Emerging markets calendar

WEEK OF JAN. 24

HANARO TELECOM: $500 million global bonds due 2012 (Ba2); JP Morgan, UBS; roadshow started in Seoul on Jan. 17, Singapore and Los Angeles on Jan. 19, then makes stops in Hong Kong and Boston on Jan. 20, and wraps up in London and New York from Jan. 21 to Jan. 24; expected to expire on Feb. 1, 2012 and will be structured as a bullet; subscription date is listed as Jan. 25 and the payment date as Feb. 1; South Korea's second-largest broadband service provider; price guidance set at 7¼% to 7½%; pricing expected on Jan. 25.

EMIRATES BANK INTERNATIONAL: Benchmark-size offering of five-year floating-rate loan notes (A1//A); Barclays Capital, Dresdner Kleinwort Wasserstein, HSBC; Regulation S; roadshow started on Jan. 24 in Switzerland and Singapore; Munich, Frankfurt and Kuala Lumpur on Jan. 25, then makes stops in Vienna, Milan and Hong Kong on Jan. 26 and wraps up in London and Taipei on Jan. 27; part of the bank's euro medium term note program; based in Dubai.

TURANALEM FINANCE BV: $200 million eurobond with seven-year to 10-year maturity (Baa2/BB-); ING, JP Morgan; Rule 144A/Regulation S; non-callable; second-largest bank in Kazakhstan, roadshow started Jan. 20 in Asia, Jan. 24-25 in U.S., Jan. 26 in Geneva and Zurich, Jan. 27 in London; pricing expected on Jan. 28.

ALFA BANK: $150 million eurobond with two-year or three-year maturity; Merrill Lynch & Co., UBS Investment Bank; roadshow started Jan. 21 in London.

FIRST CITIZENS BANK ST. LUCIA: $100 million seven-year bonds (Baa1/BBB); Bear Stearns; Rule 144A (without registration rights); roadshow Jan. 24 through Jan. 26; offshore financing vehicle for Trinidad and Tobago's First Citizens Bank.

REPUBLIC OF HUNGARY: $500 million fixed-rate global bonds due 2015 (10-year); Deutsche Bank, Morgan Stanley; U.S. roadshow Jan. 24 in San Francisco and Los Angeles, Boston on Jan. 25, and New York on Jan. 26.

WEEK OF JAN. 31

VNESHTORGBANK: Benchmark-sized 10-year eurobonds (Senior rating: Baa2/BB+/BBB-); ABN Amro Bank, Deutsche Bank, HSBC, JP Morgan; Regulation S; NC-5; lower tier II subordinated loan participation notes; Russia's largest bank in terms of authorized capital, government of the Russian Federation is major shareholder.

SBERBANK: Benchmark-sized loan participation notes due 2015 (sub: Baa3/BB+, senior: Baa2/BBB-); UBS Investment Bank; Regulation S; lower tier two notes; non-callable for five years; Russia's largest bank; roadshow starts on Jan. 31 in Hong Kong, Frankfurt and Munich, Feb. 1. in Singapore, Geneva and Zurich, Feb. 2 in Vienna and Milan and Feb. 3 in London.

REPUBLIC OF LITHUANA: €600 million 11-year notes (A3/A-/A-); Deutsche Bank, UBS Investment Bank, Regulation S; roadshow starts Jan. 31 in Helsinki and Copenhagen, Frankfurt on Feb.1, Netherlands, Zurich and Vienna on Feb. 2, and London on Feb. 3.

CHAODA MODERN AGRICULTURE LTD.: $200 million five-year bullet (Ba3/BB; Credit Suisse First Boston, Deutsche Bank, Merrill Lynch; Rule 144A/Regulation S; marketing started in Singapore on Jan. 24, Hong Kong on Jan. 25, London on Jan. 26, Boston on Jan. 27, New York on Jan. 28, West Coast on Jan. 31; for the use of capital expenditures and capital purposes; Fuzhou, China, and Wanchai, Hong Kong-based organic farming company.

JANUARY

FIRST INVESTMENT BANK BULGARIA: €100 million three-year bonds (expected Ba3/B+); ABN Amro, Dresdner Kleinwort Wasserstein; Regulation S; price guidance set at 7¾% area; based in Sofia, Bulgaria.

RIZAL COMMERCIAL BANKING CORP.: $100 million to $150 million global bond due 2010; UBS AG; non-callable for three years; Philippines financial institution; roadshow expected to begin Jan. 24 week in Asia.

BANCO VOTARANTIM: $100 million two-year notes; Standard Bank London; Regulation S; set price guidance at 4% to 4¼%; San Paolo-based investment bank.

BOLIVARIAN REPUBLIC OF VENEZUELA: Sent out RFPs in January for dollar-denominated or euro-denominated bond offering.

EMERGING MARKET OFFERINGS ON THE HORIZON

REPUBLIC OF ECUADOR: Sent out requests for proposals.

ENERGORYNOK (UKRAINE) $300 million debut international bond with three- or five-year maturity; JP Morgan; Regulation S; non-callable; Ukrainian state-owned power company.

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.

EAST LINE CAPITAL SA: Eurobonds (company ratings B3/B-); Isle of Man holding company owns a number of businesses that operate predominantly in Russia; holding investor meetings in selected European centers.

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.

KOREA EXCHANGE BANK: U.S dollar-denominated subordinate debt; refinance $200 million bonds due 2010, which are callable in June 2005; based in Seoul; owned by U.S investment fund Loan Star.

KOREA HIGH SPEED RAIL CONSTRUCTION AUTHORITY: $300 to $500 million bonds.

PT KRAKATAU: $400 million bond, tenor and structure to be determined; to fund expansion of the steel business; Jakarta, Indonesia steel manufacturer.

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; by the end of 2004; 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 INTERNASIONAL INDONESIA: $150 million bonds; controlled by Singapore's state-owned investment company Temasek Holdings Pte.

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.

CITY OF BUCHAREST: Sent out RFPs for a eurobond issue up to €120 million; capital of Romania.

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

HUTCHINSON WHAMPOA LTD.: Bond offering; Hong Kong-based telecommunications conglomerate.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

INDIAN RAILWAY FINANCE CORP.: $200 million five- to seven- year floating-rate notes; financing vehicle for state-owned Indian Railway.

REPUBLIC OF INDONESIA: $1 billion global bonds; by end of first quarter of 2005.

PT INDONESIAN SATELLITE CORP. TBK (INDOSAT): To issue bonds in 2005 to raise funds for network expansion; considering yankee bond and commercial loan; telecommunications provider based in Jakarta.

KAZAKHMYS: $240 million bonds; Credit Suisse First Boston; copper company in Kazakhstan.

KHAZANAH NASIONAL BHD: To tap overseas capital markets; dollar-denominated or local currency- denominated bond offering; Malaysian government investment company.

KOREA ELECTRIC POWER CORP: $300 million bonds; Seoul-based power company.

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.

MEZHPROMBANK: $200 billion eurobond (B-); pricing expected at end of year; one of 20 major banks in Russia.

BANK NIAGA: $100 million lower tier 2 subordinated notes due 2015 (10-year); Citigroup, CIMB Bhd.; non-callable for five years; expected first quarter of 2005.

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.

RELIANCE INDUSTRIES: $750 million bond due 2009; Credit Suisse First Boston, ABN Amro; diversified group of Indian manufacturing companies.

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.

TRANSPORTADORA DE GAS DEL PERU: $275 million bond offering; to finance the construction of pipelines across the Andes to bring gas to Lima; unit of Buenos Aires-based Techint.

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; first or second quarter of 2005; Kiev, Ukraine-based bank.

OAO URALSVYAZINFORM: $150 to $200 million eurobonds; to restructure short-term loans; telecommunications provider in the Urals region, based in Perm, Russia.

VAKIFBANK: $300 million eurobond due 2009; JP Morgan, Citibank, ABN Amro; Turkish state bank (expected to be privatized under Turkey's reform pledges to the World Bank); expected to launch in first quarter of 2005.

YUZHMASH: $130 million five-year bond offering (B1/B); Regulation S; government guaranteed; Ukrainian rocket manufacturer.

ROADSHOWS:

Jan. 17 - Jan. 24: HANARO TELECOM: $500 million global bond due 2012; JP Morgan, UBS

Jan. 21: ALFA BANK: $150 million eurobond with two-year or three-year maturity; Merrill Lynch & Co., UBS Investment Bank

Jan. 24 - Jan. 27: EMIRATES BANK INTERNATIONAL: benchmark size offering of five-year floating rate loan notes (A1//A); Barclays Capital, Dresdner Kleinwort Wasserstein, HSBC

Jan. 10 - Jan. 27: TURANALEM FINANCE B.V.: $200 million eurobond with seven-year to 10-year maturity (Baa2/BB-); ING, JP Morgan

Jan. 24 - Jan. 26: REPUBLIC OF HUNGARY: $500 million fixed-rate global bonds due 2015 (10-year); Deutsche Bank, Morgan Stanley

Week of Jan 24: RIZAL COMMERCIAL BANKING CORP.: $100 million to $150 million global bond due 2010; UBS AG

Jan. 24 - Jan. 26: FIRST CITIZENS BANK ST. LUCIA: $100 million seven-year bonds (Baa1/BBB); Bear Stearns

Jan. 24 - Jan. 31: CHAODA MODERN AGRICULTURE LTD.: $200 million five-year bullet (expected BB/Ba3); Credit Suisse First Boston, Deutsche Bank, Merrill Lynch

Starts Jan. 31 - Feb. 3: REPUBLIC OF LITHUANA: €600 million 11-year notes (A3/A-/A-); Deutsche Bank, UBS Investment Bank

Starts Jan. 31 - Feb. 3: SBERBANK: Benchmark-sized loan participation notes due 2015 (sub: Baa3/BB+, senior: Baa2/BBB-); UBS Investment Bank

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