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.

REPUBLIC OF CROATIA: €500 million 10-year notes (Baa3/BBB-); UBS Investment Bank and JP Morgan; Regulation S; expected in April.

HALYK BANK OF KAZAKHSTAN: $200 million five-year notes (Ba1B+); Credit Suisse First Boston, JP Morgan; Regulation S; expected in April; Kazakhstan bank.

MOBILE TELESYSTEMS: $600 million 10-year notes (Ba3/B+); Regulation 144A/Regulation S; Moscow-based cellular service provider.

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.

CZECH REPUBLIC: €1 billion 10-year deal (A1/A-/A-); Regulation S.

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-term bond issue; to fund capital expenditures, product development and refinancing acquisition of Daewoo; Indian auto manufacturing company.

ALFA BANK: Three-year bond issue (Ba2/B/B+); size, tenor and structure to be determined; UBS Investment Bank, Merrill Lynch & Co.; Regulation S; Moscow bank.

ALROSA CO. LTD: $300 million 10-year issue (B3/B); JPM Morgan and ING Financial Services; Moscow-based diamond company.

REPUBLIC OF ISRAEL: €400 million deal (A2/A-/A-). Deutsche Bank, Morgan Stanley.

CITY OF MOSCOW: €450 million five- to seven-year notes; UBS Investment Bank, Citigroup, Dresdner Kleinwort Wasserstein; Regulation S.

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