Emerging markets calendar

WEEK OF SEPT.20:

ALFA BANK: $150 million 18-month bonds (Ba2/B/B+); UBS, Merrill Lynch; Regulation S; price guidance at 8½%; Moscow-based bank is Russia's fourth biggest lending institution by assets.

CITY OF MOSCOW: €374 million seven-year notes (Ba1/BB+/BB+); Citigroup, Dresdner Kleinwort Wasserstein; UBS Investment Bank; Regulation S; seven-year bullet and as fixed rate loan participation notes; roadshows to be held in Europe week of Sept. 20; Sept 20 in Milan and Vienna, Sept. 21 in Munich and Frankfurt, Sept. 22 in Zurich and Geneva, Sept. 23 in London; pricing expected on Sept. 24; price guidance set in the area of 6 5/8%.

MOSCOW NARODNY BANK: approximately $200 million three- to five-year floaters (Baa3/BBB-); Barclays Capital, ING; roadshow started on Sept. 14 in Singapore, Hong Kong on Sept 15, next in Taipei on Sept. 16, followed by Seoul on Sept. 17. European roadshow starts in Geneva and Zurich on Sept. 20, Athens on Sept. 21, then in London on Sept. 22, and finishes off in Dublin and Lisbon on Sept. 23; only Russian-owned bank in the United Kingdom.

NAFTOGAZ: $600 million five- to seven-year eurobond (B2/B+/B+); ABN Amro, UBS Securities; Regulation S; Ukrainian government-owned oil and gas company; European roadshow on Sept. 15-22; price talk in the area of 8 1/8% to 8 3/8%.

DBS BANK LTD.: $750 million tier 2 capital bonds due Nov. 15, 2019 (Aa3/A-/A+); Morgan Stanley global coordinator and bookrunner, DBS Bank joint lead manager; call option and 100 basis points coupon step-up after Nov. 15, 2014; Singapore's larges bank by assets; investor conference calls Wednesday and Thursday; pricing late Sept. 20 week.

WEEK OF SEPT.27:

THE BOLIVARIAN REPUBLIC OF VENEZUELA: Maximum $1.5 billion global bonds due Oct. 8, 2014 (-/B/B+); Barclays Capital, Merrill Lynch; non-callable; pricing Sept. 29.

CHINA DEVELOPMENT BANK: $1 billion dual currency tranches (A2/BBB+/A-); non-callable; Merrill Lynch & Co., BNP Paribas, Goldman Sachs (Asia) LLC, HSBC, Morgan Stanley and UBS Investment Bank; Chinese state-owned bank is largest issuer of non-government domestic bonds; roadshow started in Singapore on Sept. 20; Hong Kong on Sept. 22, Zurich on Sept. 23, Boston on Sept. 24, New York on Sept. 27.

HALYK BANK OF KAZAKHSTAN: $200 million five-year senior notes (Baa2/B+); Credit Suisse First Boston, JP Morgan;; Kazakhstan bank; roadshow begins on Sept. 23 in Zurich and Frankfurt, then London on Sept. 24, and then stops in Boston on Sept. 27 and wraps up in New York on Sept. 28.

FINANSBANK: $100 million 10-year subordinated bonds; Merrill Lynch; Regulation S; political risk insurance; Istanbul, Turkey bank.

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

PT INDOFOOD SUKSES MAKMUR: $250 to $300 million bonds; to refinance company's bond due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

REPUBLIC OF CHINA: $1 billion dollar- and euro-denominated bonds.

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

OCTOBER:

CESKY MOBIL: €350 million senior secured bonds; UBS Investment Bank, JP Morgan, ABN Amro (joint); part of €575 million financing that will also include new senior secured bank debt; to repay its existing credit facility, finance future capital expenditures and general corporate purposes; Czech Republic subsidiary of Montreal-based Telesystem International Wireless Inc.; early October business.

KAZKOMMERTSBANK: $300 million five-year notes (Baa2/BB-); ING, UBS; Regulation S; to fund loans and for general banking purposes; largest bank in Kazakhstan.

NOVEMBER:

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

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.

PT BANK MANDIRI: $150 million eurobond (B2/B); to refinance maturing debt; based in Jakarta, Indonesia; state-owned lender; October or November business.

EMERGING MARKET OFFERINGS ON THE HORIZON

PT BANK INTERNASIONAL INDONESIA: $150 million bonds; controlled by Singapore's state-owned investment company Temasek Holdings Pte.

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.

GRUPO POSADAS: $150 million seven-year senior notes (Ba3/BB-), Citigroup; Rule 144A/Regulation S; non-callable for four years; repay existing debt; largest hotel operator in Mexico and Latin America

HANARO TELECOM: $600 million notes (//BB-); 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 ELECTRIC POWER CORP: $300 million bonds; Seoul-based power 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.

OAO MEGAFON: $375 million eurobonds, Citibank and ING; pending shareholder approval; Regulation S; Russia's third largest mobile phone company.

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

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

OVERSEA-CHINESE BANKING CORP.: $300 to $500 million bond offering; (expected Citigroup, Deutsche Bank.)

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

PETROKAZAKHSTAN: $150 million 10-year notes; JP Morgan; Regulation S; based in Calgary, Canada; vertically integrated, international energy company; largest supplier of refined products in Kazakhstan and owns one of the three refineries in that country.

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; (postponed).

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.

STATS CHIPPAC LTD.: Senior notes; Rule 144A/Regulation S; to fund tender for ChipPac International Co. Ltd.'s $165 million 12=% senior subordinated notes due 2009;Deutsche Bank Securities dealer manager, offer expires Oct. 4; service provider of semiconductor packaging design, assembly, test and distribution solutions; headquartered in Singapore and Fremont, Calif.

TATA MOTORS: $500 million long-term bonds; to fund capital expenditures, product development and refinancing acquisition of Daewoo; Indian auto manufacturing company.

TECHTRONIC INDUSTRIES CO.: $300 million seven- or 10-year global bonds; to help pay for the acquisition Sweden's Atlas Copco AB for $626.6 million; Hong Kong-based maker of power tools.

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.

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:

Sept. 14 - 23: MOSCOW NORODNY BANK: approximately $200 million three- to five-year floaters (Baa3/BBB-); Barclays Capital, ING

Sept. 20- 23: CITY OF MOSCOW: €450 million five- to seven-year notes; UBS Investment Bank, Citigroup, Dresdner Kleinwort Wasserstein

Sept. 15 - 22: NAFTOGAZ: $700 million five- to seven-year eurobond (B2/B+/B+); ABN Amro, UBS Securities

Sept. 23 - 27: HALYK BANK OF KAZAKHSTAN: $200 million five-year senior notes (Baa2/B+); Credit Suisse First Boston, JP Morgan

Sept. 20-27: CHINA DEVELOPMENT BANK: $1 billion dual currency tranches (A2/BBB+/A-); non-callable; Merrill Lynch & Co., BNP Paribas, Goldman Sachs (Asia) LLC, HSBC, Morgan Stanley and UBS Investment Bank

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