Emerging markets calendar

WEEK OF MARCH 29

BANCO BRADESCO: €150 million 10-year notes; non-callable; BNP Paribas; Regulation S; political risk insurance from Zurich; listed on Luxembourg Exchange; Latin America's largest bank; expected to price March 22 week; price guidance to yield 8.10% to 8.30%.

COMMERCE INTERNATIONAL MERCHANT BANKERS BERHAD (MALAYSIA): $100 million subordinated notes due 2014 (Ba1//BBB-); Morgan Stanley; non-callable for five years; Kuala Lumpur-based financial institution; expected to price March 29 week.

APRIL

KAZKOMMERTSBANK: Two tranche offering of $100 million notes; long-term notes (Baa2/BB-/BB), 10-year lower tier II bonds (Baa3/B); Citigroup and ING; Rule 144A/Regulation S; NC-5; roadshow in Singapore, Hong Kong, London and east and west coast of U.S.; Kazakhstan bank; revised price talk of 465 basis points over five-year Treasury for lower tier II bonds; pricing after investor meeting.

MEDCO ENERGI: $200 million bonds due 2009 (B3/B+); Credit Suisse First Boston and 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: $150 million minimum Eurobonds three to five year; Barclays Capital and Citigroup; roadshow Friday; pricing expected in April

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.

REPUBLIC OF CROATIA: €500 million 10-year notes (Baa3/BBB-/BBB-); UBS Investment Bank and JP Morgan; Regulation S; roadshow to start on March 29 in Athens, March 30 in Frankfurt and Munich. March 31 in Vienna and Netherlands, April 1 in Zurich and April 2 in London; pricing expected in April.

HALYK BANK OF KAZAKHSTAN: $200 million five-year notes (Ba1B+); Credit Suisse First Boston and 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.

KOREA ELECTRIC POWER CORP. $300 million 10-year bonds (A3/A-); to retire yen-denominated maturing debt; Seoul, Korea power utility company; expected mid-April.

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

BANK MUSCAT: Dollar-denominated floating rate notes due 2009 (expected ratings Baa3/BBB-); ABN Amro and HSBC; Regulation S; roadshow starts mid-April; Oman-based bank.

OAO SEVERSTAL: $300 million loan participation notes due 2011 or 2014 (B2/B+); Citigroup; Rule 144A/Regulation S; roadshow starts March 29 on U.S. West Coast, March 30 in Midwest, March 31-April 2 on East Coast; expected to price early in April 5 week.

VNESHTORGBANK: $300+ five- to 10-year bond issue (Baa3); Citigroup and 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.

ENERGORYNOK (UKRAINE) $300 million debut international bond with five or seven-year maturity; JP Morgan; non-callable; Ukrainian state-owned power company; possible second quarter business.

MALAYSIA INTERNATIONAL SHIPPING CORP.: $1 billion (approximate) with 5-10 year tenor; (Baa2/BB+); Barclays Capital and Citigroup; to refinance existing $800 million bridge loan maturing in June 2004; anticipated second quarter business; Kuala Lumpur-based marine shipping and logistics company.

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

VIMPELCOM: $300 million three-to-five year notes (B+); JP Morgan and UBS Investment Bank (expected); Rule 144A/Regulation S; to refinance debt; Moscow-based communications company; expected to close in the 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

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

CONTINENTAL CHEMICAL HOLDINGS: $150 million notes (B1); UBS Securities; Singapore-based maker of intermediate chemicals and specialty resin products.

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 and Morgan Stanley.

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

OAO LUKOIL: $500 million eurobonds as part of 2004 borrowing program; Russian oil company; expected Credit Suisse First Boston and Deutsche Bank Securities.

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

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

SEVERALMAZ: add-on to existing $100 million eurobond due 2006; ING; Regulation S; Arkhangelsk, Russia diamond company

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

UKRSOTSBANK: $100 million three-year bonds (B2); ABN Amro; Regulation S; Kiev, Ukraine-based bank.

Roadshows

Started March 26: RUSSIAN STANDARD BANK; $150 million eurobond; Barclays Capital and Citigroup

Started week of March 22: KAZKOMMERTSBANK $100 million; Citigroup and ING; Rule 144A/Regulation S

March 29-April 2: REPUBLIC OF CROATIA: €500 million; UBS Investment Bank and JP Morgan; Regulation S

March 29-April 2: OAO SEVERSTAL: $300 million Citigroup; Rule 144A/Regulation S

Starts mid-April: BANK MUSCAT Dollar-denominated: ABN Amro and HSBC; Regulation S

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