Emerging markets calendar

WEEK OF NOV. 21:

IRKUT CORP.: $100 million 3.5-year credit-linked notes; MDM Bank; to refinance debt; Russian Federation defense aircraft manufacturing company headquartered in Moscow; expected to price early Nov. 21 week

KOOKMIN BANK: Offering of five-year dollar-denominated floating-rate notes (A3/A-/A); Banc of America, Barclays Capital, Goldman Sachs; Regulation S; senior unsecured notes; aiming at $300 million; roadshow in Singapore on Nov. 24, Hong Kong on Nov. 25, and London on Nov. 28; pricing after that; South Korean lender; comes off $3 billion global medium-term note program.

NOVEMBER BUSINESS:

ALFA BANK: Lower-tier II subordinated bonds (Ba3/B/B-); size and maturity to be determined; Barclays Capital, UBS; Regulation S; non-callable for five years; coupon step-up in year five; Russia's largest private bank, headquartered in Moscow; roadshow starts Nov. 23 in Asia, Nov. 25 in Europe; pricing after that.

GALAXY ENTERTAINMENT FINANCE CO. LTD.: $500 million global bonds in two parts (B1/B+): seven-year fixed-rate notes, non-callable for four years and five-year floating-rate notes, non-callable for three years; to fund the construction of hotel casinos; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy Casino; roadshow starts Nov. 23 in Singapore, Nov. 24-25 Hong Kong and Europe, U.S. roadshow starts Nov. 28 week.

OAO GAZPROM: Up to $2 billion eurobond offering (foreign currency ratings Baa2/BB/BB+); to repay bridge loans obtained in financing the $13.1 billion acquisition in the Sibneft oil; Moscow-based Gazprom is world's largest gas producing company; expected November business.

PT BANK MANDIRI: $300 million global bonds maturing in three-to-five years; Credit Suisse First Boston; medium term notes program; to refinance debt; Indonesian state-owned lender, based in Jakarta; November business

VICUNHA ACOS SA/NATIONAL STEEL SA: $500 million (maximum) perpetual senior secured notes (expected ratings /B+/BB-); Credit Suisse First Boston, Deutsche Bank Securities (joint); Regulation S; callable in whole quarterly at par beginning October 2010; secured with first priority pledge on CSN common shares; to refinance debt; National Steel is a holding company that is 100% indirectly controlled by Brazil's Steinbruch family and whose sole asset consists of 100% of the redeemable preferred shares of Vicunha Acos. Acos, in turn, is a holding company owning 100% of Vicunha Siderurgia SA, a holding company that owns a 42.74% controlling interest in Brazilian steel producer Companhia Siderurgica Nacional; roadshow Oct. 3-6; price talk 9 7/8% (postponed).

TÜRKIYE VAKIFLAR BANKASI TAO (VAKIFBANK): Dollar-denominated senior unsecured bonds (Baa2 expected); ABN Amro, Citigroup, JP Morgan; Rule 144A/Regulation S; through the issuer's Cayman Islands special-purpose vehicle; political risk insurance; letter of credit from ABN Amro

PT EXCELCOMINDO PRATAMA: $400 million bonds (B+); UBS, Commerce International Merchant Bankers Bhd (books), JP Morgan (joint lead); Indonesia's third largest mobile telecommunications company.

BAOSHAN IRON AND STEEL CO. LTD. (BAOSTEEL): dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company; originally October business.

EVROSET: $100 million notes; HSBC, Rosbank; originally expected to launch in October; cellular telephone retailer with headquarters in Moscow.

DECEMBER BUSINESS

ADARO FINANCE BV: $300 million senior secured notes due 2010 (Ba3); Goldman Sachs, JP Morgan (joint); Rule 144A/Regulation S; proceeds along with $250 million senior secured bank debt to refinance existing secured bank debt and repay a portion of the mezzanine financing; financing subsidiary of Indonesian coal mining company PT Adaro; roadshow Nov. 24 in Singapore, Nov. 25 in Hong Kong, Nov. 28 in London, Nov. 29-30 in United States.

WOORI BANK: $300 million five-year senior unsecured floating-rate notes (Baa1); Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co.; to be issued under its $4 billion medium-term note program; second largest commercial bank in Korea; roadshow starts week of Nov. 28.

EMERGING MARKET OFFERINGS ON THE HORIZON:

SATERI INTERNATIONAL CO. LTD.: $300 million offering of five- or seven-year bonds; Credit Suisse First Boston, Merrill Lynch; Rule 144A/Regulation S; roadshow Oct. 19 and Oct. 20 in Singapore, Oct. 20 and Oct. 21 in Hong Kong, Oct. 21 in Los Angeles, Oct. 24 in Boston and London, Oct. 25 in New York and Zurich, Oct. 26 in Geneva with possible U.S. stop; viscose and dissolving pulp producer; owned by Indonesia's Tanoto family; guidance set at 11½% to 12% (postponed).

MEGASTEEL HARTA (L): $450 million in two-part notes offering; senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and senior notes due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd. (postponed).

OCEAN GRAND HOLDING LTD: $100 million to $125 million of guaranteed secured notes (/BB-/; ABN Amro; tenor of five- to seven- years; to repay existing syndicated loans totaling HK$500 million and for general corporate purposes, working capital and capital expenditures; Hong Kong-based provider of aluminum products.

PT ADARO INDONESIA: $600 million global bonds; Citigroup, Goldman Sachs, JP Morgan, UBS Investment Bank (joint books), to fund acquisition of coal mining assets from Australian company New Hope Corp. Ltd.; Indonesian coal mining company; timing to be determined.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

DOMINICAN REPUBLIC: Reopen 9.04% bonds due 2018 to add $300 million; to repay debt with Spanish electricity company Union Fenosa.

PT ENERGI MEGA PERSADA TBK: $500 million in bonds; to finance expansion and to repay debt; Jakarta-based oil and gas company.

EUROSET: $150 million loan participation notes; HSBC; retailer of mobile telephones and accessories with over 2,250 stores nationwide.

PT INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting 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.

MDM BANK: Benchmark-sized dollar-denominated bonds (foreign currency ratings (/B/BB-); Goldman Sachs; expected to price by end of 2005.

MOBILE TELECOMMUNICATIONS CO.: May issue bonds; for its $3.36 billion acquisition of mobile phone businesses in Africa; telecommunications company in Kuwait.

LAND BANK OF THE PHILIPPINES: Up to $200 million of five- to seven-year international bonds; Deutsche Bank Securities; Philippines fourth largest lender.

BTA IPOTEKA: $100 million eurobond; mortgage-backed bonds; mortgage subsidiary of Kazakhstan's TuranAlem.

VEDANTA RESOURCES PLC: $500 million minimum eurobond; Deutsche Bank; Merrill Lynch, Morgan Stanley; to repay debt and fund capital expenditures; mining and metals company with the majority of its assets in India, based in London; fourth quarter of 2005.

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

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services.

ZAPORIZHSTAL INTEGRATED IRON & STEEL WORKS JSC: $300 million bonds; Deutsche Bank, JP Morgan; debut deal; based in Zaporozhe, Ukraine; one of the largest industrial enterprises in Ukraine.

ROADSHOWS

Nov. 24-28: KOOKMIN BANK: Offering of five-year dollar-denominated floating-rate notes (A3/A-/A); Banc of America, Barclays Capital, Goldman Sachs

Nov. 23 onwards: GALAXY ENTERTAINMENT FINANCE CO. LTD.: $500 million global bonds in two parts; Merrill Lynch & Co., Morgan Stanley

Nov. 23 onwards: ALFA BANK: Lower-tier II subordinated bonds; Barclays Capital, UBS

Nov. 24-30: ADARO FINANCE BV: $300 million senior secured notes; Goldman Sachs, JP Morgan

Starts Nov. 28 week: WOORI BANK: $300 million senior unsecured floating-rate notes; Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co.

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