Emerging markets calendar

WEEK OF JUNE 20:

WAN HAI LINES (SINGAPORE) PTE. LTD.: $300 million to $400 million of 10-year bonds (Baa2/BBB); Citigroup, UBS Investment Bank; Regulation S; guaranteed by Taipei-based Wan Hai Lines Ltd.; container shipping company; price talk U.S. Treasuries plus 145 basis points; pricing late Tuesday or Wednesday.

HYNIX SEMICONDUCTOR INC.: $750 million dual tranche offering of seven- and 10-year senior notes (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.; to repay bank debt; roadshow June 13 and June 14 in Asia, June 15 in London, June 16 in U.S.; Korea-based semiconductor company.

VNESHTORGBANK: Dollar-denominated 30-year bonds (Baa2/BB-/BBB-); Deutsche Bank; Rule 144A/Regulation S; put option at 10 years; roadshow starts on June 23 in New York, June 24 in Boston; Moscow-based state-run bank.

SASOL LTD: Euro-denominated bonds (BBB); ABN Amro, Dresdner Kleinwort Wasserstein; Regulation S; expected seven- to 10-year maturity; roadshow June 15 in Paris, June 16 in Vienna and Milan, June 17 in Amsterdam and Zurich, June 20 in Frankfurt and Munich, June 21 in London; Johannesburg-based petrochemical company.

UKRSIBBANK: $150 million of three-year bonds (B1/B-); Deutsche Bank, UBS; roadshow started June 9 in Hong Kong, June 10 in Singapore, June 13 in London, June 14 in Geneva and Zurich, June 15 in Vienna and Frankfurt; Kiev-based bank.

JUNE 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

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.

NAN YA PLASTICS: $300 million (approximate) bond with expected five-year maturity; Citigroup, Deutsche Bank Securities, HSBC; Taipei-based unit of Formosa Group, manufactures plastics, fibers and electronic materials; expected mid-to-late June.

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

EMERGING MARKET OFFERINGS ON THE HORIZON:

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).

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.

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

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 PERU: Up to $1.5 billion of bonds in the local and international markets; repay Paris Club debt.

CHINA OVERSEAS LAND & INVESTMENT LTD.: $300 million bonds due 2015 (Baa3/BBB-); HSBC, JP Morgan; Regulation S; to refinance existing debt and fund future capital expenditures; Hong Kong-listed property developer.

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.

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.)

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.

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.

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:

June 15-21: SASOL LTD.: Euro-denominated bonds (BBB); ABN Amro, Dresdner Kleinwort Wasserstein

June 9-15: UKRSIBBANK: $150 million three-year bonds (B1/B-); Deutsche Bank, UBS

June 13-14: HYNIX SEMICONDUCTOR INC.: $750 million dual tranche offering of seven- and 10-year senior notes (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.

June 23- June 24: VNESHTORGBANK: U.S. dollar-denominated 30-year bonds (Baa2/BB-/BBB-); Deutsche Bank

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