Emerging markets calendar: Panamericano offers $120 million

JUNE

BANCO PANAMERICANO: $120 million two-year eurobonds (Ba2); Banco Votorantim, Banco Espirito Santo, Unibanco (joint books); Regulation S; Sao Paulo-based retail and commercial bank; roadshow in New York on May 19 and May 20; initial guidance in 7¼% area.

ROSEVROBANK: Dollar-denominated one-year bond with a 9% coupon, 9¼% yield; BCP Securities; Regulation S; proceeds for general corporate purposes; Moscow-based commercial and retail bank.

BANCO PINE SA: $100 million to $150 million bonds; Sao Paulo, Brazil-based commercial and retail bank.

INDONESIA: $1.5 billion bonds; Credit Suisse, Deutsche Bank, Lehman Brothers (joint books).

ON THE HORIZON

BANCO INDUSTRIAL SA: $85 million fixed to floating rate 60-year tier 1 notes; coupon will be fixed between 9% and 10% for the first 10 years, if not called the coupon steps up to a spread of Libor plus 500 bps for the next 10 years, for the remaining 40 years the coupon steps up another 150 bps; Credit Suisse; Regulation S; Guatemala City-based retail and commercial bank.

BRASKEM SA: $1.2 billion in debt over two separate issuances (Ba1/BB+/BB+); Sao Paulo-based petrochemical firm.

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

INDUSTRIAL BANK OF KOREA: ¥50 billion senior unsecured bonds (Aa3/A/) in two-year and five-year tranches; JPMorgan, Mizuho Securities, UBS (joint books); Seoul-based commercial and retail bank.

ROMANIA: €500 million 10-year eurobonds; Credit Suisse, UBS, Eurobank EFG (joint books); planned in the first half of 2008.

OAO SIBIRTELECOM: $90 million bonds (B+); MDM Bank; Novosibirsk, Russia-based fixed-line telecom operator coupon is expected at 7.7%; yield expected between 9% and 9½%.

ST. VINCENT AND THE GRENADINES: Dollar-denominated 10-year offer; HSBC; Regulation S; proceeds to construct a national library, stadium, police stations and river defenses.

TECHNIKABANK: Dollar-denominated loan participation notes (B3//B-, expected); Morgan Stanley; Rule 144A/Regulation S; Baku, Azerbaijan-based commercial and retail bank; roadshow in Asia, Europe and the United States from April 23 to May 1.

UKRAINE: Sovereign bonds (B1/BB-/BB-); BNP Paribas, JPMorgan, Standard Bank (joint books).

LOCAL CURRENCY

ALDAR PROPERTIES PJSC: Debut dirham-denominated sukuk; Abu Dhabi Commercial Bank, Barclays, Credit Suisse, Dubai Islamic Bank, First Gulf Bank, Lehman Brothers, National Bank of Abu Dhabi, Noor Islamic Bank (joint books); Regulation S; Abu Dhabi-based property developer; roadshow in Abu Dhabi, Bahrain and London began May 27.

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.

AMERICAN ISRAELI PAPER MILLS LTD.: Up to NIS 1 billion debenture offer; offer includes 10 million warrants of series A to D exercisable for one ordinary share, 1 million warrants of series E to Hi exercisable for one debenture at the principal amount of NIS 100; Hadera, Israel-based paper producer.

AMLAK FINANCE PJSC: 4.8 billion offer, 1.8 billion dirham convertible sukuk and 3 billion dirham conventional sukuk; Dubai-based commercial and retail lender.

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 SOUTHERN AIRLINE CO. LTD.: 1.5 billion yuan three-year bond; proceeds for working capital; Guangzhou, China-based airline.

CHINABANK: Up to PHP 8 billion in long-term negotiable certificates of time deposit; two or more tranches of at most PHP 5 billion and PHP 3 billion; Manila-based commercial and retail bank.

PT DANARESKA: 500 million rupiah three-tranche bond (A/A-, local); 200 million rupiah two-year tranche, 100 million rupiah three-year tranche, 200 million rupiah five-year tranche; Danareksa Sekuritas, Bahana Securities, Mandiri Sekuritas (joint books); proceeds to refinancing debt, working capital; state-owned investment company.

FRASER & NEAVE HOLDINGS BHD: 1 billion ringgit seven-year bond; proceeds for working capital; Singapore-based bank and real estate developer.

HUADIAN POWER INTERNATIONAL CO. LTD.: 5.3 billion yuan six-year bonds with one-year warrants; each warrant is redeemable for one A share; proceeds to acquire and build new power facilities; Beijing-based state-owned power company.

MATANG HIGHWAY SDN. BHD.: 70 million ringgit sukuk; proceeds to refinance debt related to the construction of the Matang Highway and for working capital; government entity established to fund the construction of the highway.

METROBANK: PHP 10 billion lower tier 2 notes in one or two tranches; proceeds to refinance debt; Makati City, Philippines-based bank.

MUHIBBAH ENGINEERING BHD.: 130 million ringgit sukuk with detachable warrants; 38 million warrants; Selangor, Malaysia-based construction firm.

NAKHEEL PJSC: Dirham-denominated two-year sukuk; Dubai-based property developer.

PING AN INSURANCE CO.: 41.2 billion yuan six-year A share bonds with one-year warrants; two warrants are redeemable for one A share; proceeds for working capital; Shenzhen, China-based insurer.

SINOPEC: 20 billion yuan five- to 10-year domestic bond; 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.

TEXTRON FINANCIAL CORP.: Mexican peso-denominated medium-term notes (A3/A-/A-); Merrill Lynch; proceeds to refinance debt; Providence, R.I.-based commercial finance company.

URALSVYAZINFORM: 2 billion ruble five-year notes; AKB Svyaz Bank (lead), VTB Bank, Sberbank, Dresdner Bank (co's); proceeds for refinancing existing debt; Ekaterinburg, Russia-based telecommunications provider.

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