Mongolia International Bonds Market
Monitor Mongolia’s international bond market in one place. Follow outstanding bonds, upcoming maturities, new issuance, credit developments, and the market activity shaping the country’s access to global capital.
Market at a glance
Total outstanding
$6,855,330,000
Converted to USD equivalentIssuers
11
Across all issuer typesInstruments
23
All outstanding bondsWeighted coupon
7.55%
By outstanding amountWeighted maturity
2.88 yrs
All outstanding bondsSovereign rating
B1 · BB- · B+
Moody’s · S&P · FitchAnnual coupon cost
$517,264,505
All outstanding bondsMaturing in 12M
$1,289,207,000
All outstanding bondsMaturing in 24M
$2,705,330,000
All outstanding bondsAbout the market
Mongolia’s external bond market now spans 23 outstanding senior unsecured bonds offering investors exposure across sovereign, quasi-sovereign, banking, and corporate issuers. Singapore continues to serve as the principal international market for Mongolian bonds, with additional issuance through Vienna and Japan. As private-sector issuers increasingly access international markets, Mongolia’s external credit universe is becoming more diversified, creating a broader range of issuers, maturities, and credit profiles for fixed-income investors to monitor.
Market records maintained by CMM, compiled from publicly available information.
Repayment Schedule
2027
1,589
2028
1,216
2029
1,050
2030
850
2031
1,650
2032
500
08751,750
SovereignQuasi-SovereignBanksCorporate
Figures in USD millions. Market data maintained by CMM and compiled from publicly available sources.
Issuer ratings
| Issuer | Moody’s | S&P | Fitch |
|---|---|---|---|
| Bogd Bank | B2 | — | — |
| City of Ulaanbaatar Mongolia | — | — | — |
| Development Bank of Mongolia | B1 | BB– | B+ |
| Golomt Bank | B1 | B+ | B+ |
| Government of Mongolia | B1 | BB– | B+ |
| MBank | — | — | — |
| Mongolian Mining Corporation | B2 | — | B+ |
| Mongolian Mortgage Corporation | B3 | B– | — |
| State Bank | B2 | — | — |
| Trade & Development Bank of Mongolia | B1 | B+ | — |
| Tsetsens Mining And Energy | B2 | — | — |
11 issuers rated
Rating records maintained by CMM, compiled from publicly available information.
Rating actions
| Research | Rating body | Rating | Date |
|---|---|---|---|
| Fitch Affirms Mongolian Mining at 'B+'; Outlook Stable | Fitch | B+ / Stable | 24 Aug 2026 |
| Fitch Affirms Mongolia's XacBank at 'B+'; Outlook Stable | Fitch | B+ / Stable | 21 Aug 2026 |
| Fitch Affirms Mongolia's Golomt Bank at 'B+'; Outlook Stable | Fitch | B+ / Stable | 21 Aug 2026 |
| Fitch Affirms Development Bank of Mongolia at 'B+'; Outlook Stable | Fitch | B+ / Stable | 21 Aug 2026 |
| Fitch Affirms Mongolia's Khan Bank at 'B+'; Outlook Stable | Fitch | B+ / Stable | 21 Aug 2026 |
| Trade and Development Bank JSC's Proposed Senior Unsecured Notes Assigned 'B+' Rating | S&P Global | B+ | 30 Jun 2026 |
| Moody's Ratings assigns B1 rating to Trade and Development Bank of Mongolia's proposed USD senior unsecured notes | Moody’s | B1 / Stable | 30 Jun 2026 |
| Moody's Ratings upgrades Golomt Bank's deposit and issuer ratings to B1; outlook stable | Moody’s | B1 / Stable | 29 Jun 2026 |
| Moody's Ratings upgrades Trade and Development Bank of Mongolia's deposit and issuer ratings to B1; outlook stable | Moody’s | B1 / Stable | 29 Jun 2026 |
| Development Bank of Mongolia LLC's Proposed Senior Unsecured Notes Assigned 'BB-' Rating | S&P Global | BB- | 18 Jun 2026 |
| Moody's Ratings assigns B1 rating to Development Bank of Mongolia LLC's senior unsecured notes | Moody’s | B1 / Stable | 18 Jun 2026 |
| Moody's Ratings assigns B2 rating to Bogd Bank JSC's senior unsecured bond | Moody’s | B2 / Stable | 05 Jun 2026 |
| Golomt Bank JSC's Proposed Senior Unsecured Notes Assigned 'B+' Rating | S&P Global | B+ | 05 May 2026 |
| Mongolia's Proposed Senior Unsecured Notes Assigned 'BB-' Long-Term Foreign Currency Rating | S&P Global | BB- | 23 Feb 2026 |
| Arig Bank LLC Assigned 'B-/B' Ratings; Outlook Stable | S&P Global | B-/B / Stable | 13 Nov 2025 |
15 of 15 rating actionsView all rating research
Rating records maintained by CMM, compiled from publicly available information.
Outstanding Issuances
| Issuer | Instrument | Issuer type | Ccy | Coupon | Maturity | Issued | Outstanding | USD eq. (m) | Rating |
|---|---|---|---|---|---|---|---|---|---|
| Government of Mongolia | MONGOL 3.5 07/07/27 REGS | Sovereign | USD | 3.50% | 07 Jul 2027 | $500,000,000 | $423,142,000 | 423 | B3 / B / B |
| Government of Mongolia | MONGOL 4.45 07/07/31 REGS | Sovereign | USD | 4.45% | 07 Jul 2031 | $500,000,000 | $500,000,000 | 500 | B3 / B / B |
| Government of Mongolia | MONGOL 8.65 01/19/28 REGS | Sovereign | USD | 8.65% | 19 Jan 2028 | $650,000,000 | $220,123,000 | 220 | B3 / B / B |
| Government of Mongolia | MONGOL 7.875 06/05/29 REGS | Sovereign | USD | 7.88% | 05 Jun 2029 | $350,000,000 | $350,000,000 | 350 | B3 / B / B |
| Government of Mongolia | MONGOL 6.625 02/25/30 REGS | Sovereign | USD | 6.63% | 25 Feb 2030 | $500,000,000 | $500,000,000 | 500 | B2 / B+ / B+ |
| Government of Mongolia | MONGOL 5.95 03/09/32 REGS | Sovereign | USD | 5.95% | 09 Mar 2032 | $500,000,000 | $500,000,000 | 500 | B1 / BB– / B+ |
| City of Ulaanbaatar Mongolia | CITULA 7.75 08/21/27 | Quasi-Sovereign | USD | 7.75% | 21 Aug 2027 | $500,000,000 | $500,000,000 | 500 | – / – / – |
| Development Bank of Mongolia | DBMMN 8.5 07/03/28 | Quasi-Sovereign | USD | 8.50% | 03 Jul 2028 | $500,000,000 | $500,000,000 | 500 | B2 / B+ / B+ |
| Development Bank of Mongolia | DBMMN 6.9 07/02/31 | Quasi-Sovereign | USD | 6.90% | 02 Jul 2031 | $500,000,000 | $500,000,000 | 750 | B1 / BB– / B+ |
| Tap | 6.90% | 02 Jul 2031 | $250,000,000 | $250,000,000 | 250 | ||||
| $750,000,000 | $750,000,000 | ||||||||
| State Bank | STBNKM 8.9 09/25/28 | Quasi-Sovereign, Bank | USD | 8.90% | 25 Sep 2028 | $200,000,000 | $200,000,000 | 300 | B1 / – / Withdrawn |
| Tap | 8.50% | 25 Sep 2028 | $100,000,000 | $100,000,000 | 100 | ||||
| $300,000,000 | $300,000,000 | ||||||||
| Golomt Bank | GLMTMO 11 05/20/27 REGS | Banks | USD | 11.00% | 20 May 2027 | $300,000,000 | $180,916,000 | 181 | B3 / B / – |
| Golomt Bank | GLMTMO 1.85 12/01/28 A | Banks | JPY | 1.85% | 12 Jan 2028 | 15,000,000,000 JPY | 15,000,000,000 JPY | 96 | B2 / B+ / B+ |
| Golomt Bank | GLMTMO 7.95 05/14/29 REGS | Banks | USD | 7.95% | 14 May 2029 | $500,000,000 | $500,000,000 | 500 | B2 / B+ / B+ |
| Golomt Bank | GLMTMO 8.00 12/20/29 | Banks | USD | 8.00% | 20 Dec 2029 | $40,000,000 | $40,000,000 | 40 | B2 / – / – |
| Golomt Bank | GLMTMO 8.00 12/20/29 | Banks | USD | 8.00% | 21 Dec 2029 | $10,000,000 | $10,000,000 | 10 | B2 / – / – |
| Bogd Bank | BOGDMO 9.5 06/03/29 | Banks | USD | 9.50% | 03 Jun 2029 | $75,000,000 | $75,000,000 | 100 | B2 / – / – |
| Tap | 9.50% | 03 Jun 2029 | $25,000,000 | $25,000,000 | 25 | ||||
| $100,000,000 | $100,000,000 | ||||||||
| Trade & Development Bank of Mongolia | TDBM 8.5 12/23/27 | Banks | USD | 8.50% | 23 Dec 2027 | $300,000,000 | $300,000,000 | 300 | B2 / B+ / – |
| Trade & Development Bank of Mongolia | TDBM 9.5 10/30/29 | Banks | USD | 9.50% | 30 Oct 2029 | $40,000,000 | $40,000,000 | 40 | – / – / – |
| Trade & Development Bank of Mongolia | TDBM 9.5 10/30/29 | Banks | USD | 9.50% | 30 Oct 2029 | $10,000,000 | $10,000,000 | 10 | – / – / – |
| MBank | MBNKMN 9.875 12/19/28 | Banks | USD | 9.88% | 19 Dec 2028 | $100,000,000 | $100,000,000 | 100 | – / – / – |
| Mongolian Mortgage Corporation | MGMTGE 11.5 01/18/27 | Financials (Non-Bank) | USD | 11.50% | 18 Jan 2027 | $225,000,000 | $141,434,000 | 185 | B3 / B– / Withdrawn |
| Mongolian Mining Corporation | MONMIN 8.44 04/03/30 REGS | Energy | USD | 8.44% | 03 Apr 2030 | $350,000,000 | $350,000,000 | 350 | B2 / NR / B+ |
| Tsetsens Mining And Energy | TSTSME 11.375 02/05/31 | Utilities | USD | 11.38% | 05 Feb 2031 | $300,000,000 | $300,000,000 | 400 | B2 / – / – |
| Tap | 11.38% | 05 Feb 2031 | $100,000,000 | $100,000,000 | 100 | ||||
| $400,000,000 | $400,000,000 |
23 of 23 instruments · 4 reopenedUSD 6,855m outstanding
All outstanding international instruments by issuer, based on CMM-maintained market records compiled and continuously updated from publicly available sources.
News & Insights
| Source | Title | Type | Date |
|---|---|---|---|
| CMM Insight | From Debut to Benchmark: DBM Lifts Its 2031 Bond to USD 750 Million | Deal Insight | 21 Jul 2026 |
| CMM Insight | Bogd Bank Returns to International Markets with US$25 Million Tap, Raising 2029 Notes to US$100 Million | Deal Insight | 08 Jul 2026 |
| CMM Insight | Development Bank of Mongolia Returns to International Capital Markets with Landmark USD 500 Million Bond | Deal Insight | 29 Jun 2026 |
| CMM Insight | State Bank's US$100M Tap Issuance: Three Signals for Mongolia's International Funding Architecture | Deal Insight | 13 May 2026 |
| CMM Insight | Golomt Bank Successfully Completes New International Bond Issuance with US$500 Million | Deal Insight | 12 May 2026 |
| CMM Insight | Mongolia Returns to International Capital Markets with $500 Million Sovereign Bond | Deal Insight | 09 Mar 2026 |
| CMM Insight | Inside Tsetsens Mining and Energy’s US$300 Million Landmark Bond | Deal Insight | 03 Mar 2026 |
| CMM Insight | Mongolia Sovereign Bond Issuance Signals Renewed Activity | Deal Insight | 24 Feb 2026 |
8 of 8 itemsAll insights →