Development Bank of Mongolia in $750 Million Note Offering and Concurrent Tender Offer

Cleary Gottlieb represented Development Bank of Mongolia LLC (DBM) in its Rule 144A/Reg S offering of $500 million in aggregate principal amount of senior notes due 2031 and its concurrent tender offer for its outstanding 8.5% senior bonds due 2028.

The offering was priced on June 25, 2026, and closed on July 2, 2026. The tender offer was launched on June 18, 2026, and settled on July 7, 2026.

Following the successful completion of the offering, Cleary also represented DBM in a tap issue of $250 million in aggregate principal amount of the notes. The tap issuance was priced on July 21, 2026, and closed on July 28, 2026.

Established in May 2011 by the government of Mongolia, DBM is a state-owned policy bank with a mandate to finance Mongolia’s major development projects and programs in priority sectors that support the sustainable growth of the national economy, promote industries that substitute imports, and increase export revenues.

The Cleary team included partner Shuang Zhao, counsel Robert Williams and Daisy Yan, and associate Jingshu Guo. Partner Matthew Brigham and associates Nathaniel Pribil and Yoolim Lee advised on tax matters.