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DEVELOPMENT BANK OF MONGOLIA Daily Treasury Report

Treasury Management Division 5/15/2017

News Highlights Mongolian Economic Main Indicators


Mongolia Indicators Unit 2016.03 2017.03 Year/chg %
China to provide CNY 2 billion grant in the next three years (gogo.mn) Money Supply (M2) bln.MNT 10,112.40 12,177.70 20%
Prime Minister of Mongolia J.Erdenebat paid a courtesy call on President of Inflation /Year to date/ % 1.20% 2.10% 75.0%
Equilibrated overall bal of
the People's Republic of China, Xi Jinping today. bln.MNT (615.70) (255.10) -59%
budget
At the meeting, two parties expressed their willingness to take Mongolia and Trade balance mln.USD 359.90 523.70 45.5%
China`s strategic partnership to a new level, enriching with actual content. Export /accumulated/ mln.USD 958.90 1,299.90 36%
MONGOLIA AND CHINA TOGETHER NEED TO BENEFIT FROM Import /accumulated/ mln.USD 599.10 776.20 30%
WORLD DEVELOPMENT
President of the People's Republic of China, Xi Jinping stated: "Since my Policy rates
official visit to Mongolia in 2014, our two countries implemented many Central Banks interest rates Latest % Previous % Updated date
works together and achieved clear results. China and Mongolia`s relation Policy rate of Mongolbank /BOM/14.00 15.00 12/19/2016
must be strengthened in further". He highlighted that China and Mongolia PBC base interest rate (China) 4.35 4.60 10/24/2015
together need to benefit from world development. FED - Federal Funds Rate 1.00 0.75 3/14/2017
Due to Mongolia is standing in the middle of "Belt and Road" initiatives, the ECB - main refinancing rate 0.00 0.05 3/16/2016
country has potential to be fully developed by participating the initiatives. In
BOE official bank rate (England)0.25 0.50 8/4/2016
regards, two countries agreed to integrate "Steppe road" and "Belt and Road"
initiatives, considering it as an opportunity to develop and broaden
partnership between two countries. Bank of Mongolia - Interest corridor
Prime Minister postpones the Mongolian Economic Forum (theubpost.mn) Indicators Latest % Previous % Updated date
The 2017 Mongolian Economic Forum has been postponed again, this time Overnight repo 17.00 18.00 12/19/2016
by a decision from Prime Minister J.Erdenebat, who cited three reasons for Overnight deposit 13.00 14.00 12/19/2016
the postponement. The forum was scheduled to be held from March 30 to 31, Repo 16.00 17.00 12/19/2016
but was pushed back to May 18 to 19. Now it has been delayed indefinitely
by order of the Prime Minister.PM J.Erdenebat cited three reasons for the Money market interest rates
postponement. The primary reason is waiting for the nations enrollment in an Indicators Rates % Daily chg % Yearly chg %
extended fund facility program with the International Monetary Fund. The Libor USD 2M 1.0778 -0.05 31.53
PM said that it would be wise to wait until the program enrollment is Libor USD 3M 1.1796 -0.19 18.21
finalized, as the economic policy and topics of the forum will be clear by
Libor USD 6M 1.4366 -0.19 9.02
then. The second reason given for the delay is the upcoming presidential
Libor EUR 2M -0.3843 0.00 -8.69
election. Preparations for the election could overshadow the forum and
Libor EUR 3M -0.3664 0.19 -8.92
decrease productivity, explained J.Erdenebat. He added that economics need
to be discussed without politics involved.
Mongolia issues MNT 15 billion bond (news.mn) Official exchange rates - BOM Cross rates
On Wednesday,10th of May, the Mongolian Government issued bonds, Official rates Cross rates 5/15/17 9:04
having received an order for 15 billion MNT; this is part of its plan to raise USD/MNT 2411.77 EUR/USD 1.0926
346 billion MNT during the second quarter of 2017. Approximately 26 billion EUR/MNT 2620.03 GBP/USD 1.2887
MNT will be raised from bonds in May. Analysts note that the sale of bonds GBP/MNT 3102.14 USD/CHF 1.0014
has increased as the government has decided to complete transactions through CNY/MNT 349.37 USD/CNY 6.8995
the Mongolian Stock Exchange (MSE). On May 9, the government issued a JPY/MNT 21.23 USD/JPY 113.41
52-week bond with a 14.67 percent interest rate and a 104-week bond with a
15.99 percent interest on the primary market. Compared to bonds issued on Mongolian Bonds information
April 11, the interest rate has decreased by two percent from its initial 18 Bonds Currency Yield % Last price Daily chg%
percent interest rate. USD 4.05 100.01
Mongol 2018 0.00%
USA Mongol 2021 USD 5.86 117.18 0.00%
Trump ordered emergency meeting after global cyber attack: official Mongol 2022 USD 5.79 96.89 0.00%
White House says Trump 'cannot imagine that Russia is pleased' over North Korea missile Mongol 2024-Khuraldai bond
USD 6.43 112.63 0.00%
China, US sign trade deal in wake of Xi-Trump summit Mongol 2018-Dim sum bond
CNY 7.85 99.61 0.00%
Europe DBM-Samurai 2023 JPY 0.94 103.63 0.00%
Emmanuel Macron sworn in as president of a divided France TDBM-2020 bond USD 6.06 109.49 0.00%
IMF, euro zone say need more time to reach Greek debt relief deal MMC bond USD 13.72 #N/A N/A 0.00%
Merkel Says France Needs German-Style Renewal as Macron to Visit
North Asia Commodity Trading Prices
China pledges $124 billion for new Silk Road, says open to everyone Commodities Latest price Daily chg% Yearly chg%
South Korean military: North Korea launches ballistic missile Crude oil /WTI-New York/ $47.85 0.02 -10.93
G7 financial leaders reiterate FX pledges, vow more cyber cooperation Gold Spot /ounce/ $1,227.91 -0.04 7.01
Commodity market Copper /LME/ $5,559.50 0.30 0.43
Crude down in Asia on market jitters over NKorea missiles, cyberatatcks Iron ore /Beijing/ 500.00 0.00 11.11
U.S. Stocks Drop as Treasuries Rise, Crude Rallies Coal /Tianjin/ 1,610.00 0.00 -8.52
OPEC, non-member oil producers are considering extending a global supply cut past the end of the year

Sources: bloomberg terminal, 1212.mn, theubpost.mn,


1 montsame.mn, news.mn, gogo.mn
DEVELOPMENT BANK OF MONGOLIA Daily Treasury Report
Treasury Management Division 5/15/2017

Previous day's economic calendars Today's economic calendars

Event Period Forecast Actual Previous Event Time Period Estimated Previous

Money Supply M2 YoY Apr 10.80% 10.50% 10.60% JN PPI YoY 19:50 Apr 1.80% 1.40%
New Yuan Loans CNY Apr 815.0b 1100.0b 1020.0b CH Retail Sales YoY 22:00 Apr 10.80% 10.90%
Aggregate Financing CNY Apr 1150.0b 1390.0b 2120.0b CH Retail Sales YTD YoY 22:00 Apr 10.20% 10.00%
Industrial Production SA MoM Mar 0.30% -0.10% -0.30% CH Industrial Production YoY 22:00 Apr 7.00% 7.60%
Industrial Production WDA YoY Mar 2.30% 1.90% 1.20% CH Industrial Production YTD YoY 22:00 Apr 6.90% 6.80%
CPI YoY Apr 2.30% 2.20% 2.40% CH Foreign Direct Investment YoY
05/11/2017
CNY 05/18 Apr -- 6.70%
Real Avg Weekly Earnings YoY Apr -- 0.30% 0.00% US Empire Manufacturing 08:30 May 7.30 5.20
Retail Sales Advance MoM Apr 0.60% 0.40% -0.20% US NAHB Housing Market Index 10:00 May 68.00 68.00
Retail Sales Control Group Apr 0.40% 0.20% 0.50% US Total Net TIC Flows 16:00 Mar -- $19.3b

Related information of Mongolian Bonds issued on international market (bloomberg)


Amount Price YTM Remaining
Issuer Coupon Issued Date Maturity Date
(mln USD) Bid Ask Bid Ask years (year)
Mongol 2018 500 4.125% 99.85 100.24 4.37 3.74 0.6 5-Jan-13 5-Jan-18
Mongol 2021 500 10.875% 116.86 117.52 5.95 5.77 3.9 6-Apr-16 6-Apr-21
Mongol 2022 1,000 5.125% 96.50 97.22 5.87 5.72 5.6 5-Dec-12 5-Dec-22
Mongol 2024-Khuraldai bond 600 8.750% 112.31 112.96 6.48 6.37 6.8 9-Mar-17 9-Mar-24
Mongol 2018 - Dim sum bond 1 billion CNY 7.500% 99.35 99.88 8.11 7.60 1.1 30-Jun-15 30-Jun-18
DBM - Samurai 2023 30 billion JPY 1.520% 103.47 103.79 0.96 0.91 6.6 16-Dec-13 25-Dec-23
TDBM - 2020 bond 500 9.375% 108.48 109.49 6.24 5.89 3.0 19-May-15 19-May-20
MMC 2017 600 8.875% 64.13 65.22 13.84 13.61 -0.1 29-Mar-12 29-Mar-17

Last Prices of Mongolian Bonds issued on international market (Last 3 months)

Mongol 2018, Mongol 2022. Mongol 2024 - Last price DBM Samurai - Mid Line & Mid Yield to Maturity

Mongol 2018 Mongol 2022 Mongol 2024 (Khuraldai bond)


Last Price (JPY) Mid Line (%)
104.1 1.1%
100 118 1.1%
100.083 103.9
1.0%
96.656 115
97 103.7 1.0%
112 1.0%
94 103.5 103.629 1.0%
112.682 109 0.9%
91 103.3
106
0.9%
103.1 0.894% 0.9%
88 /Year to date/ /Year to date/
103 0.8%
102.9 0.8%
85 100

Sources: bloomberg terminal, 1212.mn, theubpost.mn,


2 montsame.mn, news.mn, gogo.mn
DEVELOPMENT BANK OF MONGOLIA Daily Treasury Report
Treasury Management Division 5/15/2017

Bond Holders' Information /Top Holders/

Bond holders of Mongol 2018


Names Position % of position Latest change Fiing date Country
FMR LLC 35,900 7.18% 0.00 3/31/2017 United States
UBS 17,840 3.57% (400.00) 1/31/2017 Switzerland
TCW GROUP INC 15,816 3.16% 0.00 3/31/2017 United States
PRUDENTIAL FINANCIAL INC 13,700 2.74% (2,000.00) 3/31/2017 United States
EATON VANCE CORP 9,668 1.93% 0.00 5/31/2016 United States
LAZARD LTD 9,320 1.86% 0.00 3/31/2017 Bermuda
T ROWE PRICE GROUP INC 7,543 1.51% 0.00 3/31/2015 United States
NORDEA BANK AB 5,895 1.18% 0.00 3/31/2017 Sweden
ABERDEEN 5,315 1.06% 4,004.00 3/31/2017 United Kingdom
BLACKROCK 4,045 0.81% (650.00) 1/31/2017 United States
SCHRODER INV MGMT TAIWAN LTD 3,766 0.75% (19.00) 2/28/2017 Taiwan
PRUDENTIAL PLC 3,700 0.74% (300.00) 3/31/2017 United Kingdom
MEDIOLANUM INTERNATIONAL FUNDS 3,134 0.63% 0.00 6/30/2016 Ireland
DEUTSCHE BANK AG 3,000 0.60% 0.00 12/31/2014 Germany

Bond holders of Mongol 2022


Names Position % of position Latest change Fiing date Country
BLACKROCK 90,228 9.02% (18884.00) 5/12/2017 United States
ALLIANCE BERNSTEIN 36,490 3.65% 2323.00 3/31/2017 United States
PRUDENTIAL FINANCIAL INC 30,120 3.01% 1505.00 3/31/2017 United States
FMR LLC 25,620 2.56% 0.00 3/31/2017 United States
GOLDMAN SACHS GROUP INC 21,334 2.13% (7140.00) 3/31/2017 United States
GRANTHAM MAYO VAN OTTERLOO & CO 17,100 1.71% (1500.00) 11/30/2016 United States
DANSKE BANK A/S 14,922 1.49% (300.00) 4/28/2017 Denmark
T ROWE PRICE GROUP INC 10,496 1.05% 0.00 3/31/2015 United States
FRANKLIN RESOURCES 9,400 0.94% (12100.00) 3/31/2017 United States
LAZARD LTD 8,985 0.90% (415.00) 3/31/2017 Bermuda
UBS 8,863 0.89% (818.00) 1/31/2017 Switzerland
PRUDENTIAL PLC 7,500 0.75% (3000.00) 3/31/2017 United Kingdom
NN GROUP NV 7,420 0.74% 0.00 3/31/2016 Netherlands

Bond holders of Mongol 2024


Names Position % of position Latest change Fiing date Country
SUN LIFE FINANCIAL INC 8,956 1.49% 15,880.00 3/31/2017 Canada
SEI INVESTMENTS CO 1,772 0.66% 8,956.00 4/30/2017 United States
JPMORGAN CHASE & CO 3,799 0.63% 1,772.00 3/31/2017 United States
PRUDENTIAL PLC 3,700 0.62% 3,799.00 3/31/2017 United Kingdom
SYDINVEST INTERNATIONAL 41 0.60% 3,700.00 4/28/2017 Denmark
BLACKROCK 2,945 0.54% 41.00 5/12/2017 United States
NORDEA BANK AB 2,805 0.47% 2,945.00 3/31/2017 Sweden

This presentation has been prepared solely for informational purposes only and its not to be construed as a solicitation or any offer to buy or sell securities,
commodities, or related financial instruments.

Contact us:ALTMD-TMD, Tel:+976-7585 7070/ext: 310/

Sources: bloomberg terminal, 1212.mn, theubpost.mn,


3 montsame.mn, news.mn, gogo.mn

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