Investor’s Guide to Mongolia: Bonds (2026 Q3 Updated)

Our latest Investor’s Guide to Mongolia: Bonds captures a market that continues to deepen and diversify. Total outstanding senior unsecured debt has reached approximately USD 6.5 billion across 23 bonds, with non-sovereign issuers accounting for 62% of the market, up from our May 2026 edition. Cumulative repayments of approximately USD 1.1 billion, or 14.6% of total issuance, reflect an increasingly active approach to liability management.Several developments stood out in 2026:

• The Development Bank of Mongolia (DBM) issued USD 750 million of senior unsecured bonds due 2031, marking its return to the international market without a government guarantee and establishing a key benchmark for quasi-sovereign credit.
• Golomt Bank priced a USD 500 million three-year bond, attracting USD 2.1 billion in orders, while Tsetsens Mining & Energy and Bogd Bank expanded the corporate issuer base through new international bond transactions.
• Tsetsens Mining and Energy LLC retured to market with a USD 100 million tap issue bringing it total issuance size to 400 million.
• The Government of Mongolia issued a USD 500 million sovereign bond and repurchased USD 475.9 million of outstanding debt, extending its maturity profile and reducing refinancing pressure.

Read the full publication for our issuer-by-issuer breakdown, bond pricing and relative-value analysis, and outlook for 2027, when USD 1.59 billion in maturities will test issuers’ refinancing strategies amid fiscal expansion and tighter global funding conditions.