Emerging markets calendar: Cemex offers dollar benchmark

ON THE HORIZON

CEMEX, SAB DE CV: Benchmark-sized offer of dollar-denominated senior notes with intermediate maturities and high-yield covenants (//BB); Citigroup, BBVA Securities, HSBC, RBS Greenwich Capital, Santander Investments; Rule 144A/Regulation S with registration rights; to refinance debt; cement company based in Garza Garcia, Mexico; roadshow started Feb. 25 in London, U.S. roadshow Feb. 27 to March 4, pricing after that depending on market conditions.

CZECH REPUBLIC: €1 billion eurobond (A1/A/A+); Barclays Capital, Ceska Sporitelna, Deutsche Bank (joint books)

EGYPT: Egyptian pound-denominated eurobonds (Ba1/BB+/BB+); HSBC, Merrill Lynch (joint books); pricing originally expected in 2008.

LOCAL CURRENCY

AMBANK BHD.: S$425 million 10-year stapled notes (BB/BB); BNP Paribas, AmBank (joint books); proceeds to fund the bank's growth; Kuala Lumpur, Malaysia-based retail and commercial bank.

BANK OF COMMUNICATIONS CO. LTD.: Up to 5 billion yuan bonds, maturity of one to three years; proceeds for granting loans, general working capital and general corporate purposes; Shanghai-based retail and commercial bank.

CHINA COMMUNICATIONS CONSTRUCTION CO. LTD.: Up to 15 billion yuan bond issue; five- to 15-year maturity; interest rate not to exceed central bank benchmark lending rate; proceeds to refinance debt; Beijing-based infrastructure and ports operator.

CHINA SHIPPING DEVELOPMENT CO. LTD.: RMB 5 billion 10-year medium-term notes; proceeds to fund building vessels, to repay bank loans; Shanghai-based shipping company.

SAN MIGUEL BREWERY INC.: PHP 20 billion of fixed-rate bonds in three series; three-year series A bonds, five-year series B bonds, 10-year series C bonds; Mandaluyong City, Philippines-based brewer.

SINOPEC: 20 billion yuan five- to 10-year domestic bonds; coupon will not exceed 90% of the central bank's loan rate; half of proceeds to improve Sinopec's debt structure, half for working capital; Beijing-based energy and natural resource developer.

ROADSHOWS

Feb. 27 - March 4: CEMEX, SAB DE CV: Benchmark-sized offer of dollar-denominated senior notes with intermediate maturities and high-yield covenants (//BB); Citigroup, BBVA Securities, HSBC, RBS Greenwich Capital, Santander Investments

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