The hunt for yield moves to Mongolia, where the oft-rescued country pulls off a sale of $1.5B in 5 and 10-year notes at rates in the 4%-5% area. At nearly 20% of Mongolia's GDP, $1.5B is the equivalent of the U.S. borrowing $2.5T. A hot spot a couple of years ago, sliding commodity prices have hit the country hard, and the government finds itself borrowing from the central bank (called QE in the U.S.) to pay its bills.
The hunt for yield moves to Mongolia, where the oft-rescued country pulls off a sale of $1.5B in...
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