We have a comprehensive track record representing Mongolian banks, international banks and development finance institutions in global capital markets and financing transactions, including “first-in-market” transactions. We have expanded our long-standing transactional base in Mongolia to offer a diverse portfolio of services reflecting both our expanding client base, our good relationships with local counsel, and the motivation of our clients’ legal needs in Mongolia.

Our lawyers are used to working against tight deadlines and they take a proactive approach to ensuring that issues are fully anticipated and resolved. In practice, this means proper analysis of the work at its outset, the early identification of potentially problematic areas, and rigorous planning and timelines. We also ensure that our approach remains sufficiently flexible to accommodate last minute issues.

We have a long-standing, substantial track record advising clients on a variety of transactions in Mongolia, offering a depth of knowledge and breadth of product experience in areas such as capital markets, project finance and real estate development. Our client portfolio has continued to expand, with international investment banks as well as state-owned and privately owned enterprises engaging us on their most important and groundbreaking transactions.

Capital Markets

• Advised the lead arrangers and dealer-managers on the issuance of US$600 million 5.125% bonds due 2026 by the Government of Mongolia and concurrent tender offer for its 10.875% Senior Notes due 2021 and 5.125% Senior Notes due 2022. As a first-of-kind sovereign sustainable development bond in the Asia-Pacific region, this deal was honoured with the "Best of the Frontier Markets Achievement Awards" in 2020 by FinanceAsia and the "Securities Deal of the Year: Debt Award" in ALM’s Asia Legal Awards 2021. It was also shortlisted in the "Practice of law - liquidity & finance category" by the FT Innovative Lawyers Asia-Pacific 2021 Awards.
• Advised Mongolian Mortgage Corporation HFC LLC and MIK Holding JSC as the issuer and the guarantor in connection with its offering of US$250 million aggregate principal amount of 9.75% Senior Notes due 2022 as well as its subsequent US$50 million tap issuance.
• Advised Development Bank of Mongolia LLC in connection with its issuance of US$500 million 7.25% Notes due 2023.
• Advised the Government of Mongolia in connection with its issuance of US$600 million 8.75% Notes due 2024, which included an exchange offer for Development Bank of Mongolia’s US$580 million 5.75% notes due 2017 as well as a new money component. Credit Suisse and JPMorgan acted as joint lead managers and joint bookrunners for the deal, and SC Lowy acted as financial advisor for the Government. The transaction formed part of a larger debt reprofiling surrounding discussions with the International Monetary Fund in connection with its staff-level agreement to provide a three-year extended fund facility to Mongolia. The deal was recognised as "Best Mongolia Deal" for 2017 by the FinanceAsia Achievement Awards, “Best Sovereign Bond” by the Asset Regional Awards 2017, and “Deals of the Year” for 2017 by Asian-mena Counsel.
• Advised the Ministry of Finance of the Government of Mongolia in connection with its issuance of US$500 million 10.875% Notes due 2021 pursuant to its existing US$5 billion Global Medium Term Note Program. The deal was recognised as "Best Mongolia Deal" for 2016 by the FinanceAsia Achievement Awards.
• Advised Trade and Development Bank of Mongolia LLC in connection with the update and the issuance of US$500 million 9.375% notes due 2020 under its existing Global Medium Term Note Programme. The notes are guaranteed by the Ministry of Finance on behalf of the Government of Mongolia. Deutsche Bank, ING and Bank of America Merrill Lynch acted as the joint bookrunners and lead managers for the issuance. The deal was recognised as "High Yield Debt of the Year" for 2015 by the FinanceAsia Achievement Awards and “High Yield Deal of the Year” by IFLR Asia Awards 2016.
• Represented Trade and Development Bank of Mongolia LLC in connection with its issuance of CNY700 million 10.00% Notes due 2017 pursuant to its existing US$700 million Euro Medium Term Note Programme. This transaction marked the first “dim sum” bond to be issued from Mongolia. 

Corporate Finance

• Advised Development Bank of Mongolia on a US$300 million syndicated facility arranged by Credit Suisse that is guaranteed by the Ministry of Finance on behalf of the Government of Mongolia.
• Advised IIB (International Investment Bank) with respect to a Euro 20 million term loan facility extended to Development Bank of Mongolia.
• Advised FMO (The Netherlands Development Finance Company) with respect to syndicated A/B Senior and Subordinated term facilities extended to Khan Bank LLC, Mongolia’s leading commercial bank, in an aggregate amount of US$60 million, including a greenshoe option.
• Advised FMO on a bilateral Tier 2 Capital Facility extended to XacBank LLC in Mongolia.
• Advised FMO in connection with a bilateral Tier 2 Capital financing to Trade Development Bank of Mongolia LLC. 
• Advised FMO and a syndicate of lenders on a senior and Tier 2 Capital Facility extended to Khan Bank, including negotiating an intercreditor agreement with the European Bank for Reconstruction and Development (EBRD).
• Advised FMO on a mezzanine and equity investment in Hera Finance, a Mongolian mining equipment rental company.

Project Finance

• Advising on the development of the Oyu Tolgoi mine, including all aspects of a project financing to be provided by a group of investment banks to fund the development of the project as well as on various issues arising in connection with a state-owner’s shareholding in the project company.
• Advised Honiton Energy Limited in connection with the formation and the reorganisation of a wholly foreign owned enterprise (WFOE) of a wind power project in Mongolia.
• Advised in connection with the first privately owned thermal power project in Mongolia, including drafting the PPA from scratch and advising one of the two short listed bidders on the first publicly tendered power project, the combined heat and power CHP5.
• Advised Phophesy Coal in connection with its proposed mine-mouth coal-fired power project including drafting the PPA which was submitted to the Government of Mongolia.
• Advised a Japanese trading house in connection with the coal trade financing of, and procurement of coal from, the expansion of an operating mine in Mongolia, and the transportation logistics for the export from Mongolia.

Others

• Represented a Korean consortium on its bid for the CHP5 project, a combined heat and power development in Mongolia. This will be the first IPP in Mongolia and the suite of project documents including PPA, concession agreement and coal supply agreement is untested.
• Advised Mongolia Opportunities Partners Ltd. on the establishment of Mongolia Opportunities Fund I, a private equity fund focusing on small and medium-sized enterprises in Mongolia.
• Advised Caterpillar in the sale of the mining equipment distribution and support business operated by its subsidiary, Bucyrus International, in Mongolia, to Wagner Asia Equipment LLC and Wagner International, LLC.
• Advised Development Bank of Mongolia on economic sanctions compliance advice in the European Union and United States.

IFLR1000

• Active Firm for Mongolia: Financial and Corporate – Foreign (since 2017) (Active Firm is the only band in this category)

Awards

• Best of the Frontier Markets Achievement Awards in 2020 by FinanceAsia 
• Securities Deal of the Year: Debt Award in ALM’s Asia Legal Awards, 2021
• High Yield Deal of the Year by IFLR Asia Pacific Awards, 2021
• Shortlisted in the Practice of law - liquidity & finance category by the FT Innovative Lawyers Asia-Pacific 2021 Awards
• Shortlisted for International Law Firm of the Year by Asia Legal Awards (ALSA) by the Asian Lawyer, 2020
• Shortlisted for Debt and Equity-linked Team of the Year, Asia by IFLR Asia Pacific Awards, 2020
• Deal of the Year by Asia-MENA Counsel, 2019
• Best Mongolia Deal by the FinanceAsia Achievement Awards, 2017
• Best Sovereign Bond by the Asset Regional Awards, 2017
• Deals of the Year by Asian- MENA Counsel, 2017
• Best Mongolia Deal by the FinanceAsia Achievement Awards, 2016
• High Yield Deal of the Year by the IFLR Asia Awards, 2016
• High Yield Debt of the Year by the FinanceAsia Achievement Awards, 2015