Emerging markets calendar

WEEK OF JULY 12

KOREA DEVELOPMENT BANK: $1 billion notes (A3/A-/A); non-callable; part of company's plan to raise $2 billion in second half of year; Korea's largest overseas borrower; Barclays Capital, Credit Suisse First Boston, HSBC Holdings plc; talked at Treasuries plus 115 basis points to 120 basis points; pricing expected mid-week.

KOREA SOUTHERN POWER: $150 million 10-year bonds (A3/A-); Barclays Capital and ABN Amro Holding NV; Regulation S; subsidiary of Korea Electric Power Corp.; talked at Treasuries plus 138 to 143 basis points.

PTT PCL: $400 million 10-year bullet global bond offering (Baa/BBB); Citigroup, Deutsche Bank Securities, JP Morgan; to refinance debt and fund expansion; roadshow to begin on July 9 in Singapore, Hong Kong on July 12, London on July 13, New York on July 14, and Boston on July 15; pricing expected immediately after roadshow; Thailand petrochemical company; debut international offering.

PETROL OFISI: $200 million five-year bond offering (-/B/B+); JP Morgan; Rule 144A/Regulation S; to be used for general corporate purposes; roadshow started July 7 in Athens, July 8 in London; July 12 in Boston, and July 13 in New York; largest wholesale and retail fuel distributor in Turkey.

VNESHTORGBANK (VTB): $300 to $500 million three-year floating-rate loan participation notes (Baa3/BB+); Barclays Capital, ING, HSBC Bank; Regulation S; roadshow to start July 8 in Geneva and Zurich, July 9 in Athens and Munch, July 12 and July 13 in London; Moscow-based bank.

WEEK OF JULY 19

HONG KONG: HK$20 billion debut global bond; $1 billion to $1.25 billion U.S. denominated 10-year global notes (A1/AA-), pricing expected in the area of Libor plus 25 basis points; Hong Kong dollar retail tranche broken down into two- and four-year notes with 2.13% and 3.38% coupon respectively; Hong Kong institutional tranche expected to include five- and 15-year notes; bookrunners are Bank of China, HSBC and Merrill Lynch & Co., Citigroup Inc.; syndicate also includes Goldman Sachs Group, Morgan Stanley and Standard Chartered; roadshow started July 7 in Singapore, moves to Europe and United States from July 12-14; to price July 19 week.

OAO GAZPROM: dollar-denominated benchmark deal; ABN Amro Holding NV, Merrill Lynch & Co. and Morgan Stanley; European roadshow July 13 through 15; U.S. roadshow July 15 through 22; Moscow-based company; the world's largest natural gas producer.

JULY

UKRAINE: $600 million or €500 million floating-rate notes (foreign debt B1/B); Citigroup, Credit Suisse First Boston, Dresdner Kleinwort Wasserstein.

EXPORT IMPORT BANK OF CHINA (CHEXIM): $1 billion global bonds due 2014 (foreign currency rating A2/BBB+); Citigroup, Goldman Sachs & Co., HSBC; state-owned bank; pricing expected mid-July.

ROMPETROL GROUP NETHERLANDS NV: €250 million senior notes (-/B-/B-), three- to seven-year maturity anticipated; JP Morgan; to finance infrastructure investments and repay subsidiaries' debt; vertically integrated Romanian private oil company, based in Bucharest; six-day roadshow started June 23 in Athens; price talk 10% to 11%.

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%.

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.

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.

CITY OF KIEV: $200 million five to 10-year bonds (B2/B); Regulation S; Deutsche Bank Securities, Morgan Stanley (expected)

NAFTOGAZ: $700 million five- to seven-year eurobond; ABN Amro, UBS Securities; Regulation S; Ukrainian government-owned oil and gas company.

VITRO ENVASES NORTEAMERICA SA de CV: $150 million senior secured guaranteed notes due 2014; Citigroup; Rule 144A/Regulation S; to repay debt; subsidiary of San Pedro Garza Garcia, Nuevo Leon, Mexico-based glass manufacturer Vitro, SA de CV.

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

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.

SEPTEMBER:

CHINA DEVELOPMENT BANK: $500 million dollar-denominated via Goldman Sachs, Merrill Lynch, Morgan Stanley; €500 million euro-denominated notes via BNP Paribas, HSBC Holdings, UBS AG; Chinese state-owned bank is largest issuer of non-government domestic bonds.

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 debt, including inaugural bond offering from 2003; Moscow-based diamond company.

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

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 made stops in Singapore and Europe from June 17 to 22; Fuzhou, China and Wanchai, Hong Kong-based organic farming 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.

HALYK BANK OF KAZAKHSTAN: $200 million five-year senior notes (Ba1/B+); Credit Suisse First Boston, JP Morgan; Regulation S; Kazakhstan 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.

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA): $300 million bond due 2009 (corporate credit rating A2); Goldman Sachs, HSBC, JP Morgan; Regulation S only; Hong Kong-based unit of Industrial and Commercial Bank of China

INDIAN RAILWAY FINANCE CORP.: $200 million five- to seven- year floating-rate 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.

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

LG CALTEX OIL CORP: $300 million bonds due 2014 and possible $150 million of floating-rate notes; 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.

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.

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

SRI LANKA: bond offering up to $400 million; for budget deficit.

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.

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

ROADSHOWS:

June 23-30: ROMPETROL GROUP NETHERLANDS NV: €250 million senior notes (/B-/B-), three- to seven-year maturity anticipated; JP Morgan

July 7-13: PETROL OFISI: $200 million five-year bond offering (/B/B+); JP Morgan

July 7-14: HONG KONG: HK$20 billion debut global bond

July 8-13: VNESHTORGBANK (VTB): $300 to $500 million three-year floating-rate loan participation notes (Baa3/BB+); Barclays Capital, ING, HSBC Bank

July 13-July 22: OAO GAZPROM: dollar-denominated benchmark deal; ABN Amro Holding NV, Merrill Lynch & Co., and Morgan Stanley

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