Emerging markets calendar

WEEK OF OCT. 18:

KAZKOMMERTSBANK: $300 million five-year fixed rate notes (Baa2/BB-/BB); ING, UBS Investment Bank, Rule 144A/Regulation S; roadshow started on Oct. 14 in Singapore, in Hong Kong and U.S. West Coast on Oct. 15, Geneva, Zurich and Boston on Oct. 18, Athens and New York on Oct. 19, Frankfurt and the New York area on Oct. 20 and London on Oct. 21; one of the three largest banks in Kazakhstan; to be listed on the Luxembourg Stock Exchange; price guidance at 7¼% to 7½%; pricing early on Oct. 22.

WEEK OF OCT. 25:

CHOHUNG BANK: $400 million 10-year subordinated notes; Citigroup, UBS Investment Bank; Rule 144A/Regulation S; lower tier II (expected Baa2/BBB-) and upper tier II subordinated notes (expected Baa2/BB+); callable after five years; for refinancing; based in Seoul, Korea; unit of Shinhan Financial Group; roadshow started on Oct. 20 in Hong Kong, Oct. 21 in Singapore, Oct. 22 in London; (cancelled Oct. 25 in New York); pricing is expected morning of Oct. 25; guidance for lower tier II notes is mid-swaps plus 95 to 100 basis points and guidance for upper tier II notes is mid-swaps plus 110 to 115 basis points.

REPUBLIC OF HUNGARY: €1 billion eurobonds due 2011; (A1/A-/A-); Dresdner Kleinwort Wasserstein, JP Morgan; to refinance public debt due 2004; roadshow in Frankfurt on Oct. 18, Copenhagen on Oct. 19, Amsterdam and Zurich on Oct. 20, Madrid on Oct. 21, and London on Oct. 22; initial price guidance set at mid-swaps plus 12 basis points area; pricing early during the week of Oct. 25.

INTERGAS CENTRAL ASIA: $200 million seven- to 10-year bonds (Baa3/BB); ABN Amro, JP Morgan; Rule 144A/Regulation S; roadshow starts Oct. 21 in Boston, New York on Oct. 22, Zurich and Frankfurt on Oct. 25, and London on Oct. 26; based in Astana; state-owned gas transmission utility of Kazakhstan; state-owned through KazTransGas and the state hydrocarbon conglomerate KazMunaiGas.

SPI ELECTRICITY AND GAS AUSTRALIA: $300 million 10-year eurobond ((A3/A- (expected)); Citigroup, Deutsche Bank, Morgan Stanley; Regulation S; as part of Euro medium-term note program; a united of state-owned Singapore Power.

OCTOBER:

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.

ROSBANK: $250 million five-year eurobond; Credit Suisse First Boston, Merrill Lynch

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.

KOREA WATER RESOURCES CORP.: $150 million global bonds due 2014; Citigroup, UBS Investment Bank; company oversees South Korea's water resources; pricing is expected early November.

ISLAMIC REPUBLIC OF PAKISTAN: $500-$700 million Islamic bond due 2009; Citigroup, HSBC; expected to launch in late November.

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

BANCO J. SAFRA: $75 million three year floating-rate notes; Credit Suisse First Boston; Regulation S; coupon of Libor plus 50 basis points; Brazilian bank.

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

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

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.

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.

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.

PT INDONESIAN SATELLITE CORP. TBK (INDOSAT): To issue bonds in 2005 to raise funds for network expansion; considering yankee bond and commercial loan; telecommunications provider based in Jakarta.

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

KAZAKHMYS: $240 million bonds; Credit Suisse First Boston; copper company in Kazakhstan.

KHAZANAH NASIONAL BHD: To 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.)

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%.

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

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).

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 (/BB/); to fund tender for ChipPac International Co. Ltd.'s $165 million 12¾% senior subordinated notes due 2009; Deutsche Bank Securities dealer manager, offer expires Oct. 4; 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 of 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:

Oct. 14-21: KAZKOMMERTSBANK: $300 million five-year fixed rate notes (Baa2/BB-/BB); ING, UBS Investment Bank

Oct.18-22: REPUBLIC OF HUNGARY: euro-denominated benchmark bond; seven-year bullet; (A1/A-/A-); Dresdner Kleinwort Wasserstein, JP Morgan

Oct. 21-Oct. 26: INTERGAS CENTRAL ASIA: $200 million seven- to 10-year bonds (Baa3/BB); ABN Amro, JP Morgan

Oct. 20-Oct. 22: CHOHUNG BANK: $400 million 10-year subordinated notes; Citigroup, UBS Investment Bank

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