DBM TAPS INT'L BOND MARKETS

Ulaanbaatar, Mongolia /MONTSAME/ The Development Bank of Mongolia (DBM) has placed five-year USD 580million sovereign-guaranteed notes to international investors under the Euro Medium Term Note Programme. It was reported on Thursday on the DBM's website. The note issue is fully guaranteed by Mongolia's government. It is rated B1 by Moody's and BB- by S&P equal to Mongolia's credit rating. The notes were placed at 5.75% to 6.0% below the initial guidance of 6.0%-6.25% due to high demand. The placement was reportedly oversubscribed over 10 times. The DBM was established to finance large scale priority projects that help accelerate economic growth. B.Khuder