Emerging markets calendar

AUGUST

SINO-FOREST CORP.: $200 million minimum guaranteed senior notes due 2011 (Ba2/BB-); Morgan Stanley; Rule 144A/Regulation S for the life of the bond; non-callable; to repay $92 million of existing debt, to acquire mature pine tree plantations in Heyuan, Guangdong province in China and for general working capital purposes; Mississauga, Ont.-based producer of logs, wood chips and engineered wood products from plantations in East Asia; Hong Kong and Singapore roadshows July 30-Aug. 2, London Aug. 3, New York Aug. 4, Boston Aug. 5; pricing expected Aug. 9 or 10.

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.

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 (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.

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

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.

ROSBANK: $250 million five-year eurobond; Credit Suisse First Boston, Merrill Lynch; pricing expected in September.

UNITED OVERSEAS BANK LTD.: $500 million subordinated bonds due 2014; Citigroup, JP Morgan, Merrill Lynch; non-callable.

THIRD QUARTER:

KOREA: $1 billion sovereign bonds due 2014; Barclays, Citigroup, Deutsche Bank and JPMorgan; expected to price in September or October.

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: $300 million seven-to 10 eurobond (B3/B); JPM Morgan, ING Financial Services; to refinance debt, including inaugural bond offering from 2003; Moscow-based diamond company.

BANCO DO BRASIL: $350 million 10-year subordinated notes (Baa1); Credit Suisse First Boston, BB Securities; Rule 144A/Regulation S; non-callable for life.

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

CHINA: $1 billion dollar- and euro-denominated bonds; possibly end of this year.

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.

GENTING BHD: $300 million bonds with five or 10-year maturity; Barclays Capital, Citigroup; Kuala Lumpur, Malaysia-based diversified company.

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.

HUNGARY: bond issuance in second half; denomination and timing are to be determined.

ICICI BANK LTD.: $1 billion bonds; for expansion of international businesses; India's second largest commercial bank.

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

INTERGAZ: $150 million five-year eurobond (Ba2/BB); ABN Amro; JP Morgan; Intergaz Central Asia is part of Kazakhstan's state oil and gas holding KazMunaiGas.

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 10-year million deal; HSBC Bank, UBS Securities; Hong Kong-based diversified trading company.

KAZMUNAIGAZ: $250 eurobond; ABN Amro, JP Morgan; Kazakhstan's state oil and gas company.

KHAZANAH NASIONAL BHD: tap overseas capital markets; dollar-denominated or local currency- denominated bond offering; Malaysian government investment company.

KOREA HIGH SPEED RAIL CONSTRUCTION AUTHORITY: $300 to $500 million bonds; this year.

LG CALTEX OIL CORP: $300 million bonds due 2014 (Baa2/BBB); Deutsche Bank, Banc of America, Citigroup, Rule 144A/Regulation S; roadshow started July 19 in Hong Kong and Singapore, New York on July 21 and 22; Korean petroleum refining company (postponed on July 22).

OAO LUKOIL: $500 million 10-year eurobonds (BB) as part of 2004 borrowing program; Credit Suisse First Boston, Deutsche Bank Securities; Rule 144A/Regulation S; Russian oil company.

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.

BANK OF MOSCOW: $200 to $300 million three- to five-year eurobond; Merrill Lynch and ABN Amro (postponed on July 26).

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

GOVERNMENT OF PERU: $1 billion bonds; repay Paris Club debt; expected in early 2005.

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.

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.

RUSSIAN RAILWAYS: $500 million to $1 billion five- to 10- year eurobond; state-owned rail; pricing in 2005.

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.

TURKEY: eurobond

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

YUZHMASH: $130 million five-year bond offering (B1/B); Regulation S; government guaranteed; Ukrainian rocket manufacturer.

ROADSHOWS:

July 30 - Aug. 5: SINO-FOREST CORP.: $200 million minimum guaranteed senior notes due 2011 (Ba2/BB-); Morgan Stanley

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.