Shearman & Sterling represented the Government of Mongolia in connection with the update of its US$5 billion Global Medium Term Note Program and its Regulation S offering of CNY1 billion 7.50% notes due 2018 under the Program. The bonds will list in Singapore.

This is the first dim sum bond from a non-Chinese Asian sovereign and the first high-yield dim sum bond from a sovereign globally.

The core Shearman & Sterling team included partner Matthew Bersani (Hong Kong-Capital Markets), associate Jeremy Wang (Singapore-Capital Markets) and senior legal assistant Derek Perriam (Hong Kong-Asia Corporate).

The firm previously advised the Government of Mongolia in its debut sovereign bond issuance in December 2012. The Government of Mongolia issued Series A US$500 million 4.125% notes due 2018 and Series B US$1 billion 5.125% notes due 2022 as part of its US$5 billion Global Medium Term Note Program.