Emerging markets calendar: National Agricultural Cooperative to price

SEPTEMBER 21 WEEK

ARCOS DORADOS BV: $450 million senior notes due 2019 (Ba2/ /BBB-); Morgan Stanley, Bank of America Merrill Lynch (active), Citigroup, Banco Itau, Banco Santander, Scotia Capital (passive); Rule 144A/Regulation S; non-callable for five years; to repay debt and for general corporate purposes; largest restaurant company in Latin America, owner of the of the license to operate McDonald's restaurants in the region, based in Buenos Aires, Argentina; initial guidance 8% area; roadshow continues Wednesday in Boston and on the U.S. West Coast.

EURASIAN DEVELOPMENT BANK (A3/BBB/BBB): Benchmark dollar-denominated senior unsecured five-year global bonds; JP Morgan, Deutsche Bank, RBS Securities; Rule 144A/Regulation S; Almaty, Kazakhstan-based bank provides financing to Eurasian states; price talk 7¾% area; pricing as early as Sept. 22.

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION (NACF): Benchmark sized dollar-denominated senior unsecured fixed-rate notes (A2); BNP Paribas, Deutsche Bank, HSBC, JP Morgan, from global medium-term notes program; Korean government's agricultural policy-making organization; price talk mid-swaps plus 240 bps to 250 bps; pricing Wednesday.

SEPTEMBER 28 WEEK

BUKIT MAKMUR MANDIRI UTAMA (BUMA): $600 million debt financing to include five-year bonds; Barclays Capital, Deutsche Bank, ING; Rule 144A/Regulation S; financing also to include a bank loan; Indonesian coal mining company; pricing expected Sept. 28 week.

ON THE HORIZON

ABU DHABI NATIONAL ENERGY CO. (Aa2): Benchmark-sized, dollar-denominated notes; BNP Paribas, HSBC, Mitsubishi UFJ Securities, Morgan Stanley, Standard Chartered Bank; Rule 144A/Regulation S; from global MTN program; 72.1% indirectly owned by the government of Abu Dhabi; subject to market conditions.

BANCO BRADESCO SA: Dollar-denominated tier 2 bonds due 2019 (expected ratings Baa3//BBB); HSBC, Bradesco BBI; Rule 144A/Regulation S; private bank headquartered in Osasco, Brazil; to launch, subject to market conditions, following investor meetings in Europe and the United States.

ISLAMIC DEVELOPMENT BANK: Bond deal; BNP Paribas, Deutsche Bank, HSBC; Jeddah, Saudi Arabia, financial institution.

ROMANIA: Benchmark-sized euro-denominated bonds; Deutsche Bank, EFG Eurobank, HSBC; expected 2009 business.

SLOVENIA: Euro-denominated benchmark-sized bond (Aa2/AA/AA); HSBC, RBS, Societe Generale, UniCredit Banka Slovenija (joint books).

LOCAL CURRENCY

JSC POLYMETAL: 5 billion rubles of three-year bonds; Saint Petersburg, Russia-based mining company.

REGIONAL CONTAINER LINES PCL: 5 billion baht five-year unsecured unsubordinated debentures; Bangkok-based shipping company.

OAO SEVERSTAL: RUB 45 billion five-tranche bond program; two tranches of RUB 5 billion, two tranches of RUB 10 billion and one of RUB 15 billion; maximum tenor of each tranche is three years; expects to place first tranche in September; to refinance debt and for general corporate purposes; Citi and Raiffeisen are joint lead arrangers; Cherepovets, Russia-based steel producer.

ROADSHOWS

Sept. 21-24: ARCOS DORADOS BV: Benchmark dollar-denominated senior notes; Morgan Stanley, Bank of America Merrill Lynch (joint)

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