AKIPRESS.COM - Trade and Development Bank of Mongolia (TDBM) is said to have mandated three banks for a three-year $300-million stand-alone bond, Reuters reports.

According to sources familiar with the matter, the banks are Deutsche Bank, Bank of America Merrill Lynch and ING.

Roadshows are expected to begin in early-September.

In May, TDBM issued a $500-million government-guaranteed five-year bond at 9.375 percent, but the proposed new bond will not have a guarantee from the state.

The prospectus for that bond discussed an upcoming $300-million maturity on September 20, but said the issuer had ample foreign reserves and an undrawn U.S. dollar lending facility it could use to repay it.

The $500-million deal was criticized for paying a huge premium after it rallied to 103 in secondary trading and went even higher days later. The bonds are now trading close to par.