Emerging markets calendar

WEEK OF APRIL 24:

ARPENI PRATAMA OCEAN LINE INVESTMENT BV: $160 million guaranteed notes due 2013 (//BB-); Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay debt and fund capital expenditures; special purpose vehicle of PT Arpeni Pratama Ocean Line Tbk, a Jakarta, Indonesia-based shipping firm; roadshow expected to conclude April 25.

ABU DHABI COMMERCIAL BANK (Aa3/A): Dollar-denominated benchmark-sized offering of 10-year floating rate notes; Deutsche Bank; Regulation S; subordinated lower tier 2 notes; non-callable for five years; coupon step-up; roadshow starts in Singapore on April 20, Hong Kong on April 21, Frankfurt on April 24, London on April 25; local bank, headquartered in the United Arab Emirates.

BANCO INDUSTRIAL DO BRASIL SA: Fixed-rate bonds due April 24, 2008; BCP Securities, LLC; guidance set 8 ¼%, Regulation S; for general corporate purposes; books close April 24; settlement on April 27; Sao Paolo-based commercial bank.

RUSSIAN STANDARD BANK: Dollar-denominated offering of five-year notes; Deutsche Bank, Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; roadshow kicks off in New York April 24, hits London and Boston on April 25; drawn off the issuer's current euro medium-term notes program.

SIDERURGIA DEL TURBIO SA: $100 million offering of senior unsecured notes (//B+); Deutsche Bank; Rule 144A/Regulation S; roadshow in Hong Kong on April 18, Singapore on April 19, London on April 20, Zurich on April 21, New York on April 25, Boston and Connecticut area on April 26; via Sidetur Finance BV; to refinance debt.

NOMOS BANK (Ba3//B): Dollar-denominated offering of three-years senior notes; Citigroup, UBS; roadshow in London on April 24, Geneva and Zurich on April 25, Athens on April 26, Frankfurt on April 27; Moscow-based commercial bank.

JSC NATIONAL COMPANY KAZAKHSTAN TEMIRZHOLY: Debut offering of senior notes (/BB+/); ABN Amro, Citigroup; roadshow in London on April 20, Zurich and Geneva on April 21, Singapore on April 24, Hong Kong on April 25, and Frankfurt on April 26; Kazakhstan government-owned railway company.

WOORI BANK: Benchmark-sized offering of dollar-denominated lower tier 2 subordinated notes (Baa2/BBB+); Deutsche Bank, Goldman Sachs, Morgan Stanley, Woori Securities; 10-year tenor; non-callable for five-years; if not called, the coupon will step up to 150% of the initial Treasury spread when the notes were priced; roadshow runs from April 21 to 25 with stops in Hong Kong, Singapore, London, Philadelphia, New York, Boston and Connecticut, Seoul-based financial institution.

JSC ATF BANK: Dollar-denominated offering of 10-year bonds; Deutsche Bank, ING; Rule 144A/Regulation S; roadshow will run from April 25 through May 3; April 25 in Singapore, April 26 in Frankfurt and Hong Kong; Geneva, Zurich and Manila in April 27, London and Los Angeles in April 28, next Boston on May 1; and New York on May 2 and May 3; Almaty, Kazakhstan-based commercial bank.

JSCB SBERBANK: Dollar-denominated offering of senior loan participation notes (A2/BBB); Barclays Capital, JP Morgan; Regulation S; via SB Capital SA; roadshow will start, April 24 in Zurich and Seoul, April 25 in Germany and Hong Kong, April 26 in London and Singapore; tenor of seven to 10-years; commercial bank based in Moscow.

SAN MIGUEL CAPITAL FUNDING LTD.: Benchmark-sized offering of dollar-denominated perpetual non-cumulative non-voting preferred shares; (expected Ba3); Citigroup, Credit Suisse, Deutsche Bank; HSBC; Regulation S; roadshow will start in Manila on April 20, Hong Kong and Singapore on April 21, Zurich on April 24, and London on April 25; callable in the fifth year. The preferreds will be non-cumulative non-voting; Cayman Islands-registered special purpose unit of beverage and food conglomerate San Miguel Corp.; proceeds will be used by the parent company.

IMPERIAL MOBILITY FINANCE BV (IMPERIAL HOLDINGS LTD.): €300 million eurobonds with seven- to 10-year maturity (Baa1); ABN Amro, Barclays Capital; inaugural eurobond issue; for general corporate purposes including recently announced acquisitions and the reduction of short-term debt; diversified South African holding company, headquartered in Johannesburg; roadshow began March 27 week in Europe.

ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN): Two-part dollar denominated offering; Credit Suisse, UBS; both issues Regulation S; $100 million to $150 million perpetual notes (B1); price talk at 9 3/8% to 9 5/8%; non-callable for 10 years; if not called, coupon steps up; second issuance is dollar denominated offering five- to seven-year senior notes (Ba2/BB-), tranche size to be determined; issuer is a Netherlands-based special purpose vehicle of JSC Alliance Bank of Kazakhstan; roadshow started April 4 in Hong Kong, April 5 in Singapore, April 6 in Germany and Austria, April 7 in Switzerland, April 10 in London.

APRIL:

P.T. DAVOMAS ABADI TBK: $125 million offering of five-year senior unsecured notes; Lehman Brothers; Rule 144A/ Regulation S notes, three years of call protection; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder.

BIN BANK (via BIN Capital SA): $100 million loan participation notes due 2009 (//B-); Merrill Lynch; Regulation S; for general corporate purposes; Moscow-based commercial bank; expected April 2006 business.

EMERGING MARKET OFFERINGS ON THE HORIZON:

VIMPEL-COMMUNICATIONS SA: $500 million in loan participation notes (Ba3/BB/); for development and expansion of network; Moscow-based mobile phone provider.

TMB PUBLIC BANK LTD.: Dollar-denominated bond offering (issuer ratings Baa2/BBB-); Barclays Capital; hybrid tier I bonds; state-controlled bank in Thailand.

PETROL AD (Bulgaria): €125 million fixed-rate global bonds due 2011; former state-owned monopoly fuel retailer, owns approximately 450 filling stations in Bulgaria, headquartered in Sofia; pending shareholder approval at meeting set for May 8.

NURBANK JSC: $200 million eurobonds; also $200 million of syndicated loans; Almaty, Kazakhstan financial institution.

SWIRE PACIFIC MTN FINANCING LTD. (SWIRE PACIFIC LTD.): HK$1.8 billion notes due 2013 (A3); HSBC; for general corporate funding requirements; Hong Kong-listed Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.

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.

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

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S; 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; off medium-term note program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS:

April 4-10: ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN): Dollar-denominated two part offering: five-year to seven-year senior notes (Ba2/BB) and $150 million tier I perpetual notes; Credit Suisse, UBS

Concludes April 25: ARPENI PRATAMA OCEAN LINE INVESTMENT BV: $160 million guaranteed notes due 2013 (//BB-); Citigroup

April 24-25: ABU DHABI COMMERCIAL BANK (Aa3/A): Dollar-denominated benchmark-sized offering of 10-year floating-rate notes; Deutsche Bank

April 18-25: SIDERURGIA DEL TURBIO SA: $100 million offering of senior unsecured notes (//B+); Deutsche Bank

April 24- RUSSIAN STANDARD BANK: Dollar-denominated offering of five-year notes; Deutsche Bank, Dresdner Kleinwort Wasserstein

April 20-26: JSC NATIONAL COMPANY KAZAKHSTAN TEMIRZHOLY: Debut offering of senior notes; ABN Amro, Citigroup

April 21-25: SAN MIGUEL CAPITAL FUNDING LTD.: Benchmark-sized offering of dollar-denominated perpetual non-cumulative non-voting preferred shares; (expected Ba3); Citigroup, Credit Suisse, Deutsche Bank; HSBC

April 21-25: WOORI BANK: Benchmark-sized offering of dollar-denominated lower tier 2 subordinated notes (Baa2/BBB+); Deutsche Bank, Goldman Sachs, Morgan Stanley, Woori Securities

April 24-27: NOMOS BANK (Ba3//B): Dollar-denominated offering of three-years senior notes; Citigroup, UBS

April 23-May 3: JSC ATF BANK: Dollar-denominated offering of 10-year bonds; Deutsche Bank, ING

April 24-26: JSCB SBERBANK: Dollar-denominated offering of senior loan participation notes (A2/BBB); Barclays Capital, JP Morgan

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