ULAN BATOR, Mongolia, May 13, 2022 (GLOBE NEWSWIRE) — Mongolian Prime Minister Oyunerdene Luvsannamsrai has instructed the Development Bank of Mongolia (DBM) to explore potential options, including an early payment, to settle its outstanding Samurai Bond obligations. Following this, the Bank says it will be able to further manage its future obligations and improve its overall debt profile. The move will reduce Mongolia’s general government debt as the sovereign guarantee on the bond will concurrently mature.
According to Mr. Manduul Nyamdeleg, CEO of DBM, the Bank is waiting on potential options to make an early payment on its first-ever Samurai bond of JPY 30 billion (US $231 million) before its maturity date of December 2023. DBM is the only policy-oriented financial institution in the country with a mandate to finance large-scale, strategically important development projects in Mongolia. DBM…