Emerging markets calendar

MAY BUSINESS:

MANDRA FORESTRY FINANCE LTD.: $200 million maximum senior notes due 2013 (B1/B) (downsized from $235 million, restructured from 10-year maturity); Morgan Stanley; Rule 144A/Regulation S; call structure to be determined (previously non-callable for life); to fund acquisition of commercial plantations in Anhui Province, China (in the restructuring the company has offered to buy back the bonds if it fails to secure 50,000 hectares of the plantation property during the first 18 months; pricing status is day-to-day.

JSCB BANK OF MOSCOW: U.S. dollar-denominated senior notes with five-year to seven-year maturity, size to be determined (isseuer ratings Baa2//BB+); BNP Paribas, JP Morgan; full service Russian bank with more than 50% of its shares controlled by the government of the Russian Federation; expected to launch in early-to-mid May pending market conditions.

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; fifth-largest bank in Turkey.

CELLC (PTY) LTD.: €625 million in two tranches: seven-year non-call-four first-priority secured notes and 10-year non-call-five senior subordinated notes, tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, headquartered in Benmore, Gauteng; roadshow started April 14 in London.

HYNIX SEMICONDUCTOR INC.: $750 million (expected size) with five-year to 10-year maturity (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.; to repay bank debt; Korea-based semiconductor company; expected to launch in early May.

PT BANK INTERNASIONAL INDONESIA: Dollar-denominated 10-year bond offering (B2/B-/B+); Barclays Capital, Development Bank of Singapore and UBS Bank; Regulation S deal; roadshow started April 14 in Singapore, April 15 in Hong Kong and April 18 in London; subordinated lower tier II bonds; non-callable for five-years; coupon step-up of 150% of the original spread; listed on the Singapore Stock Exchange; Jakarta-based bank in Indonesia.

KOREA EXCHANGE BANK: $300 million lower-tier II subordinated notes due 2015 (Baa3/BB+/BB+); Citigroup, HSBC; to refinance debt sold in 2000; South Korean lender based in Seoul; roadshow started April 13 in Tokyo, April 14 in Hong Kong, April 15 in Singapore, Europe and U.S. during April 18 week.

KOREA HIGHWAY CORP. $500 million global bond due 2015 (A3/A-); Citigroup, JP Morgan and UBS Investment Bank; late April or early May business.

REPUBLIC OF URUGUAY: $300 million of 12-year bonds (B3/B); Citigroup; Securities and Exchange Commission-registered global bonds; guidance set in the area of 9%; revised talk to 9¼% to 9 3/8% from 9% area (postponed April 14).

EMERGING MARKET OFFERINGS ON THE HORIZON:

BRASKEM SA: Bonds, size and structure to be determined; ABN Amro, Citigroup; Sao Paolo, Brazil-based petrochemical company; timing to be determined.

BUMI RESOURCES TBK: $600 million in bonds; refinance debt; one of Indonesia's largest mining companies.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

DACOM CORP.: $300 million notes due 2010 (Ba3 (expected)/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City (postponed).

HANARO TELECOM: $250 million of bonds; UBS, JP Morgan; Rule 144A/Regulation S; five- to 10- year maturity; listed on Singapore Stock Exchanged; based in Seoul; telecommunications provider.

REPUBLIC OF HUNGARY: Euro-denominated benchmark 15-year issue (A1/A-/A-); mandated ABN Amro, UBS Securities.

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.

OAO LUKOIL: $500 million 10-year eurobonds (BB) as part of 2004 borrowing program; Credit Suisse First Boston, Deutsche Bank Securities; Rule 144A/Regulation S; Russian oil company.

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.

LG ELECTRONICS: $800 million in bonds; Citigroup, Credit Suisse First Boston, Lehman Brothers and Korea Development Bank; Seoul-based electronic manufacturer.

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: $400 million of lower tier II bonds; Barclays Capital, BNP Paribas, JP Morgan; umbrella organization for Korea's regional cooperatives (postponed on March 16).

NARODNY BANK OF KAZAKHSTAN: $100 million add-on to 8 1/8% eurobonds due 2009; same structure as original $200 million that priced at 98.996 in September 2004, via Credit Suisse First Boston and JP Morgan; Almaty, Kazakhstan-based bank.

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.

HONG LEONG BANK: $150 million bond offering; Malaysian financial services provider.

PT INDONESIAN SATELLITE CORP PT (INDOSAT): $200 million bonds; for capital expenditures; expected before June 2005; telecommunications provider based in Jakarta, Indonesia.

ISLAMIC DEVELOPMENT BANK: $500 million five-year notes; Deutsche Bank; Sukuk bonds comply with Islamic law; Saudi-based multilateral development financing institution.

LI & FUNG LTD.: $300 million bonds; for future acquisitions; Hong Kong-based trading and supply chain management company.

MANILA ELECTRIC: $200 to $250 million five- to seven-year notes; refinance existing debt; price this summer; largest power distributor in the Philippines.

BANK NIAGA: $100 million lower tier II subordinated notes due 2015 (10-year); Citigroup, CIMB Bhd.; non-callable for five years.

OBEDINENNYE MASHINOSTROITELYNE ZAVODY: $100 million eurobond; Russian engineering group; expected in 2005.

OVERSEA-CHINESE BANKING CORP.: $300 to $500 million bond offering; (expected Citigroup, Deutsche Bank.)

PAREX BANKA: Debut eurobond of three-year maturity (Ba1/BB+/BB+); Credit Suisse First Boston, JP Morgan (books); Parex Banka is the largest bank in Latvia in terms of assets, deposits, capital and reserves (postponed on April 20).

PETROKAZAKHSTAN: $150 million 10-year notes; JP Morgan; Regulation S; based in Calgary, Canada; vertically integrated, international energy company; largest supplier of refined products in Kazakhstan and owns one of the three refineries in that country.

PTT PCL: $600 million to $700 million of bonds; likely to be structured as 10-year bond; to refinance long-term debt and help finance its 2005 through 2009 investment plan, which includes a third pipeline; based in Bangkok; oil & gas conglomerate; expected third quarter.

REPUBLIC OF ROMANIA: €600 million 10-year notes (Ba3/BB); Regulation S; expected in the first half.

SEVERALMAZ: Add-on to existing $100 million eurobond due 2006; ING; Regulation S; Arkhangelsk, Russia diamond company.

SRI LANKA: Bond offering up to $400 million; for budget deficit.

TATA MOTORS: $500 million long-term bonds; to fund capital expenditures, product development and refinancing acquisition of Daewoo; Indian auto manufacturing company.

WAN HAI LINES: $400 million offering of 10-year notes (BBB); Citigroup, Morgan Stanley; to help fund the purchase of new vessels; second quarter business; headquartered in Taipei.

TECHTRONIC INDUSTRIES CO.: $300 million seven- or 10-year global bonds; to help pay for the acquisition of Sweden's Atlas Copco AB for $626.6 million; Hong Kong-based maker of power tools.

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services; expected to price during first half of 2005.

UKRSOTSBANK: $100 million eurobond; ABN Amro; second quarter of 2005; Kiev, Ukraine-based bank.

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 April 12: MANDRA FORESTRY FINANCE: $235 million senior notes due 2015 (B1/B); Morgan Stanley

Started April 13: KOREA EXCHANGE BANK: $300 million lower tier II subordinated notes due 2015 (Baa3/BB+/BB+); Citigroup, HSBC

April 14-18: PT BANK INTERNASIONAL INDONESIA: Dollar-denominated 10-year bond offering (B2/B-/B expected); Barclays Capital, Development Bank of Singapore and UBS Bank

Started April 14: CELLC (PTY) LTD.: €625 million in two tranches; Citigroup

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