Emerging markets calendar

WEEK OF NOV. 28:

OCEAN GRAND HOLDING LTD: $100 million to $125 million of five-year guaranteed secured notes (/BB-); ABN Amro; 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; revised price talk 9¼% to 9½%, from 9% to 9¼%; pricing Wednesday.

ALFA BANK: $200 million 10-year lower-tier II subordinated bonds (Ba3/B/B-); Barclays Capital, UBS; Regulation S; non-callable for five years; coupon step-up in year five; Russia's largest private bank, headquartered in Moscow; roadshow started Nov. 23 in Asia, Nov. 25 in Europe; pricing after that.

FINANSBANK RUSSIA CAPITAL SA: Dollar-denominated three-year eurobonds (Ba2), size to be determined; Merrill Lynch & Co.; Regulation S; non-callable for life; issuer is a Moscow-based subsidiary of Turkey's Finansbank SA; roadshow in Asia Nov. 24, 25, Europe early Nov. 28 week, pricing after that.

GALAXY ENTERTAINMENT FINANCE CO. LTD.: $500 million global bonds in two parts (B1/B+): seven-year fixed-rate notes, non-callable for four years and five-year floating-rate notes, non-callable for three years; to fund the construction of hotel casinos; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy Casino; roadshow started Nov. 23 in Singapore, Nov. 24-25 Hong Kong and Europe, U.S. roadshow starts Nov. 28 week.

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 in Singapore on Nov. 24, Hong Kong on Nov. 25, and London on Nov. 28; pricing after that; South Korean lender; comes off $3 billion global medium-term note program.

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.

MDM BANK: $200 million two-year notes (Ba2/B+/BB-); Goldman Sachs; Regulation S-only; non-callable for life; Russian financial institution; price talk U.S. Treasuries plus 300 basis points area; expected to pricing late Nov. 28 week subject to market conditions.

THE BANK OF EAST ASIA, LTD.: $400 million 10-year subordinated notes (expected ratings Baa1/BBB); Goldman Sachs & Co., Citigroup; Regulation S; non-callable for five years; 50 basis points step-up in year five; largest independent local bank in Hong Kong; roadshow Nov. 28 in Hong Kong, Nov. 29 in Singapore, Nov. 30 in London, pricing after that.

ADARO FINANCE BV: $300 million senior secured notes due 2010 (Ba3); Goldman Sachs, JP Morgan (joint); Rule 144A/Regulation S; proceeds along with $250 million senior secured bank debt to refinance existing secured bank debt and repay a portion of the mezzanine financing; financing subsidiary of Indonesian coal mining company PT Adaro; roadshow Nov. 24 in Singapore, Nov. 25 in Hong Kong, Nov. 28 in London, Nov. 29-30 in United States.

WEEK OF DEC. 5:

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S-only; one-year put option at par; regional bank related to the government of the Tatarstan republic; expected to price Dec. 5 week.

REPUBLIC OF MACEDONIA: €150 million 10-year eurobond (/BB+/BB); Citigroup; Regulation S; debut eurobond issue; to restructure foreign debt including but not limited to an expected call of its outstanding Brady Bonds, and to increase foreign exchange reserves; roadshow Nov. 30-Dec. 1, pricing thereafter.

TRUE CORP PCL: $225 million seven-year senior notes (B2/B+); JP Morgan; Rule 144A/Regulation S; non-callable for four years; roadshow scheduled for Nov. 28 to Dec. 2; to refinance existing Thai baht bond funds, proceeds to be held in escrow until the call redemption date; Bangkok-based fixed-line telecommunications provider.

REPUBLIC OF ECUADOR: 10-year dollar-denominated bullet bond offering (Caa1/CCC+/B- (expected)); JP Morgan, Deutsche Bank; Rule 144A/Regulation S; European leg of the roadshow in Munich and Frankfurt on Nov. 30, London on Dec. 1; U.S. leg in Boston on Dec. 2, New York on Dec. 5 and West Coast on Dec. 6; for the refinancing of debt.

OAO GAZPROM: Approximately $1 billion eurobonds in dollar- and/or euro-denominated tranches (foreign currency ratings Baa2/BB/BB+); ABN Amro, Credit Suisse First Boston; to repay bridge loans obtained in financing the $13.1 billion acquisition of Sibneft; Moscow-based Gazprom is world's largest gas producing company; roadshow expected to start Nov. 28.

WOORI BANK: $300 million five-year senior unsecured floating-rate notes (Baa1); Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co.; to be issued under its $4 billion medium-term note program; second largest commercial bank in Korea; roadshow starts week of Nov. 28.

ADVANCED AGRO PCL $250 million in bonds; Deutsche Bank. ABN Amro; Rule 144A/Regulation S; intermediate tenor; roadshow expected to run from Dec. 1 through Dec. 6; Bangkok-based paper and pulp producer.

UNITED OVERSEAS BANK LTD: $500 million offering of hybrid tier I preference shares (A2/A- (expected)); Deutsche Bank (global coordinator); Credit Suisse First Boston, JP Morgan (joint leads); Rule 144A/Regulation S; roadshow starts in Singapore on Dec. 1, Hong Kong on Dec. 2, New York on Dec. 5 to Dec. 6; perpetual notes offering will be non-callable for 10 years. If not called, there will be a one-time coupon step-up in 2016; UOB Cayman 1 Ltd. will issue; Singapore-based United Overseas Bank Ltd. will guarantee.

DECEMBER BUSINESS

AES DOMINICANA ENERGIA FINANCE SA: $160 million of 10-year notes (/B-/B-); ABN Amro; Rule 144A/Regulation S; senior secured notes will be non-callable for five years with make-whole option at Treasuries plus 75 basis points prior to the fifth year; to refinance existing debt of power generator companies AES Andres BV and Dominican Power Partners; AES Corp will provide a $23.5 million guarantee.

CHINESE FUTURE: $220 million in 10-year bonds (B1/B+); Morgan Stanley.

EMERGING MARKET OFFERINGS ON THE HORIZON:

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; originally October business.

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

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).

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.

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.

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

Nov. 23 onwards: GALAXY ENTERTAINMENT FINANCE CO. LTD.: $500 million global bonds in two parts; Merrill Lynch & Co., Morgan Stanley

Nov. 23 onwards: ALFA BANK: $200 million 10-year lower-tier II subordinated bonds; Barclays Capital, UBS

Nov. 24-30: ADARO FINANCE BV: $300 million senior secured notes; Goldman Sachs, JP Morgan

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

Nov. 24 onwards: FINANSBANK RUSSIA CAPITAL SA: Three-year eurobonds (Ba2); Merrill Lynch & Co.

Starts Nov. 28: OAO GAZPROM: Approximately $1 billion eurobonds; ABN Amro, Credit Suisse First Boston

Starts Nov. 28 week: WOORI BANK: $300 million senior unsecured floating-rate notes; Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co.

Nov. 28-30: THE BANK OF EAST ASIA, LTD.: $400 million 10-year subordinated notes; Goldman Sachs & Co., Citigroup

Nov. 28-Dec. 2: TRUE CORP PCL: $225 million seven-year senior notes (B2/B+); JP Morgan

Nov. 30- Dec. 6: REPUBLIC OF ECUADOR: 10-year dollar-denominated bullet bond offering (Caa1/CCC+/B- (expected)); JP Morgan, Deutsche Bank

Nov. 30-Dec. 1: REPUBLIC OF MACEDONIA: €150 million 10-year eurobond (/BB+/BB); Citigroup

Dec. 1-6: ADVANCED AGRO PCL: $250 million in bonds; Deutsche Bank. ABN Amro; Rule 144A/Regulation S

Dec. 1-6: UNITED OVERSEAS BANK LTD: $500 million offering of hybrid tier I preference shares (A2/A- (expected); Deutsche Bank (global coordinator); Credit Suisse First Boston, JP Morgan (joint leads)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.