Emerging markets calendar

MAY

KOREA LAND CORP.: $500 million bonds due 2014 (A3); Citigroup, Deutsche Bank Securities; roadshow in Singapore on May 20, in Hong Kong on May 21, New York on May 24; Korean land utilization company.

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

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: $350 million 10-year subordinated notes due 2014 (Baa1); Credit Suisse First Boston and HSBC Bank; roadshow starts May 19 in Hong Kong, May 20 in Singapore, and May 21 in London; Korea's largest banking network.

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; Kazakhstan bank.

REPUBLIC OF SOUTH AFRICA: $740 million to $1 billion seven- to 12- year global benchmark bond (Baa2/BBB); Barclays Capital, JP Morgan (joint books) and Rand Merchant Bank; off shelf; for the general purposes of the national government; pricing expected in May.

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

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

JUNE

UKREXIMBANK: minimum $100 million three to five year bond offering, UBS Investment Bank and Dresdner Kleinwort Wasserstein (joint books); Regulation S; state export-import bank of Ukraine; roadshow to start in late May; pricing expected in June.

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 10-year subordinated notes; JP Morgan and Barclays Capital; roadshow to start at the end of May in Singapore, Hong Kong, London and the United States.; pricing in early June.

CZECH REPUBLIC: €1 billion 10-year notes (A1/A-/A-); Deutsche Bank, Morgan Stanley; Regulation S; expected in June.

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; Deutsche Bank and Morgan Stanley (expected); 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.

ROMPETROL: JP Morgan; Regulation S; Romania's largest private petroleum company.

YUZHMASH: $130 million five-year bond offering (B1/B); Regulation S; government guaranteed; Ukrainian rocket manufacturer; expected to price in the second quarter.

JULY

HONG KONG: HK$20 billion debut global bond; U.S. and Hong Kong dollar tranches (long-term foreign currency ratings A1/A+); to be completed in mid-July.

OSTRAVA: €100 million 10-year bond offering (A3/A-); Deutsche Bank; Regulation S; pricing in July; largest city in North Moravia and administrative center of the region.

THIRD QUARTER:

NAFTOGAZ: $700 million five- to seven-year deal; Regulation S; Ukrainian government-owned oil and gas company; pricing expected in 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: $800 million eurobond (B3/B); JPM Morgan and ING Financial Services; to refinance its debts, including its inaugural bond offering in 2003; Moscow-based diamond company.

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.

HONG LEONG BANK: $150 million bond offering; Malaysian financial services provider.

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.

KOREA SOUTHERN POWER: $150 million five- to 10-year bonds; subsidiary of Korea Electric Power Corp.

LG CALTEX OIL CORP: $250 to $300 million offering; Korean petroleum refining 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.

PTT PCL: $400 to 500 million global bond offering; Citigroup, Deutsche Bank Securities and JP Morgan; to refinance debt and fund expansion; Thailand petrochemical company; debut international offering; timing to be determined.

PUBLIC BANK BHD: $250 - $350 million bonds due 2014; non-callable for five years; Barclays Capital and Citigroup; Malaysian bank.

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.

SOUTHERN BANK BHD: $150 million lower tier two subordinated debt; Goldman Sachs; to rebalance capital ratio following issue of Bumiputra shares at the end of April; Malaysia's ninth largest lender.

SRI LANKA TELECOM: bond offering; joint venture between the Government of Sri Lanka and NTT of Japan.

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

May 19- May 21: NATIONAL AGRICULTURAL COOPERATIVE FEDERATION; $350 million 10-year subordinated notes due 2014; Credit Suisse First Boston and HSBC Bank

May 20-24: KOREA LAND CORP.; $500 million bonds due 2014; Citigroup, Deutsche Bank Securities

May: UKREXIMBANK: minimum $100 million three to five year bond offering, UBS Investment Bank and Dresdner Kleinwort Wasserstein

Late May: BANK NEGARA INDONESIA; $200-$300 million 10-year subordinated notes; JP Morgan and Barclays Capital

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