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Mongolia launched a tender offer to buyback any and all of 8.75% 2024s for cash. The purpose of the Offer is to extend the maturity profile of a portion of the government’s external debt. It added that the Mongolian government’s tender offer provides a chance to bondholders “to gain liquidity with respect to the Bonds that might not otherwise be available to such Bondholders”. Earlier this year, Mongolia had bought back some of its 2024s and till date, $207.437mn of the above notes have been accepted as part of its buyback exercises. Separately, Mongolia had also repaid all of its 2023s earlier this year.
Its 8.75% 2024s are trading at 100.88, yielding 5.6%.
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