Emerging markets calendar

WEEK OF OCT. 3:

VICUNHA ACOS SA/NATIONAL STEEL SA: $500 million (maximum) perpetual senior secured notes (expected ratings /B+/BB-); Credit Suisse First Boston, Deutsche Bank Securities (joint); Regulation S; callable in whole quarterly at par beginning October 2010; secured with first priority pledge on CSN common shares; to refinance debt; National Steel is a holding company that is 100% indirectly controlled by Brazil's Steinbruch family and whose sole asset consists of 100% of the redeemable preferred shares of Vicunha Acos. Acos, in turn, is a holding company owning 100% of Vicunha Siderurgia SA, a holding company that owns a 42.74% controlling interest in Brazilian steel producer Companhia Siderurgica Nacional; roadshow Oct. 3-6; price talk 9 7/8%.

BANK CASPIAN: $150 million debut offering of three-year bonds (Ba2//B+); Citigroup; price guidance at 7 ¾% to 8%; commercial bank based in Almaty, Kazakhstan.

WEEK OF OCT. 10:

AK BARS BANK SA: $150 million senior loan participation notes due 2008 (expected Ba3//confirmed B); Deutsche Bank; Regulation S; full-service bank in the Russian Federation; price talk 7¾% to 8%; roadshow concludes Oct. 7 in Zurich, pricing thereafter.

FOSUN INTERNATIONAL LTD.: $500 million senior notes due 2012 (Ba3/BB-); Morgan Stanley, Citigroup; Rule 144A/Regulation S with no registration rights; to repay debt; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors; U.S. roadshow started Oct. 3; preliminary guidance 8½%-9%; pricing early Oct. 10 week.

WEEK OF OCT. 17:

RENAISSANCE SECURITIES TRADING LTD.: $150 million offering of three-year senior unsecured bonds (//B/BB-); Dresdner Kleinwort Wasserstein, Renaissance Capital; Regulation S; roadshow in Hong Kong on Oct. 13, Singapore on Oct. 14, Geneva and Zurich on Oct. 17, Frankfurt and Munich on Oct. 18 and London on Oct. 19; Renaissance Capital Holdings Ltd. will guarantee the issue; Moscow-based investment bank operating on the Russian financial market.

OCTOBER:

ELETROBRAS: $300 million bonds due 2015; Dresdner Kleinwort Wasserstein; Brazil's main power generation and transmission company, headquarters in Rio de Janeiro.

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

NAN YA PLASTICS: $300 million (approximate) bond with expected five-year maturity; Citigroup, Deutsche Bank Securities, HSBC; Taipei-based unit of Formosa Group, manufactures plastics, fibers and electronic materials.

PT EXCELCOMINDO PRATAMA: $400 million bonds (B+); UBS, Commerce International Merchant Bankers Bhd (books), JP Morgan (joint lead); Indonesia's third largest mobile telecommunications company; September 2005 business.

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

ATF BANK (Kazakhstan): $200 million fixed-rate eurobond to mature in 2008 or 2010; Deutsche Bank, HSBC; Kazakhstan's fourth-largest private commercial bank, headquarters in Almaty; expected to launch early October.

EVROSET: $100 million notes; HSBC, Rosbank; expected to launch in October; cellular telephone retailer with headquarters in Moscow.

EMERGING MARKET OFFERINGS ON THE HORIZON:

PT ADARO INDONESIA: $600 million global bonds; Citigroup, Goldman Sachs, JP Morgan, UBS Investment Bank (joint books), to fund acquisition of coal mining assets from Australian company New Hope Corp. Ltd.; Indonesian coal mining company; timing to be determined.

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

DOMINICAN REPUBLIC: Reopen 9.04% bonds due 2018 to add $300 million; to repay debt with Spanish electricity company Union Fenosa.

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; late summer, early fall business.

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.

CITY OF KIEV: $250 million 10-year eurobond; (long-term issuer rating B+); Citigroup, Credit Suisse First Boston; Regulation S; expected to launch before the end of 2005; capital and largest city of Ukraine.

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

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

JSC TRANSCREDITBANK: $120-$150 million eurobonds (long-term credit rating B-); Regulation S; to finance investment projects; Moscow-based bank for Russian Railways; debut global issue.

PT BANK MANDIRI: $200 to $400 million eurobond (B2/B); to fund business expansion; based in Jakarta, Indonesia; state-owned lender.

BTA IPOTEKA: $100 million eurobond; mortgage-backed bonds; mortgage subsidiary of Kazakhstan's TuranAlem.

K. WAH CONSTRUCTION MATERIALS LTD.: $800 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs.

LI & FUNG LTD.: $300 million bonds; for future acquisitions; Hong Kong-based trading and supply chain management company.

OBEDINENNYE MASHINOSTROITELYNE ZAVODY: $100 million eurobond; Russian engineering group; expected in 2005.

OAO ROSSELKHOZBANK: $200 million to $300 million eurobond; expected by end of 2005; a state-run agricultural bank, based on Moscow.

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services.

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

Started Sept. 28: FORSUN INTERNATIONAL LTD.: $500 million senior notes due 2012 (Ba3/BB-); Morgan Stanley, Citigroup

Oct. 3-6: VICUNHA ACOS SA/NATIONAL STEEL SA: $500 million (maximum) perpetual senior secured notes (expected ratings /B+/BB-); Credit Suisse First Boston, Deutsche Bank Securities (joint)

Oct. 13-19: RENAISSANCE SECURITIES TRADING LTD.: $150 million offering of three-year senior unsecured bonds (//B/BB-); Dresdner Kleinwort Wasserstein, Renaissance Capital

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