| Issuer: | Government of Mongolia
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| Date: | Nov. 28
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| Size/structure: | $1.5 billion two-tranche issue of notes, including $500 million 4 1/8% notes due Jan. 5, 2018 that priced at 99.996 to yield 4 1/8% and $1 billion 5 1/8% notes due Dec. 5, 2022 that priced at par to yield 5 1/8%
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| Lead banks: | Bank of America Merrill Lynch, Deutsche Bank, HSBC, JPMorgan, TDB Capital
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| Use of proceeds: | For infrastructure and utility projects
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| • Very large deal from an obscure name, made possible by the significant amount of excess demand in the market
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| • Though investors were at first attracted to the deal, its pricing - seen as extraordinarily tight - caused some to get cold feet
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| • Set an interesting precedent for other infrequent issuers from peripheral countries
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| CHINA's BAIDU
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| Issuer: | Baidu Inc.
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| Date: | Nov. 20
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| Size/structure: | $1.5 billion two-tranche issue of senior notes, including $750 million 2¼% notes due 2017 that priced at 99.929 to yield Treasuries plus 160 bps and $750 million 3½% notes due 2022 that priced at 99.849 to yield Treasuries plus 185 bps
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| Lead banks: | JPMorgan, Goldman Sachs
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| Use of proceeds: | To retire $350 million of credit facility debt and for general corporate purposes
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| • First deal from China to be fully registered with the Securities and Exchange Commission
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| • Showed how global technology players are coping with IPO-unfriendly market conditions
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| • Investors were surprised to see such a large company issue debt and were somewhat skeptical, given the accounting problems reported at some other Chinese companies
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| QATAR'S QTEL
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| Issuer: | Qatar Telecom QSC (Qtel)
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| Date: | Dec. 12
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| Size/structure: | $1 billion 3¼% notes due Feb. 21, 2023 that priced at 98.721 to yield 3.399%, or Treasuries plus 175 bps
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| Lead banks: | Barclays, HSBC, Mitsubishi UFJ, Mizuho Securities, Morgan Stanley, QNB Capital
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| • Highly anticipated issue of notes was the issuer's first in two years
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| • Deal came to the market at the end of 2012, typically a slow period, but still managed to attract $13 billion in orders from 520 accounts
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| • Wide range of buyers from funds, agencies, pension, insurance companies and private banks picked up the notes. About 32% of the accounts were European
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| MEXICO'S AMERICA MOVIL
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| Issuer: | America Movil SAB de CV
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| Date | Nov. 28
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| Size/structure: | Ps. 15 billion issue of 6.45% notes due Dec. 5, 2022 that priced at 99.989 to yield 6.45%
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| Lead banks: | Deutsche Bank, HSBC, Morgan Stanley (active); BBVA, Citigroup, Credit Suisse (passive)
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| • Unique structure to the deal, with peso-denominated global bonds issued simultaneously in Mexico and overseas
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| • Other issuers are expected to duplicate this structure
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| • Success of the deal indicated that investors are increasingly confident in the sovereign and its currency
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| PANAMA's GLOBAL BANK
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| Issuer: | Global Bank Corp.
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| Date: | Sept. 28
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| Size/structure: | $200 million 4¾% notes due Oct. 5, 2017 that priced at 98.906 to yield 5%, or Treasuries plus 438.5 bps
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| Lead banks: | Deutsche Bank, HSBC
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| • First covered bond issued in Latin America
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| • The second time was the charm - the deal couldn't attract enough demand during a previous attempt at issuance
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| • The bonds' move from sub-investment grade to investment grade drew in a different set of buyers than is typically seen for covered bonds
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