Emerging markets calendar: State Bank of India to sell two-part notes offering

WEEK OF FEB. 5:

STATE BANK OF INDIA: Dollar-denominated two-part notes offering (issuer's rating Baa2/BBB-/BBB-); Barclays Capital, Citigroup, Deutsche Bank, HSBC; Regulation S; guidance on the tranche of five-year senior notes lowered to Libor plus 38 to 40 basis points; hybrid tier I perpetual notes talked at mid-swaps plus 120 to 125 basis points; priced off the bank's euro medium-term note program; New Delhi-based state-run bank.

ATF BANK: Benchmark offering of dollar-denominated seven-year notes; Citigroup, ING (joint books); Rule 144A/Regulation S; Almaty, Kazakhstan-based financial institution; roadshow Feb. 7 in Singapore and Los Angeles, Feb. 8 in Hong Kong and Boston, Feb. 9 in Frankfurt, Vienna and New York, Feb. 12 in London; pricing after.

GC IMPSAT HOLDINGS I PLC: $200 million 10-year senior unsecured notes; Credit Suisse (books), Deutsche Bank; Rule 144A/Regulation S; non-callable for five years; change of control put option at 101; equity clawback of up to 35% up to 2010; to finance a portion of the roughly $367 million required for the purchase of Impsat Fiber Networks, Inc. by Global Crossing, Ltd.; corporate communications provider headquartered in Buenos Aires; guaranteed by existing and future subsidiaries, with the exception of Impsat SA, a Colombian company; unofficial talk in 10% area.

KAZKOMMERTS INTERNATIONAL BV: Sterling-denominated issue of five-year bonds (Baa1/BB+/BB+); ABN Amro, Dresdner Kleinwort, JP Morgan; Regulation S; guidance in the area of Gilts plus 225 basis points, guaranteed by JSC Kazkommertsbank, the largest private bank in Kazakhstan.

EXPORT-IMPORT BANK OF KOREA (KEXIM): 10-year euro-denominated notes (Aa3/A); expected benchmark size of around $1 billion equivalent; Citigroup, DePfa Bank plc, Deutsche Bank, Merrill Lynch & Co., UBS Investment Bank joint books; off shelf; proceeds for general operations; non-callable; roadshow in Amsterdam and Helsinki on Feb. 8, Luxembourg and Copenhagen on Feb. 9, Paris and Frankfurt on Feb. 12.; expected to price soon after.

SOCIEDAD DE INVERSIONES CALICHERA (PAMPA CALICHERA): $250 million senior secured notes due 2022 with 13 year average life (expected BB-); Deutsche Bank; Rule 144A/Regulation S; make-whole call at Treasuries plus 150 bps; issue size will not grow; equal annual payments in 2018 and 2022; to refinance debt, finance the purchase of shares and for general corporate purposes; Santiago, Chile-based producer of specialty integrated fertilizers and industrial chemicals; roadshow Feb. 6 in London, Feb. 7-8 New York.

SB FUNDING LTD. (BANK SOYUZ): Dollar-denominated loan participation notes due 2010 (expected ratings B1/B-); ING; non-callable; commercial banking company headquartered in Moscow; price guidance 9 3/8% area; roadshow concludes Wednesday.

UKRSOTSBANK JSCB: Dollar-denominated offering of loan participation notes (B2/B/B-); ABN Amro, Credit Suisse; Regulation S; roadshow started Feb. 5-7, stops in Hong Kong, London, Singapore, Zurich and Geneva, Frankfurt and Munich; issued via Credit Suisse International; maturity expected to be three to five years; Kiev, Ukraine-based bank.

FEBRUARY:

ALFA BOND ISSUANCE PLC/ALFA BANK (Ba2/BB): Dollar-denominated lower tier II subordinated loan participation notes due 2017; Dresdner Kleinwort, JP Morgan (joint); Regulation S; non-callable for five years; 150 bps coupon step up; roadshow starts Feb. 12 in Hong Kong, Feb. 13 in Singapore and London, Feb. 14 in Frankfurt and London; Moscow-based Alfa Bank is the largest privately owned commercial bank in Russia.

FABRICA DE PRODUTOS ALIMENTICOS VIGOR SA: $100 million notes (B2) via Rule 144A and Regulation S; Dresdner Kleinwort; tenor to be determined; roadshow Feb. 6 in Singapore, Feb. 7 in Hong Kong, Feb. 8 in New York, Feb. 9 in London, Feb. 12 in Geneva and Zurich, Feb. 13 in Frankfurt and Vienna; one of Brazil's largest nationally owned conglomerates in the dairy and vegetable oil products segments.

ON THE HORIZON:

HUNGARIAN TELEPHONE AND CABLE CORP. (HTTC): €200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities; in connection with HTTC's acquisition of Invitel; HTTC, 62% owned by Danish telecom, TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle; expected in second quarter of 2007.

HOME CREDIT & FINANCE BANK RUSSIA: Dollar-denominated eurobonds; ABM Amro, BNP Paribas; expected to take place during the first half of this year; Russian arm of consumer lending group Home Credit.

PT INDOFOOD SUKSES MAKMUR: $250 million to $300 million bonds; to refinance company's bonds due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

ROADSHOWS:

Ended Feb. 7: SB FUNDING LTD. (BANK SOYUZ): Dollar-denominated loan participation notes due 2010; ING

Feb. 7-12: ATF BANK: Dollar-denominated seven-year notes; Citigroup, ING

Feb. 5-7: UKRSOTSBANK JSCB: Dollar-denominated offering of loan participation notes (B2/B/B-); ABN Amro, Credit Suisse

Feb. 6-8: SOCIEDAD DE INVERSIONES CALICHERA (PAMPA CALICHERA): $250 million senior secured notes due 2022; Deutsche Bank

Feb. 8-12: EXPORT-IMPORT BANK OF KOREA (KEXIM): 10-year euro-denominated notes; Citigroup, DePfa Bank plc, Deutsche Bank, Merrill Lynch & Co., UBS Investment Bank

Feb. 6-13: FABRICA DE PRODUTOS ALIMENTICOS VIGOR SA: $100 million notes; Dresdner Kleinwort

Feb. 12-14: ALFA BOND ISSUANCE PLC/ALFA BANK: Dollar-denominated lower tier II subordinated loan participation notes due 2017; Dresdner Kleinwort, JP Morgan (joint)

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