Emerging markets calendar

WEEK OF JUNE 21

SOUTHERN BANK BHD: $200 million 10-year lower tier 2 subordinated notes (long-term foreign currency Baa2, long-term subordinated debt -/-/BBB-); callable with coupon step-up in 2009; Goldman Sachs; Regulation S; for general banking and working capital purposes; to rebalance capital ratio following issue of Bumiputra shares at the end of April; expected to be listed on Luxembourg Stock Exchange; roadshow starts June 17, pricing expected June 22 or June 23; Malaysia's ninth largest bank.

BANCO ITAU EUROPA SA: Euro-denominated floating-rate notes due 2007 (Baa1/BBB+); HVB, ING, BIE Bank & Trust; roadshow June 14-21; pricing expected June 25.

MALAYSIAN INTERNATIONAL SHIPPING CORP.: $1 billion five- to 10-year bonds in two tranches (Baa2/BB+); Barclays Capital, Citigroup; Roadshow starts June 21 in Hong Kong, June 22 in Singapore, June 23 in London, June 24-25 in U.S.; to refinance $800 million bridge loan maturing in June, Kuala Lumpur, Malaysia based international shipping line, 62.44% owned Petroleum Nasional Bhd (Petronas); pricing expected end of this week.

WEEK OF JUNE 28

LG TELECOM: $200 million bonds due 2009 (Ba2/BB+); Barclays Capital, Credit Suisse First Boston; to refinance debt; U.S. roadshow starts June 17, Europe and Asia to follow; expected to price June 29; South Korea wireless provider.

JUNE

CHAODA MODERN AGRICULTURE (HOLDINGS) LTD.: $150 million five-year bonds (Ba3/BB); Credit Suisse First Boston, Merrill Lynch International; Regulation S; to finance expansion of agricultural production and for general corporate purposes; roadshow makes stops in Singapore and Europe from June 17 to June 22; Fuzhou, China and Wanchai, Hong Kong-based organic farming company.

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 (Ba1/B+); Credit Suisse First Boston, JP Morgan; Regulation S; Kazakhstan bank.

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

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

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

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 Securities, Morgan Stanley (expected); pricing expected in second quarter.

NAFTOGAZ: $700 million five- to seven-year eurobond; ABN Amro, UBS Securities; Regulation S; Ukrainian government-owned oil and gas company; pricing expected in late June/July.

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.

EXPORT IMPORT BANK OF CHINA (CHEXIM): $1 billion global bonds due 2014 (foreign currency rating A2/BBB+); Citigroup, Goldman Sachs & Co., HSBC; expected to price in July.

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

THIRD QUARTER:

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

FOURTH QUARTER:

JSC TRANSCREDITBANK: $120-150 million eurobonds (long term credit rating B-); Regulation S; to finance investment projects; Moscow-based bank for Russian Railways; debut global issue; expect in October or November.

EMERGING MARKET OFFERINGS ON THE HORIZON

ALROSA CO. LTD: $800 million eurobond (B3/B); JPM Morgan, ING Financial Services; to refinance its debts, including its inaugural bond offering in 2003; Moscow-based diamond company.

PT BANK NEGARA INDONESIA: $200-$300 million 10-year subordinated notes; JP Morgan, Barclays Capital.

BELIZE: $200 million (minimum) bonds; (Ba3/B+); Deutsche Bank Securities, Morgan Stanley.

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.

EXPORT-IMPORT BANK OF INDIA: five-year eurobond; Citigroup, Deutsche Bank

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.

ICBC ASIA: $300 million bonds due 2009; Goldman Sachs & Co., HSBC, JP Morgan; Hong Kong-based division of Industrial and Commercial Bank of China.

INDIAN RAILWAY FINANCE CORP.: $200 million five- to seven- year floating notes; financing vehicle for state-owned Indian Railway.

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

JARDINE MATHESON: $500 million deal; HSBC Bank, UBS Securities; Hong Kong-based diversified trading company.

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

LG CALTEX OIL CORP: $300 million bonds due 2014; Banc of America, Citigroup, Deutsche Bank, Korean petroleum refining company.

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

MANILA ELECTRIC: $200 to $250 million five- to seven-year notes; refinance existing debt; price this summer; largest power distributor in the Philippines.

MEZHPROMBANK: $200 billion eurobond (B-); pricing expected at end of year; one of 20 major banks in Russia.

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

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

PROMSVYAZBANK: $200 million eurobond (-/-/B); ING, UBS Securities; to fund increased lending; Russian bank.

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

ROAD KING INFRASTRUCTURE LTD.: $150 million notes (Baa2/BBB-); HSBC Bank; Hong Kong-based operator of toll roads and other infrastructure in China.

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

SRI LANKA TELECOM: bond offering due 2009; 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.

TRANSPORTADORA DE GAS DEL PERU: $275 million bond offering; to finance the construction of pipelines across the Andes to bring gas to Lima; unit of Buenos Aires-based Techint.

TELEKOM MALAYSIA BHD.: up to $500 million in global bonds due 2014 (long-term foreign currency ratings A-/Baa2); JP Morgan, Merrill Lynch & Co. financial advisors; request for proposals sent out early in May 31 week; deadline for proposals June 7 week.

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:

June 14-21: BANCO ITAU EUROPA SA: Euro-denominated floating-rate notes due 2007 (Baa1/BBB+); HVB, ING, BIE Bank & Trust

June 21-June 25: MALAYSIAN INTERNATIONAL SHIPPING CORP.: $1 billion five- to 10-year bonds in two tranches; Barclays Capital, Citigroup

June 17: SOUTHERN BANK: $200 million 10-year lower tier 2 subordinated notes (long-term foreign currency Baa2, long-term subordinated debt -/-/BBB-); Goldman Sachs

June 17: LG TELECOM: $200 million bonds due 2009 (Ba2/BB+); Barclays Capital, Credit Suisse First Boston

June 17 - 22: CHAODA MODERN AGRICULTURE (HOLDINGS) LTD.: $150 million five- year bonds (Ba3/BB); Credit Suisse First Boston, Merrill Lynch International

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