ADB issues Mongolian local currency bond offering

The ADB has raised a locally denominated $7.5 million equivalent bond. Although denominated in local currency, the 'nomad' 21 billion Mongolian Torog (MNT) bond will be settled in US dollars. It will mature in 2025, and carries a 10.1% semi-annual coupon. 

ING Bank underwrote the bond which was sold to a European asset manager. The proceeds will be used to finance the ADB's Gender Inclusive Dairy Value Chain Project in Mongolia, which supports Mongolian dairy company Milko LLC.