Emerging markets calendar

WEEK OF DEC. 5:

ADVANCE AGRO PCL $250 million in seven-year bonds (B3); Deutsche Bank, ABN Amro; Rule 144A/Regulation S; roadshow finished Dec. 6; Bangkok-based paper and pulp producer; revised guidance at 11½% to 11 5/8% from initial guidance of mid-11%; pricing early Friday.

WEEK OF DEC. 12

NKNK FINANCE PLC (NIZHNEKAMSKNEFTEKHIM): $200 million 10-year notes (issuer rating Fitch B+); MDM Bank; Regulation S-only; five-year put at par; general corporate purposes; refinery located in the Republic of Tatarstan; initial guidance 8%-8 ½%; roadshow starts Dec. 8; pricing expected week of Dec. 12.

ULTRAPAR PARTICIPAÇOES SA: $250 million offering of 10-year senior unsecured notes (/BB+ expected), Morgan Stanley, Banco Santander; Rule 144A/Regulation S (with registration rights); roadshow in London Dec. 8, Geneva and Zurich on Dec.9; U.S. leg starts on Dec. 12; non-callable for life; to refinance existing debt, to fund possible acquisitions, to extend maturities and for general corporate purposes; issued through the company's subsidiary LPG International; Sao Paolo, Brazil-based chemical company Ultrapar Participacoes and Oxiteno will guarantee the issue.

VTB CAPITAL SA: Benchmark-sized offering of short-dated floating rate notes (A2/BBB-); ABN Amro, BNP Paribas, Citigroup, JP Morgan; tenor up to two years; pricing Dec. 13 or Dec. 14; special purpose vehicle for Moscow-based state-run Vneshtorgbank.

DECEMBER BUSINESS

REPUBLIC OF PERU: $832 million of bonds in local and external markets; to repay debt owed to Japan Peru Oil Corp.

TELECOM PERSONAL SA: $200 million of five-year bonds (/B-/B-), JP Morgan; Rule 144A/Regulation S; to refinance the company's Series A and Series B loans; Buenos Aires-based wireless services business.

RUSSIAN STANDARD BANK: $200 million lower tier II subordinated notes (preliminary ratings Ba3/B-); Barclays Capital; Regulation S-only; non-callable for five years with coupon step-up after five years if the notes are not called; roadshow started Dec. 6 in Asia and Europe.

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; cellular telephone retailer with headquarters in Moscow; (postponed).

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.

TRUE CORP PCL: $225 million senior notes due 2012 (B2/B+); JP Morgan; Rule 144A/Regulation S; non-callable for four years; to refinance existing Thai baht bond funds, which will be held in escrow until the call redemption date; Bangkok-based fixed-line telecommunications provider; 9% area; (postponed).

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.

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.

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.

ROADSHOWS

Dec. 1-6: ADVANCE AGRO PCL: $250 million in seven-year bonds; Deutsche Bank. ABN Amro

Dec. 8-12: ULTRAPAR PARTICIPAÇOES SA: $250 million offering of 10-year senior unsecured notes (/BB+ expected), Morgan Stanley, Banco Santander

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