Mongolia attracts twice its GDP for debut bond

Mongolia A frontier market by any measure

Mongolia successfully established a benchmark curve with its $1.5 billion debut bond early Thursday morning, after raking in an astounding $15 billion of orders.

One banker joked that Mongolia has more yaks than people. It is not far from the truth in fact, one reader claims Mongolia has 50 million head of livestock, compared to 2.8 million people. The landlocked country has a gross domestic product of just $8.5 billion, so orders were roughly twice the size of the economy.

Getting a piece of a frontier credit like this, and...