Emerging markets calendar

WEEK OF JULY 18:

SARAWAK INTERNATIONAL INC. (MALAYSIAN STATE OF SARAWAK): Benchmark-sized issue of U.S. dollar-denominated bonds due 2015 (Baa1/A-); Deutsche Bank; Regulation S; non-callable for life; guaranteed by SGOS Capital Holdings Sdn Bhd, which is wholly owned by Sarawak state; state government of Sarawak will provide a letter of support; issuer is a Malaysian state situated on the northwest coast of Borneo; price guidance mid-swaps plus 95 basis points; roadshow wraps up Thursday in London, pricing thereafter.

EDEL CAPITAL: Dollar-denominated seven- to 10-year loan participation notes; Dresdner Kleinwort Wasserstein; Regulation S; Sinek Capital borrower; Republic of Tatarstan will guarantee; roadshow July 14 in Hong Kong, July 15 in Singapore, July 18 in Switzerland, July 19 in Paris and Vienna, July 20 in Germany, July 21 in London; Sinek is a holding company for the Republic; company's investment portfolio contains 19 companies, ranging from financial services and telecommunications to oil; Tatarstan is situated in the center of the Russian Federation; price guidance set at 7¾% to 8%.

UNIBANCO SA: $250 million perpetual non-step tier one notes (Ba2); Merrill Lynch & Co., UBS Investment Bank; non-callable for five years; private bank headquartered in Sao Paolo, Brazil; roadshow starts July 18 week.

WEEK OF JULY 25:

STIROL: Dollar-denominated three-year eurobond; ING; Regulation S; roadshow July 18 in Manila, July 19 in Singapore, July 20 in Hong Kong, July 21 in Zurich and Geneva, July 22 in Vienna and Frankfurt, July 25 in London; Ammonia producer; based in Golovka in the Donetsk region in the Ukraine.

HONG LEONG BANK BHD: $200 million lower tier II subordinated bonds due 2015 (Baa2/BBB); Barclays Capital, BNP Paribas, non-callable for five years; 150 basis points step-up after five years; for general corporate purposes; Kuala Lumpur-based commercial bank; roadshow July 21 in Singapore, Hong Kong on July 22, and London on July 25; pricing expected early July 25 week.

JULY 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

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.

AUGUST BUSINESS:

PTT PCL: Up to $700 million of bonds; likely to be structured as long-dated 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.

WOORI BANK: $500 million of three- to five-year bonds; Seoul-based operating unit of Woori Financial Group; expected in August.

EMERGING MARKET OFFERINGS ON THE HORIZON:

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 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; late summer, early fall business.

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.

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.

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

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.

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

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

July 18-25: STIROL: Dollar-denominated three-year eurobond; ING

July 19-21: STATE OF SARAWAK: Dollar-denominated 10-year bullet bonds (Baa1/A-); Deutsche Bank

July 14-21: EDEL CAPITAL: Dollar-denominated seven- to 10-year loan participation notes; Dresdner Kleinwort Wasserstein

July 21- July 25: HONG LEONG BANK BHD: $200 million lower tier II subordinated bonds due 2015 (Baa2/BBB); Barclays Capital, BNP Paribas

Starts week of July 18: UNIBANCO SA: $250 million perpetual non-step tier one notes (Ba2); Merrill Lynch & Co., UBS Investment Bank

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