Emerging markets calendar

WEEK OF MAY 16:

JSC BANK OF MOSCOW: Dollar-denominated senior notes with 5.5-year maturity, size to be determined (issuer ratings Baa2//BB+); BNP Paribas, JP Morgan; full-service Russian bank with more than 50% of its shares controlled by the Russian government; started roadshow in Asia, U.S. leg started early part of the week of May 9; price guidance set at 7 3/8% area; settlement date May 26; pricing expected May 17.

KOREA HIGHWAY CORP.: Dollar-denominated 10-year benchmark bonds (A3/A-/A); Citigroup, JP Morgan, UBS; Rule 144A/Regulation S; senior fixed-rate bonds; roadshow May 12 in Singapore, May 13 in London, May 16 in New York; state-run company deals with construction, repair and maintenance, toll collection and development of areas by expressways.

OJSC GAZPROM: Offering of loan participation notes (Baa3/BB-/BB); ABN Amro, Credit Suisse First Boston; Rule 144A/Regulation S deal; via its special purpose vehicle Gaz Capital SA; under Gaz Capital's euro medium-term note program; roadshow May 16 in London, May 17 in Frankfurt and Munich, May 18 in Vienna and Milan, May 19 in Paris, Geneva, Zurich; Moscow-based natural gas producer.

CHINA OVERSEAS LAND & INVESTMENT LTD.: Approximately $300 million bondw due 2015 (Baa3/BBB-); HSBC, JP Morgan; Regulation S; to refinance existing debt and fund future capital expenditures; roadshow May 17 in Singapore, May 18 in Hong Kong, May 19 in London.

MAY BUSINESS:

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.

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 INTERNATIONAL NICKEL INDONESIA: $300 million (approximate) international bond (Inco Ltd. issuer ratings Baa3/BBB-); Morgan Stanley, JP Morgan (books), Credit Suisse First Boston (co); for working capital; prospective issuer is a fully integrated nickel mining and processing company located in Soroako, South Sulawesi, Indonesia, 61% owned by Canada's Inco Ltd; expected May business pending market conditions.

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).

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: $600 million bonds (Baa3/BBB-) in dual tranches; Citigroup, Credit Suisse First Boston, Lehman Brothers, Korea Development Bank; Rule 144A/Regulation S (no registration rights); $300 million worth of five-year bonds and $300 million of 10- year bonds; roadshow started on May 9 in Hong Kong and Los Angeles, May 10 in Singapore and Boston on Tuesday and May 11 in London and New York; pricing after completion of roadshow, pending market conditions; Seoul-based electronic manufacturer; five-year bonds set to price in area of Treasuries plus 120 basis points and $300 million of 10-year bonds set to price in the area of 140 basis points (postponed on May 12 due to market volatility).

KOREA ELECTRIC POWER CORP. (KEPCO): Euro-denominated bonds; requests for proposals were due May 2; Seoul-based power distributor; 54% government owned.

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 (postponed).

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.

REPUBLIC OF PHILIPPINES: Add-on to the 8 7/8% dollar-denominated bond due March 2015 (existing ratings Ba2/BB) and/or the 9½% dollar-denominated bond due February 2030 (existing ratings Ba2/BB-/BB); HSBC, Citigroup; expected to launch in near future.

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 week of May 2: JSC BANK OF MOSCOW: Dollar-denominated senior notes with 5.5-years maturity, BNP Paribas, JP Morgan

May 12-16: KOREA HIGHWAY CORP.: Dollar-denominated 10-year benchmark bonds (A3/A-/A); Citigroup, JP Morgan, UBS

May 16-19: OJSC GAZPROM: Loan participation notes (Baa3/BB-/BB); ABN Amro, Credit Suisse First Boston

May 17-19: CHINA OVERSEAS LAND & INVESTMENT LTD.: Approximately $300 million bonds due 2015 (Baa3/BBB-); HSBC, JP Morgan

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