Emerging markets calendar

WEEK OF OCT. 24

REPUBLIC OF KOREA: $1 billion equivalent dual tranche offering of 20-year dollar-denominated and 10-year euro-denominated notes (A3/A); ABN Amro, Citigroup, Goldman Sachs, UBS Investment Bank; Securities and Exchange Commission-registered; Guidance for the 10-year tranche revised to mid-swaps plus 25 basis points to 27 basis points from 30 basis points; the 20-year tranche revised to Treasuries plus 97 to 100 basis points from 105 basis points; European roadshow Oct. 24 in Frankfurt, Oct. 25 in Zurich, Oct. 26 roadshow in London cancelled; U.S. leg Oct 24 in Los Angeles, Oct. 25 in Boston, Oct. 26 in New York; country's first euro-denominated bond deal.

COMPANHIA VALE DO RIO DOCE: Retap of 8¼% bonds due Jan. 17, 2034; Price guidance set in the area of 7.55%; ABN Amro, HSBC; Rio de Janeiro-based mining company; pricing to take place Wednesday morning.

GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM: $750 million (increased from $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 started Oct. 20 in Hong Kong, then Oct. 21 in Singapore, Oct. 24 in London, Oct. 25 in New York City, Oct. 26 is Boston; price guidance set at 7¼% area.

OJSC KAZKOMMERTSBANK: Benchmark-sized senior notes due 2015 (Baa1/BB/BB), price talk 8%-8 ¼%, and $100 million perpetual tier I notes, non-callable for 10 years, coupon step-up after 10 years (ratings to be determined); UBS, ING, JP Morgan; Rule 144A/Regulation S; full-service bank headquartered in Almaty, Republic of Kazakhstan ; roadshow concludes Oct. 26 in London; pricing late Oct. 24 week.

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

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.

SOUTHERN BANK BHD.: Dollar-denominated hybrid tier I perpetual notes, size to be determined; UBS; callable after 10 years; roadshow Oct. 24 in Singapore, Oct. 25 in Hong Kong, Oct. 26 in London.

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.

BANCO HIPOTECARIO SA: $100 million in five-year senior unsecured bonds (/B-); Deutsche Bank, Citigroup; Regulation S; bullet bonds; roadshow started Oct. 24-25 in Asia, Oct. 26- 28 in Europe and New York; principal activities involve mortgage and personal loans, real estate and insurance services, cash securities and savings account services; based in Buenos Aires.

HOPSON DEVELOPMENT HOLDINGS LTD.: $300 million senior unsecured notes due 2012 (Ba1/BB+); Credit Suisse First Boston (books), Morgan Stanley (co); Rule 144A/Regulation S; non-callable for four years; Guangzhou-based specialized property group that focuses on investments in cities such as Beijing, Tianjin and Shanghai; price talk 8% area; roadshow starts Oct. 26 in Hong Kong, Oct. 27 in Singapore; Oct. 28 London, Oct. 31 in New York and Nov 1 in Boston.

MEGASTEEL HARTA (L) $400 million to $450 million of five-year and 10-year senior secured notes (B1/B+); Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5, 5NC3; both carry a make-whole call option; steel producer Megasteel Sdn Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd; roadshow starts Oct. 27 in New York, Oct. 28 in London, Oct. 31 in Boston; price guidance set at 9 7/8% for five-year and 10 3/8% for 10-year bonds.

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 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; Indonesian-based company is a viscose and dissolving pulp producer.

NOVEMBER BUSINESS:

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; November business

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.

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

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: $750 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. 24-25: REPUBLIC OF KOREA: $1 billion equivalent dual tranche offering of 20-year dollar-denominated and 10-year euro-denominated notes (A3/A); ABN Amro, Citigroup, Goldman Sachs, UBS Investment Bank

Oct. 24-25: SOUTHERN BANK BHD.: Dollar-denominated hybrid tier I perpetual notes, size to be determined; UBS

Oct. 26-Nov.1: HOPSON DEVELOPMENT HOLDINGS LTD.: $300 million in seven-year senior unsecured bonds (Ba1/BB+); Credit Suisse First Boston (lead manager and bookrunner); Morgan Stanley (co-manager)

Oct. 28-31: MEGASTEEL HARTA (L) $400 million to $450 million of five-year and 10-year senior secured notes (B1/B+); Credit Suisse First Boston

Oct. 24-28: BANCO HIPOTECARIO SA: $100 million in five-year senior unsecured bonds (/B-); Deutsche Bank, Citigroup

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