Hong Kong/Tokyo – LAWFUEL – Asia Law News Network – Global law firm Clifford Chance has advised the Trade and Development Bank of Mongolia (TDBM) on the first bank euro medium-term note (EMTN) programme in Mongolia.
TDBM is Mongolia’s largest bank by assets. The EMTN programme is valued at US$150 million, with the first drawdown of US$75 million 8.625% notes due 2010, and is listed on the Singapore Stock Exchange. ING was the sole arranger for the deal.
Partner Connie Heng led the Clifford Chance team advising on the deal: “We are delighted to have been involved in this groundbreaking bond offering, another emerging markets “first” for the firm’s Capital Markets practice,” said Connie.
“This deal will help TDBM raise funds for expansion into mortgage-lending and other long-term funding liabilities which the domestic market cannot match through syndicated lending. It represents a credible first step for TDBM into the international financial markets.”
The Clifford Chance team consisted of Hong Kong-based partner Connie Heng, Tokyo-based counsel David Poureshagh, and Matt Fairclough and David Shell, both based in Hong Kong.