Emerging markets calendar

MARCH

BANK DANAMON INDONESIA: 10-year subordinated bonds (B3/B-); size to be determined; Citigroup, Deutsche Bank Securities; roadshow starts March 18 in Singapore, then Hong Kong and London; pricing expected after the week of March 22

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 March.

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

SAZKA (CZECH REPUBLIC LOTTERY CO.): €190 million international bonds due 2014; Credit Suisse First Boston; expected to contain amortization feature with average life of seven years; expected to price March-April.

SUN SAGE MANDO BV: $200 million senior secured notes due 2009 (BB); JP Morgan, Deutsche Bank, Lehman Brothers; Rule 144A/Regulation S (no registration rights); callable with T+75 basis points make-whole call first three years, then at premium; separately guaranteed by Mando (Netherlands) Holdings BV; to pay a dividend to the sponsors; holding company for Korean auto parts manufacturer; roadshow takes place March 15 week; pricing expected Friday; price guidance 8%- 8 ¼% yield.

APRIL

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.

KOREA EAST-WEST POWER: $200 to $250 million notes; Credit Suisse First Boston and Barclays Capital; refinancing company debt and building power plants; Seoul-based power utility; pricing expected in April.

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

VNESHTORGBANK: $300+ five- to 10-year bond issue (Baa3); Citigroup, Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; expected to price first quarter; Moscow bank.

SECOND QUARTER

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

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

REPUBLIC OF SLOVAKIA: €1 billion five- to 10-year issue (A3/BBB); Regulation S; pricing expected second quarter

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

EMERGING MARKET OFFERINGS ON THE HORIZON

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.

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.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

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

KOREA MIDLAND POWER: $150 million bonds; Credit Suisse First Boston and J.P. Morgan; power utility company.

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

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

REPUBLIC OF ROMANIA: €600 million 10-year notes (Ba3/BB); Regulation S; expected in the first half.

SK TELECOM: $300 million seven-year bond; Credit Suisse First Boston, Citigroup; finance debt; Seoul, Korea cell phone operator.

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

VIMPEL COMMUNICATIONS: $200 million three- to five-year notes (B+); Rule 144A/Regulation S; Moscow-based communications company.

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