Our latest Investor's Guide to Mongolia: Bonds captures a market that continues to deepen and diversify. Total outstanding senior unsecured issuance now stands at approximately USD 5.4 billion across 17 bonds, split between 6 sovereign issues (50%), 3 quasi-sovereign placements (20%), and 8 corporate bonds (30%). Cumulative repayments of USD 529 million, or 9.8% of total issuance, reflect disciplined liability management led by the sovereign.

Several developments stood out in 2026 Q1:

• Tsetsens Mining and Energy LLC successfully priced a USD 300 million debut five-year bond, while M-Bank also made its first market entry. Together, these transactions point to a gradual broadening of the corporate issuer base and growing depth in the market.
• Golomt Bank's debut Samurai bond in Japan opened a new funding channel beyond the SGX and Vienna listings that have historically dominated.
• The Government of Mongolia executed a liability management exercise to extend its maturity profile ahead of USD 1.8 billion in sovereign maturities due in 2027.

Read the full publication for the issuer-by-issuer breakdown and our outlook for the rest of 2026.

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