Emerging markets calendar

WEEK OF NOV. 14:

OJSC RUSSIAN AGRICULTURAL BANK (ROSSELKHOZBANK): Dollar-denominated bond offering (Baa2//BBB-); ABN Amro, Dresdner Kleinwort Wasserstein; Regulation S; roadshow in Hong Kong in Nov.10, Singapore on Nov. 11, Zurich and Geneva on Nov. 14, Munich and Frankfurt on Nov. 15, London on Nov. 16; RSHB Capital SA will issue the bonds; state-owned bank; guidance set at 6 7/8% area.

BANK OF MOSCOW: $200 million of lower tier II notes (Baa1//BBB-); Barclays Capital, Merrill Lynch; Regulation S; Asian leg of the roadshow starts Nov. 10 to Nov. 11. The European leg started Nov. 14 to Nov. 17; expected to carry call option, if not called, coupon steps up by 150 basis points; Moscow-based bank with 40 full-service regional branches throughout Russia; guidance set at 7 ½% area.

REPUBLIC OF PANAMA: Offering of notes due January 2026 (Ba1/BB/BB+); Citigroup; guidance at 262.5 basis points more than Treasuries; Securities and Exchange Commission registered; to finance cash tender offer.

BANK FINANCE & CREDIT: $100 million three-year loan participation notes; Deutsche Bank; Regulation S; initial price guidance at 9¾% to 10%; Kyiv-based bank.

ARAB BANKING CORP.: Dollar-denominated offering of five-year notes; Citigroup, HSBC; Regulation S; senior floating-rate notes; benchmark size; Asian leg of roadshow on Nov. 9 in Singapore, Hong Kong on Nov. 10, Taipei, Nov. 11, European portion runs Nov. 14-Nov. 16, with London stop on Nov. 14; Bahrain-based.

BANCO CONTINENTAL DE PANAMA SA: $150 million of five-year bonds (/BBB-/BBB- expected), Citigroup; Rule 144A/Regulation S; for short-term debt refinancing and for general corporate purposes; roadshow is expected to start the week of Nov. 7; Panama City-based private commercial bank.

CENTRAIS ELETRICAS BRASILEIRAS (ELETROBRAS): $300 million notes with seven-year to 10-year maturity (BB-); Dresdner Kleinwort Wasserstein; publicly traded government holding company for Brazil's electric companies, headquartered in Rio de Janeiro; expected to price Nov. 14 week.

AVAGO TECHNOLOGIES FINANCE PTE. LTD. $1 billion of bonds in three tranches: $750 million senior notes (B3/B): eight-year fixed-rate notes, non-callable for four years, price talk 9¾%-10%, and 7.5-year floating-rate notes, non-callable for two years, price talk Libor plus 525-550 basis points (tranche sizes to be determined), also $250 million 10-year senior subordinated notes (Caa2/CCC+), price talk 11½% area; Lehman Brothers, Citigroup, Credit Suisse First Boston (joint books); Singapore-based company will use proceeds to help fund buyout of Agilent Technologies Inc.'s semiconductor unit by Kohlberg Kravis Roberts & Co. and Silver Lake Partners; pricing expected Monday.

WEEK OF NOV. 21

KOOKMIN BANK: Offering of five-year dollar-denominated floating-rate notes (A3/A-/A); Banc of America, Barclays Capital, Goldman Sachs; Regulation S; senior unsecured notes; aiming at $300 million; roadshow to start in Singapore on Nov. 24, Hong Kong on Nov. 25, and London on Nov. 28; pricing thereafter; South Korean lender; comes off $3 billion global medium-term note program.

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).

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.

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.

EMERGING MARKET OFFERINGS ON THE HORIZON:

SATERI INTERNATIONAL CO. LTD.: $300 million offering of five- or seven-year bonds; 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; viscose and dissolving pulp producer; owned by Indonesia's Tanoto family; guidance set at 11½% to 12% (postponed).

MEGASTEEL HARTA (L): $450 million in two-part notes offering; senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and senior notes due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd. (postponed).

OCEAN GRAND HOLDING LTD: $100 million to $125 million of guaranteed secured notes (/BB-/; ABN Amro; tenor of five- to seven- years; to repay existing syndicated loans totaling HK$500 million and for general corporate purposes, working capital and capital expenditures; Hong Kong-based provider of aluminum products.

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.

EUROSET: $150 million loan participation notes; HSBC; retailer of mobile telephones and accessories with over 2,250 stores nationwide.

OAO GAZPROM: Up to $2 billion eurobond offering (foreign currency ratings Baa2/BB/BB+); to repay bridge loans obtained in financing the $13.1 billion acquisition in the Sibneft oil; Moscow-based Gazprom is world's largest gas producing company; expected November business.

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.

MDM BANK: Benchmark-sized dollar-denominated bonds (foreign currency ratings (/B/BB-); Goldman Sachs; expected to price by end of 2005.

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.

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

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.

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 Nov. 7: AVAGO TECHNOLOGIES FINANCE PTE. LTD.: $1 billion of bonds; Lehman Brothers, Citigroup, Credit Suisse First Boston

Nov. 9-14: ARAB BANKING CORP.: Dollar-denominated offering of five-year notes; Citigroup, HSBC

Nov. 10-16: OJSC RUSSIAN AGRICULTURAL BANK (ROSSELKHOZBANK): $200 to $300 million five-year bond offering (Baa2//BBB-); ABN Amro, Dresdner Kleinwort Wasserstein

Nov. 10-17: BANK OF MOSCOW: $200 million of lower tier II notes (Baa1//BBB-); Barclays Capital, Merrill Lynch

Nov. 24-28: KOOKMIN BANK: Offering of five-year dollar-denominated floating-rate notes (A3/A-/A); Banc of America, Barclays Capital, Goldman Sachs

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