February 18, 2025 03:36 GMT
EM CREDIT SUPPLY: Supply: Mongolia (MONGOL, B2/B+/B+) - New Issue FV & Tender.
EM CREDIT SUPPLY
Supply: Mongolia (MONGOL, B2/B+/B+) - New Issue FV & Tender.
New Issue: $Bench 5y
Tender: $ 5.125% 4/26s and $ 8.65% 1/28's
IPT: 7.125% area
FV: 6.84% (z+280bp, T+249bp)
In terms of comparable issuers, we use the existing Mongolia, Uzbekistan and dollar Bahrain curves, focusing on bonds issued in the last 5 years. We see fair value at the 5yr point as a few basis points wide to the existing Mongolia curve, estimating FV around 6.84%.


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