Emerging markets calendar

AUGUST

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.

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.

ENERGORYNOK (UKRAINE) $300 million debut international bond with five- or seven-year maturity; JP Morgan; non-callable; Ukrainian state-owned power company.

SEPTEMBER:

BANCO VOTORANTIM: $100 million three-year bond (issue rating B1/B+) via Nassau branch; Banco Itau BBA SA; Regulation S; maturing in September 2007; price talk is 5 1/8% to 5 3/8%; listed on Luxembourg Stock Exchange; Sao Paulo, Brazil-based private sector and wholesale bank.

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.

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

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

RUSSIAN STANDARD BANK: euro-denominated bonds; ING, Dresdner Kleinwort Wasserstein; expected in September.

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 SA: $350 million 10-year subordinated notes (Baa1); Credit Suisse First Boston, BB Securities; Rule 144A/Regulation S; non-callable for life (postponed Aug. 9).

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; expected in the fall.

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.

HUTCHINSON WHAMPOA LTD.: bond offering; Hong Kong-based telecommunications conglomerate.

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.

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.

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.

PT KRAKATAU: $400 million bond, tenor and structure to be determined; to fund expansion of the steel business; Jakarta, Indonesia steel manufacturer; 2004 business.

LI & FUNG LTD.: $300 million bonds; for future acquisitions; Hong Kong-based trading and supply chain management company.

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.

PT BANK MANDIRI: dollar-denominated deal (B2/B); size, tenor and structure to be determined.

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.

OBEDINENNYE MASHINOSTROITELYNE ZAVODY: $100 million eurobond; Russian engineering group; expected in 2005.

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

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%.

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.

STATE BANK OF INDIA: $500 million bonds; India's largest commercial bank, headquartered in Mumbai.

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.

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