Namkhaidorj B.
Senior Analyst · CMM
Namkhaidorj specializes in fixed income, deal structuring, and capital markets transactions. Co-author of the Mongolia DealBook series.
Articles (3)
Mongolia's Banking Sector: Q1 2026 Earnings Review — Who's Winning the Race?
Khan Bank posted record net income of MNT 98.2B, up 23% YoY, while Golomt Bank surprised with 18% loan growth and improved NIM. Trade and Development Bank is preparing a landmark $500M capital raise for Central Asian expansion. Meanwhile, Ard Financial Group continues to disrupt with its fintech-first model — the Ard App now processes 40% of Mongolia's mobile transactions. Mandal Insurance rounds out the sector with a quiet but steady performance in non-life premiums. The sector's aggregate ROE hit 22.4%, the highest since 2019, driven by corporate lending and digital banking revenue across all major players.
Inside Tsetsens Mining and Energy's US$300 Million Landmark Bond
Mongolia's first corporate bond offering of 2026 — a US$300M senior secured issuance at 11.375% maturing 2031, listed on SGX. The central asset is the 600 MW Buuruljuut Power Plant.
M Bank Taps International Markets with USD 100M Debut Issuance on SGX
M Bank becomes the latest Mongolian bank to access offshore capital markets, pricing a $100M bond on Singapore Exchange. The issuance was 2.5x oversubscribed.