By Paul A. Harris
Portland, Ore., Oct. 16 – Development Bank of Mongolia priced a $500 million issue of 7¼% five-year notes (B-/B) at 98.973 to yield 7½% on Tuesday, according to a market source.
The yield printed at the tight end of final yield talk in the 7 5/8% area. Earlier guidance was in the 7 7/8% area. The deal was launched into the market early Tuesday with initial guidance in the 8¼% area.
Order books came to $4.1 billion, the source said.
HSBC, JPMorgan and Morgan Stanley were the leads.
The development bank plans to use the proceeds to refinance debt.
| Issuer: | Development Bank of Mongolia
|
| Amount: | $500 million
|
| Maturity: | Oct. 23, 2023
|
| Securities: | Notes
|
| Bookrunners: | HSBC, JPMorgan and Morgan Stanley
|
| Coupon: | 7¼%
|
| Price: | 98.973
|
| Yield: | 7½%
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Expected ratings: | S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7 5/8% area
|
| Marketing: | Quick to market
|
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