The Government of Mongolia has announced that it will be repaying 104 million USD of the 580 million USD bond maturing on March 21. In February, the Ministry of Finance announced that the government would be issuing the 600 million USD Khuraldai bond to offer existing bondholders of the DBM bond the opportunity to exchange their initial Euro bond notes. The Khuraldai is a seven-year bond with an interest rate of 8.75 percent. The offer to exchange notes was valid until March 1. A reported 476 million USD in bonds were exchanged for the new Khuraldai bond. The bondholders who exchanged their notes now own bond shares for the new sovereign bond guaranteed by the government. The remaining 124 million USD shares of the Khuraldai bond are being offered to new investors with an interest rate of 8.25 percent. Financing from the remaining bonds will be used to repay the 104 million USD owed to Euro bondholders who chose not to exchange their notes.