A Mongolian dairy producer has issued the local stock exchange’s largest ever corporate bond, testing market appetite following an economic bailout and the potential election of an unpredictable new president.

Suu, which means milk in Mongolian, sold 6 billion tugrik ($2.55 million) of debt as it aims to boost production and refinance dollar-denominated debt accumulated during the country’s short-lived economic boom. The one-year bills have an annual interest rate of 17.5 percent.

Investors were drawn to the bond because of the stability brought to the local currency, the tugrik, following a $5.5 billion rescue package from the International Monetary Fund (IMF), said Dashdorj Bilguun, who worked on the underwriting at Golomt Capital.

‘It stabilizes the currency,’ said Bilguun of the IMF deal. The tugrik was in free fall last year, declining by nearly a quarter as a result of falling investment and weak Chinese demand for commodities.

Suu is eyeing China as a potential customer for its dairy products, but Mongolian agriculture remains underdeveloped because of a lack of infrastructure and the remote location of herders.

About 30 percent of Mongolia’s population still practices a traditional nomadic livelihood that can be traced back to the 13th century, when Genghis Khan was building history’s largest land empire.