 31, 2011. Other major lenders include domestic commercial banks.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
MNT 22 133 302 500 000
USD 4 2 600 000 000
CNY 1 1 000 000 000
corporate
USD 3 1 107 465 720
JPY 1 30 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Mongolia, 15 4jul2019 - Domestic bonds 15% 5 000 000 000  MNT 07/04/2017 07/04/2019
Mongolia, 15.14 20jun2020 - Domestic bonds 15.14% 5 000 000 000  MNT 06/20/2017 06/20/2020
Mongolia, 15.5 6jun2019 - Domestic bonds 15.5% 5 000 000 000  MNT 06/06/2017 06/06/2019
Mongolia, 15.87 22may2020 - Domestic bonds 15.87% 5 000 000 000  MNT 05/23/2017 05/22/2020
Mongolia, 15.995 9may2019 - Domestic bonds 15.995% 5 000 000 000  MNT 05/09/2017 05/09/2019
Energy Resources, FRN 30sep2022, USD - International bonds XS1598634506 Toggle note<br> Coupon = Cash + PIK based on average monthly TSIPPCAE index (SBB Premium Hard Coking Coal Australia Export) 412 465 890  USD 05/04/2017 09/30/2022
Energy Resources, FRN perp., USD - International bonds XS1599078059 Toggle note<br> Couon = Cash + PIK based on average monthly TSIPPCAE index (SBB Premium Hard Coking Coal Australia Export)<br> Payment linked to payment status of XS1598634506<br> 194 999 830  USD 05/04/2017
Mongolia, 17 25apr2020 - Domestic bonds 17% 2 800 000 000  MNT 04/25/2017 04/25/2020
Mongolia, 18 27mar2020 - Domestic bonds 18% 5 000 000 000  MNT 03/28/2017 03/27/2020
Mongolia, 18 14mar2019 - Domestic bonds 18% 5 000 000 000  MNT 03/14/2017 03/14/2019

Currencies

Daily indices

Type: 07/05/2017 07/04/2017 07/03/2017 06/30/2017 06/29/2017 06/28/2017 06/27/2017
Exchange Rates (Emerging Markets)
USD/MNT  2 369.4000 2 355.7200 2 350.8800 2 346.8100 2 347.9700 2 348.2300 2 353.9700
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Money market

Periodic indices

Type: Current value Change Last update
CIS Central Banks Rates
Refinancing Rate (Mongolia), %  14.00 -2 15.06.2017

Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Mongolia) 3.30 3.70 3.40 2.50 2.10 1.90
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Mongolia) 77.40 54.70

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Mongolia, 10.875% 6apr2021, USD   USD 04/06/2021 05/18/2016 ***.** **.* 05/18/2016 ***.** *.**
Mongolia, 4.125% 5jan2018, USD   USD 01/05/2018 05/18/2016 **.* *.** 05/18/2016 **.*** *.**
Mongolia, 5.125% 5dec2022, USD   USD 12/05/2022 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Mongolia, 7.5% 30jun2018, CNY   CNY 06/30/2018 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Development Bank of Mongolia, 5.750% 21mar2017, USD   USD 03/21/2017 05/18/2016 ** *.* 05/18/2016 *** *.**
Mongolian Mining Corp, 8.875% 29mar2017, USD   USD 03/29/2017 05/18/2016 **.** ***.** 05/18/2016 **.** ***.**
Trade and Development Bank of Mongolia, 10% 21jan2017, CNY   CNY 01/21/2017 05/18/2016 ** **.** 05/18/2016 **.* **.**
Trade and Development Bank of Mongolia, 9.375% 19may2020, USD   USD 05/19/2020 05/18/2016 **.** **.** 05/18/2016 **.** **.**
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150 000
issues: local and international bonds
170
countries
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