Emerging markets calendar

JANUARY:

BANCO DO BRASIL SA (GRAND CAYMAN BRANCH); $300 million perpetual notes (expected Ba1); Citigroup, BB Securities Ltd.; callable in five years; Brazilian financial institution headquartered in Brasilia; roadshow Jan. 9-13, pricing afterwards.

EXCELCOMINDO FINANCE CO. BV: Dollar-denominated global bonds (issuer ratings B1/BB-); CIMB, JP Morgan and UBS Investment Bank (joint); Rule 144A/Regulation S; to fund capital expenditures; wholly owned subsidiary of Indonesian cellular telephone operator PT Excelcomindo Pratama Tbk; roadshow to include Singapore, Hong Kong, London and New York, starting Jan. 9.

JGSH PHILIPPINES, LTD.: $200 million seven-year fixed-rate notes; Credit Suisse First Boston; Regulation S; putable at par in year five; to refinance 2006 maturities and for general corporate purposes; wholly owned offshore subsidiary of JG Summit Holdings, Inc. held through JG Summit Philippines Ltd., a Philippines conglomerate; roadshow starts Jan. 9.

REPUBLIC OF HUNGARY: €1 billion of 101/2-year eurobonds; HSBC Bank plc, Societe Generale and UBS Investment Bank; for general financing purposes; expected during the first half of January.

DOMINICAN REPUBLIC: $300 million in bonds; to repay debt owed to Spanish electricity company Union Fenosa.

REPUBLIC OF COLOMBIA: ¥22.5 billion Samurai bonds; Mizuho Corporate Bank; private placement; Japan Bank for International Cooperation will provide a guarantee on the principal and a part of the interest; to finance government projects, increase direct investment from overseas, including investments aimed at developing transport infrastructure, small- and medium-sized enterprises and supporting industries, and to improve domestic security.

REPUBLIC OF POLAND: Benchmark-sized euro-denominated 10-year notes (issuer ratings A2/BBB+/BBB+); JP Morgan, Credit Suisse First Boston, Deutsche Bank; expected middle of January.

FIRST QUARTER 2006:

COSAN SA: $250 million of perpetual bonds; expected first quarter of 2006; Sao Paolo-based sugar and ethanol producer

EMERGING MARKET OFFERINGS ON THE HORIZON:

TÜRKIYE VAKIFLAR BANKASI TAO (VAKIFBANK): Dollar-denominated senior unsecured bonds (Baa2 expected); ABN Amro, Citigroup, JP Morgan; Rule 144A/Regulation S; through the issuer's Cayman Islands special-purpose vehicle; political risk insurance; letter of credit from ABN Amro

BAOSHAN IRON AND STEEL CO. LTD. (BAOSTEEL): Dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

PT ENERGI MEGA PERSADA TBK: $500 million in bonds; to finance expansion and to repay debt; Jakarta-based oil and gas company.

PT INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting company.

PT INDOFOOD SUKSES MAKMUR: $250 to $300 million bonds; to refinance company's bond due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

LAND BANK OF THE PHILIPPINES: Up to $200 million of five- to seven-year international bonds; Deutsche Bank Securities; Philippines fourth largest lender.

MOBILE TELECOMMUNICATIONS CO.: May issue bonds for its $3.36 billion acquisition of mobile phone businesses in Africa; telecommunications company in Kuwait.

VEDANTA RESOURCES PLC: $500 million minimum eurobond; Deutsche Bank; Merrill Lynch, Morgan Stanley; to repay debt and fund capital expenditures; mining and metals company with the majority of its assets in India, based in London; originally scheduled for fourth quarter of 2005.

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S-only; one-year put option at par; regional bank related to the government of the Tatarstan republic.

PT BANK MANDIRI: $300 million global bonds maturing in three-to-five years; Credit Suisse First Boston; medium term notes program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ZAPORIZHSTAL INTEGRATED IRON & STEEL WORKS JSC: $300 million bonds; Deutsche Bank, JP Morgan; debut deal; based in Zaporozhe, Ukraine; one of the largest industrial enterprises in Ukraine.

ROADSHOWS

Jan. 9 onwards: EXCELCOMINDO FINANCE CO. BV: Dollar-denominated global bonds; CIMB, JP Morgan and UBS Investment Bank

Jan. 9 onwards: JGSH PHILIPPINES, LTD.: $200 million seven-year fixed-rate notes; Credit Suisse First Boston

Jan. 9-13: BANCO DO BRASIL SA (GRAND CAYMAN BRANCH); $300 million perpetual notes; Citigroup, BB Securities Ltd.

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