Emerging markets calendar

APRIL/MAY

AGROKOR: add-on to €130 million 11% notes due 2007 (B1/B+); Deutsche Bank; roadshow to start week of April 26 in Vienna, Athens, Frankfurt, Zurich and London; Zagreb, Croatia-based food company.

BANCO REAL: $50 million three-year add-on; Banco Itau; Regulation S only; San Paulo-based bank; price guidance 4 ¼%.

CP CIMENTO E PARTICIPACOES: $30 million two-year notes; BES Investimento; Regulation S only; Rio de Janeiro-based cement holding company; price guidance 7 1/8% to 7 3/8%.

KALTIM PRIMA COAL: $375 million floating-rate notes due 2007 and fixed-rate notes due 2009, tranche sizes to be determined; notes due 2005 are non-callable for two years, notes due 2009 are non-callable for three years; Credit Suisse First Boston and JP Morgan; Rule 144A/Regulation S; to refinance a $404.5 million five-year loan that PT Bumi Resources obtained in 2003 to fund the acquisition of Kaltim Prima from Rio Tinto plc and BP plc; Indonesia's second largest coal mining company; roadshow will start in Hong Kong on April 29, then Singapore on April 30, then stopping in London and New York on May 4 and finishing off in Boston on May 5.

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%.

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

REPUBLIC OF LEBANON: Seven-year notes (B2/B-); BNP Paribas and Credit Suisse First Boston; to pay maturing foreign bonds and loans; expected to price in second quarter.

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.

VIMPELCOM: $300 million five to seven-year notes (B1/BB-); JP Morgan and UBS Investment Bank; Rule 144A/Regulation S; to refinance debt; Moscow-based communications company; Roadshow starts in Zurich on April 26, followed by London on April 27, then Boston on April 28 and New York on April 29.

VNESHTORGBANK (VTB): $300 million plus five- to 10-year bond issue (Baa3/-/BB+); Citigroup and Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; Moscow bank.

MAY

GAZPROMBANK: $500 million seven- to 10-year bond benchmark offering (Ba2/B+); Citigroup and Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; Moscow-based subsidiary of Russian natural gas company OAO Gazprom; roadshow will start on May 3 on the West Coast and in Hong Kong, travel to Boston and Singapore on May 4, stopping in Philadelphia, New Jersey, Frankfurt and Zurich on May 5, and finishing off on New York and London on May 6, pricing expected in May.

NCLC: $350-$450 million senior notes due 2014 (B2/B+); JP Morgan (sole books); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes including the potential construction of new cruise ships; a direct wholly owned subsidiary of Star Cruises Ltd.; roadshow April 26-May 5 (starts April 27 in the United States); pricing expected on May 6.

REPUBLIC OF SLOVAKIA: €1 billion 10-year notes (A3/BBB+); ABN Amro, Dresdner Kleinwort Wasserstein, and Morgan Stanley; roadshow in Amsterdam and Milan on May 3, Frankfurt and Munich on May 4, Paris and Zurich on May 5 and London on May 6; Regulation S; pricing expected in May.

SECOND QUARTER

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

PT BANK NEGARA INDONESIA: $200-$300 million offshore bonds; possibly by late May.

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.

CITY OF KIEV: $200 million five to 10-year bonds (B2/B); Regulation S; pricing expected in second quarter.

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 SOUTH AFRICA: €I billion global benchmark bond (Baa2/BBB); pricing is expected in the second quarter.

FINANCE MINISTRY OF THAILAND: 60 million baht five-year notes; expected coupon 4.6%; to be used for debt; expected to price in May.

UKREXIMBANK: minimum $100 million three to five year bond offering, UBS Investment Bank and Dresdner Kleinwort Wasserstein; Regulation S; state export-import bank of Ukraine; pricing expected in the second quarter.

VIACAO ITAPEMIRIM: $15.5 million maximum addition to $19.5 million two-year senior secured notes; Ramirez & Co.; to refinance short-term existing obligations; Luxembourg Stock Exchange; Brazil's largest interstate bus company.

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

THIRD QUARTER:

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

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 capital expenditures 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.

HANARO TELECOM: $600 million notes; South Korea's second largest high-speed Internet provider; expected to price this year.

STATE OF ISRAEL: €400 million bond issue (A2/A-/A-); Deutsche Bank and Morgan Stanley; Regulation S.

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.

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.

MOBILE TELESYSTEMS (MTS): $600 million 10-year notes (Ba3/B+); Credit Suisse First Boston; Rule 144A/Regulation S; Russia's biggest mobile-provider; pricing second half.

PTT PCL: $500 million global bond offering; Deutsche Bank Securities, JP Morgan; to refinance debt and fund expansion; Thailand petrochemical company; debut international offering; timing to be determined.

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.

TELEKOMUNIKACJA POLSKA (GPSA): €300 million seven-year note deal; telecommunications operator in Poland.

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

ROADSHOWS

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

April 26-April 28: VIMPELCOM; $300 million five to seven-year notes; JP Morgan and UBS Investment Bank; Rule 144A/Regulation S

April 29 - May 5: KALTIM PRIMA COAL; $375 million in floating rate notes due 2007 and fixed rate notes due 2009; Credit Suisse First Boston and JP Morgan; Rule 144A/Regulation S

April 26- May 5: NCLC; $350-$450 million senior notes; JP Morgan; Rule 144A/Regulation S

Starts May 3: GAZPROMBANK; $500 million seven- to 10-year bond benchmark offering; Citigroup and Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S

May 3- May 6: REPUBLIC OF SLOVAKIA; €1 billion 10-year notes (A3/BBB+); ABN Amro, Dresdner Kleinwort Wasserstein, and Morgan Stanley

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