Emerging markets calendar

WEEK OF OCT. 17:

PENERBANGAN MALAYSIA BHD. $1 billion in two parts (A3/A-): approximately $750 million bonds due 2015, price guidances mid-swaps plus 35 basis points, or an 83 basis points spread to U.S. Treasuries, and approximately $250 million of bonds due 2035, price talk mid-swaps plus 96 basis points, or a 145 basis points spread to Treasuries; CIMB Bhd., Citigroup, HSBC (joint); Rule 144A/Regulation S; irrevocably and unconditionally guaranteed by Malaysia; 100% owned by Khazanah Nasional Bhd., the investment holding arm of Malaysia; expected to price Friday in New York.

CITY OF KIEV: $250 million of 10-year loan participation notes (B2/B+); Citigroup, Credit Suisse First Boston; Rule 144A/Regulation S; issued via CSFB; roadshow Oct. 13-17 in Europe; Oct. 18 in New York, Oct 19 in Boston, Oct. 20 in West Coast; to finance city's budget; price guidance set at 8% area.

NADRA BANK OF UKRAINE: $100 million three-year senior unsecured eurobond; Dresdner Kleinwort Wasserstein; UBS Investment Bank; roadshow started Oct. 18 in London, Oct. 19 in Germany, Oct. 20 in Zurich and Vienna; Kiev-based bank; price guidance set at 9% area.

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; price guidance set at 8%.

WEEK OF OCT. 24

GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM: $500 million global notes due January 2016 (Ba3/BB-); Credit Suisse First Boston (books), Citigroup (co-lead), Deutsche Bank Securities, HSBC, JP Morgan, Merrill Lynch & Co., Morgan Stanley (co-managers); Rule 144A/Regulation S; roadshow starts Oct. 20 in Hong Kong, then Oct. 21 in Singapore, Oct. 24 in London, Oct. 25 in New York City, Oct. 26 is Boston.

SATERI INTERNATIONAL CO. LTD.: $300 million dual tranche of offering of minimum $150 million of five- or seven-year bonds and $100 million of perpetual bonds; non-callable for five years with no step up; Credit Suisse First Boston, Merrill Lynch; Rule 144A/Regulation S; roadshow runs Oct. 19 and Oct. 20 in Singapore, Oct. 20 and Oct. 21 in Hong Kong, Oct. 21 in Los Angeles, Oct. 24 in Boston and London, Oct. 25 in New York and Zurich, Oct. 26 in Geneva with possible U.S. stop; pricing middle of next week; Singapore-based company is a viscose and dissolving pulp producer.

REPUBLIC OF HUNGARY: €500 million of seven-year floating-rate notes; BNP Paribas, Dresdner Kleinwort Wasserstein.

OJSC KAZKOMMERTSBANK: $100 million perpetual notes (Baa2/BB/BB); ING, JP Morgan, UBS; callable in after 10 years, coupon step-up after 10 years; full-service bank headquartered in Almaty, Republic of Kazakhstan; roadshow starts Oct. 20 in New York, Oct. 21 in Boston, Oct. 24 in Hong Kong, Oct. 25 in Singapore, Oct. 26 in London.

REPUBLIC OF KOREA: Benchmark-sized dual tranche offering of dollar-denominated and euro-denominated notes (A3/A); ABN Amro, Citigroup, Goldman Sachs, UBS Investment Bank; Securities and Exchange Commission-registered; European roadshow Oct. 24 in Frankfurt, Oct. 25 in Zurich, Oct. 26 in London; U.S. leg Oct 24 in Los Angeles, Oct. 25 in Boston, Oct. 26 in New York; country's first euro-denominated bond deal.

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.

WEEK OF NOV. 2

EVRAZ GROUP SA: Dollar-denominated benchmark-sized bond issue (B2//BB-); ING, UBS Investment Bank; Rule 144A/Regulation S; tenor of seven to 10 years; roadshow scheduled to run from Oct. 26 to Nov. 2: Hong Kong, Geneva and Zurich on Oct. 26, Singapore, Munich and Frankfurt on Oct. 27, Manila, Vienna on Oct. 28, Los Angeles, London on Oct. 31, Boston, New York, London on Nov. 1, New York on Nov. 2; to repay existing debt and fund further investment; Moscow-based company is vertically integrated steel and mining business with operations primarily in Russia.

OCTOBER:

VALE OVERSEAS LTD.: Benchmark-sized offering of 40-year unsecured unsubordinated notes (Baa3/BBB); ABN Amro and HSBC; via wholly owned subsidiary of Companhia Vale do Doce (CVRD); for general corporate purposes; Rio de Janeiro-based mining company.

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% (postponed).

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

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.

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

OCTOBER/NOVEMBER:

KOREA EAST-WEST POWER CO. LTD.: $250 million bond due 2015 (issuer ratings A2/A-); Barclays Capital, Credit Suisse First Boston, Lehman Brothers; wholly owned unit of state-owned Korea Electric Power Corp.; expected to launch late October, early November.

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.

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.

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; fourth quarter of 2005.

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

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

Oct. 13-20: CITY OF KIEV: $250 million of 10-year loan participation notes (B2/B+); Citigroup, Credit Suisse First Boston

Oct. 19-20: NADRA BANK OF UKRAINE: $100 million three-year senior unsecured eurobond; Dresdner Kleinwort Wasserstein; UBS Investment Bank

Oct. 13-18: PENERBANGAN MALAYSIA BHD.: $1 billion offering of 10-year bonds (A3/A-); CIMB Bhd., Citigroup, HSBC

Oct. 19-26: SATERI INTERNATIONAL CO LTD: $300 million dual tranche of offering of minimum $150 million of five- or seven-year bonds and $100 million of perpetual bonds; Credit Suisse First Boston, Merrill Lynch

Oct. 20-26: GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM: $500 million global notes due January 2016 (Ba3/BB-); Credit Suisse First Boston (books), Citigroup (co-lead), Deutsche Bank Securities, HSBC, JP Morgan, Merrill Lynch & Co., Morgan Stanley (co-managers)

Oct. 20-26: OJSC KAZKOMMERTSBANK: $100 million perpetual notes (Baa2/BB/BB); ING, JP Morgan, UBS

Oct. 26-Nov. 2: EVRAZ GROUP SA: Dollar-denominated benchmark sized bond issue (B2//BB-); ING, UBS Investment Bank

Oct. 24-26: REPUBLIC OF KOREA: Benchmark-sized dual tranche offering of dollar-denominated and euro-denominated notes (A3/A); ABN Amro, Citigroup, Goldman Sachs, UBS Investment Bank

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