Emerging markets calendar

MARCH

MEDCO ENERGI: $200 million bonds due 2009 (B3/B+); Credit Suisse First Boston, UBS Investment Bank; private sector oil company in Indonesia; pricing expected first quarter 2004.

PHILIPPINE NATIONAL BANK: $140 million step-up subordinated bonds due 2014 (Ba1); JP Morgan; roadshow originally completed in December 2003, deal rescheduled; price talk 9%-9¼%.

RELIANCE INDUSTRIES: $750 million bond due 2009; Credit Suisse First Boston and ABN Amro; diversified group of Indian manufacturing companies; pricing in early March.

RUSSIAN STANDARD BANK: Eurobonds, size, tenor and structure to be determined; Barclays Capital and Citigroup; pricing expected end of March.

SECOND QUARTER

PT BANK MANDIRI: Dollar-denominated deal coming in second quarter (B2/B); size, tenor and structure to be determined.

VOTARANTIM CELULOSE E PAPEL SA: $300 million 10-year bond deal; Sao Paolo, Brazil pulp and paper company.

EMERGING MARKET OFFERINGS ON THE HORIZON

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

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; deal expected to come later this year.

OAO LUKOIL: $500 million eurobonds as part of 2004 borrowing program; Russian oil company.

TATA MOTORS: $500 million long-tem bond issue; to fund capital expenditures, product development and refinancing acquisition of Daewoo; Indian auto manufacturing company.

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