MANILA, PHILIPPINES (18 June 2025) — The Asian Development Bank (ADB) has priced its second Mongolian togrog (MNT) bond for the year, raising MNT55.8 billion (approximately $15.6 million) to support a dairy project in Mongolia.

The 6.1-year MNT-denominated bond carries a fixed coupon rate of 10.30%. This bond carries the largest notional amount and longest tenor for an MNT bond issued by ADB since its inaugural nomad bond issued in 2020.

Bond proceeds will finance the construction of a new factory building, expansion of dairy processing and packaging capacity, establishment of raw milk collection centers, and working capital needs of APU Dairy Inclusive Value Chain Development Project. The project will support a sustainable supply of dairy from local resources and enable more women to participate in Mongolia’s dairy supply chain production.

ADB helps mitigate foreign exchange risks for its borrowers by offering loans in local currency. The bond features an amortizing structure aligned with the underlying loan profile.

"ADB’s local currency operations continue to expand in Mongolia across various sectors," said ADB Treasurer Tobias Hoschka. "We appreciate the support of our international investor base, which helps ADB in raising term funding in frontier currencies like the MNT to empower women and girls in developing economies."

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.