Emerging markets calendar

SEPTEMBER BUSINESS:

ODEBRECHT OVERSEAS LTD.: $150 million perpetual notes (BB-); Credit Suisse First Boston (books), Deutsche Bank Securities; Regulation S; non-callable for five years; quarterly par calls; no step-up; guaranteed by Construtora Norberto Odebrecht SA (CNO); Brazilian engineering and construction company, and services exporter headquartered in Sao Paolo; roadshow Sept. 12 in Singapore, Sept. 13 in Hong Kong, Sept. 14 in Zurich.

GAZPROMBANK: Benchmark sized dollar-denominated senior unsecured fixed-rate loan participation notes with seven-year or 10-year maturity (Baa2/B+); Citigroup, Dresdner Kleinwort Wasserstein; Regulation S; roadshow starts Sept. 8 in Hong Kong, Sept. 9 in Singapore, Sept. 12 in London, Sept. 13 in Switzerland, Sept. 14 in Germany.

REPUBLIC OF POLAND: Benchmark sized 10-year global bonds and possible long-dated tranche (A2/BBB+); JP Morgan, Lehman; Securities and Exchange Commission registered global bonds; roadshow starts in London on Sept. 8, New York and New Jersey on Sept. 12, Boston and Philadelphia on Sept. 13.

UNITED BULGARIAN BANK: €100 million of three-year bonds; (BBB-/BBB); Deutsche Bank, National Bank of Greece; Regulation S; price guidance set at mid-swaps plus 45 basis points area; roadshow wraps up on Thursday; based in Sofia, 99% owned by National Bank of Greece.

CORPORACION NACIONAL DEL COBRE DE CHILE: $500 million of bonds (Aa3/A); Deutsche Bank, JP Morgan; Rule 144A/Regulation S; intermediate to long-dated maturity; roadshow starts Sept. 8 on Hong Kong; Sept. 9 in Singapore; Sept. 12 in London; Sept. 13- 15 in United States; Santiago-based copper producer.

REPUBLIC OF PHILIPPINES: Add-on to dollar-denominated 9½% sovereign bond due Feb. 2, 2030 (existing ratings Ba2/BB-/BB); $1.5 billion priced at 98.131 on Jan. 26, 2005 to yield 9.7%, $500 million tap priced at 97.875 on May 9, 2005 to yield 9.726% (total issue size $2 billion); expected shortly after Labor Day.

BANCO DO ESTADO DE SAO PAULO SA: $300 million offering of non-cumulative perpetual tier 1 bonds (Ba2); Merrill Lynch; Rule 144A/Regulation S; fixed rate bonds; non-callable for five years with no step-up; roadshow from Monday, Sept. 5 through Monday, Sept. 12; Sao Paolo-based financial institution.

KOREA DEVELOPMENT BANK: Five-year dollar-denominated bond (A3/A/A); HSBC, JP Morgan, Merrill Lynch; expected to launch after investor meetings to be held week of Sept. 5; Seoul-based financial institution.

CHINA DEVELOPMENT BANK: $1 billion global bonds due 2015 (foreign currency debt A2/BBB+/A-); Merrill Lynch & Co., BNP Paribas are joint global coordinators; Barclays Capital, BNP Paribas, Citigroup, Goldman Sachs (Asia), HSBC, JP Morgan, Merrill Lynch, UBS Investment Bank (joint lead managers and joint bookrunners); to fund foreign currency-denominated loans it extends to finance infrastructure and other industrial projects, to repay debt and for working capital and general corporate purposes; Beijing-based; specializes in infrastructure project financing; expected to launch early September.

GERDAU SA: $250 million perpetual notes (Ba3/BB-); HSBC, Citigroup; Rule 144A/Regulation S; senior unsecured fixed rate notes; non-callable for five-years; expected in mid-September following roadshow in Asia and Europe; Brazilian steel company; based in Rio Grande do Sul.

ELETROBRAS: $300 million bonds due 2015; Dresdner Kleinwort Wasserstein; Brazil's main power generation and transmission company, headquartered in Rio de Janeiro.

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.

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

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; September 2005 business.

REPUBLIC OF POLAND: $1 billion to $1.5 billion sovereign bonds due 2015 (A2/BBB+); JP Morgan, Lehman Brothers; expected to launch mid-to-late September.

SEPTEMBER/OCTOBER BUSINESS:

REPUBLIC OF UKRAINE: €600 million 10-year bonds (B1/BB-/BB-); Citigroup; Deutsche Bank; UBS; expected September or October.

BAOSHAN IRON AND STEEL CO. LTD. (Baosteel): dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company; September-October business.

OCTOBER BUSINESS:

AK BARS BANK (Kazakhstan): Eurobond issue, size to be determined; Deutsche Bank; full service bank located in Kazan, Tatarstan, Russian Federation; October business.

EMERGING MARKET OFFERINGS ON THE HORIZON:

PT ADARO INDONESIA: $600 million global bonds; Citigroup, Goldman Sachs, JP Morgan, UBS Inevestment Bank (joint books), to fund acquisition of coal mining assets from Australian company New Hope Corp. Ltd.; Indonesian coal mining company; timing to be determined.

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.

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).

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GULF INTERNATIONAL BANK BSC: dollar-denominated subordinated bonds (issuer's ratings: Baa1/A-); Barclays Capital, Citigroup; Bahrain-based investment bank.

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.

REPUBLIC OF INDONESIA: $1 billion global bond (issuer rating B2/B+/BB-); possible new issue or tap of 7¼% global bond due 2015; Citigroup, Credit Suisse First Boston, Merrill Lynch; 2005 business.

CITY OF KIEV: $250 million 10-year eurobond; (long-term issuer rating B+); Citigroup, Credit Suisse First Boston; Regulation S; expected to launch before the end of 2005; capital and largest city of Ukraine.

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.

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.

K. WAH CONSTRUCTION MATERIALS LTD.: $800 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

WYNN RESORTS (MACAU) SA: $744 million equivalent; Banc of America Securities, Deutsche Bank Securities.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs.

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.

OAO ROSSELKHOZBANK: $200 million to $300 million eurobond; expected by end of 2005; a state-run agricultural bank, based on Moscow.

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.

STATE EXPORT IMPORT BANK OF UKRAINE (UKREXIMBANK): dollar-denominated global bond; Credit Suisse First Boston and UBS; 100% state owned bank, headquartered in Kiev

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.

ROADSHOWS

Sept. 5-12: BANCO DO ESTADO DE SAO PAULO SA: $300 million offering of non-cumulative perpetual tier 1 bonds (Ba1); Merrill Lynch

Sept. 12-14: ODEBRECHT OVERSEAS LTD.: $150 million perpetual notes (BB-); Credit Suisse First Boston (books), Deutsche Bank Securities

Sept. 8-14: GAZPROMBANK: Benchmark-sized dollar-denominated senior unsecured fixed-rate loan participation notes with seven-year or 10-year maturity (Baa2/B+); Citigroup, Dresdner Kleinwort Wasserstein

Sept. 8-13: REPUBLIC OF POLAND: Benchmark sized 10-year global bonds and possible long-dated tranche (A2/BBB+); JP Morgan, Lehman

Sept. 8-15: CORPORACION NACIONAL DEL COBRE DE CHILE: $500 million of bonds (Aa3/A); Deutsche Bank, JP Morgan

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