Emerging markets calendar

WEEK OF APRIL 4:

REPUBLIC OF VENEZUELA: Minimum $1 billion of 20-year eurobonds (B2/B/B+); Citigroup, JP Morgan; Regulation S; price talk on the public offer is between 95% and 100%; guidance has been set at 7.65% to 8.10%; an exchange rate of 2,150 bolivars per U.S. dollar; targeted towards local market; books close on Thursday; settlement date on April 21; price guidance revised to par with a 7.65% coupon.

APRIL BUSINESS:

CELULOSA ARAUCO Y CONSTITUCION: $300 million 10-year bonds (Baa2/BBB+/BBB+); JP Morgan (books), Citigroup (co-lead), BBVA Bank, BNP Paribas, Calyon, Banco Santander; Rule 144A/Regulation S with regulation rights; through Panamanian agency; roadshow started on April 4 in Singapore, April 6 in Hong Kong; April 7 on London; April 8 in New York, April 11 in Boston; pricing expected on April 12; based in Santiago, is a forestry enterprise.

GRUPO TRANSPORTACION FERROVIARIA MEXICANA, SA DE CV $460 million senior unsecured notes in two tranches (expected ratings B2/B): seven-year non-call-four and 10-year non-call-five; Morgan Stanley (books), Scotia Capital (co); Rule 144A with registration rights; to refinance the 11¾% senior discount debentures due 2009; freight railroad headquartered in Colonia Parques del Pedregal, México; U.S. roadshow April 4 week and early April 11 week; expected to price mid-to-late April 11 week.

DACOM CORP.: $300 million notes due 2010 (Ba3 (expected)/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

APRIL/MAY BUSINESS:

KOREA HIGHWAY CORP. $500 million global bond due 2015 (A3/A-); Citigroup, JP Morgan and UBS Investment Bank; late April or early May business.

SECOND QUARTER BUSINESS:

TENAGA NASIONAL BHD.: Possible bond financing to fund tender for $107.55 million of 7.2% notes and $500 million of 7 5/8% bonds, both maturing in 2007, tender offer expires April 29, 2005; Barclays Capital, CIMB Bhd., Credit Suisse First Boston leading transaction; Malaysian national power utility headquartered in Kuala Lumpur.

EMERGING MARKET OFFERINGS ON THE HORIZON:

BRASKEM SA: Bonds, size and structure to be determined; ABN Amro, Citigroup; Sao Paolo, Brazil-based petrochemical company; timing to be determined.

BUMI RESOURCES TBK: $600 million in bonds; refinance debt; one of Indonesia's largest mining companies.

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

HANARO TELECOM: $250 million of bonds; UBS, JP Morgan; Rule 144A/Regulation S; five- to 10- year maturity; listed on Singapore Stock Exchanged; based in Seoul; telecommunications provider.

REPUBLIC OF HUNGARY: Euro-denominated benchmark 15-year issue (A1/A-/A-); mandated ABN Amro, UBS Securities.

GOVERNMENT OF INDONESIA: $1 billion-$1.5 billion global bond due 2015; Deutsche Bank Securities, UBS Investment Bank, Citigroup (books), Credit Suisse First Boston, JP Morgan (co's); originally scheduled for March delayed due to market conditions.

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.

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.

KOREA EXCHANGE BANK: $250 million in subordinated bonds; to refinance debt sold in 2000; 13¾% bonds due 2010 are callable in 2005; based in Seoul.

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.

LG ELECTRONICS: $800 million in bonds; Citigroup, Credit Suisse First Boston, Lehman Brothers and Korea Development Bank; Seoul-based electronic manufacturer.

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: $400 million of lower tier II bonds; Barclays Capital, BNP Paribas, JP Morgan; umbrella organization for Korea's regional cooperatives (postponed on March 16).

NARODNY BANK OF KAZAKHSTAN: $100 million add-on to 8 1/8% eurobonds due 2009; same structure as original $200 million that priced at 98.996 in September 2004, via Credit Suisse First Boston and JP Morgan; Almaty, Kazakhstan-based bank.

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.

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

PT BANK MANDIRI: $200 to $400 million eurobond (B2/B); to fund business expansion; based in Jakarta, Indonesia; state-owned lender.

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

CITY OF BUCHAREST: Sent out RFPs for a eurobond issue up to €120 million; capital of Romania.

HONG LEONG BANK: $150 million bond offering; Malaysian financial services provider.

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.

PT INDONESIAN SATELLITE CORP PT (INDOSAT): $200 million bonds; for capital expenditures; expected before June 2005; telecommunications provider based in Jakarta, Indonesia.

ISLAMIC DEVELOPMENT BANK: $500 million five-year notes; Deutsche Bank; Sukuk bonds comply with Islamic law; Saudi-based multilateral development financing institution.

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

MANILA ELECTRIC: $200 to $250 million five- to seven-year notes; refinance existing debt; price this summer; largest power distributor in the Philippines.

BANK NIAGA: $100 million lower tier 2 subordinated notes due 2015 (10-year); Citigroup, CIMB Bhd.; non-callable for five years; expected first quarter of 2005.

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.)

PAREX BANKA: Debut eurobond of up to euro200 million with three-year or five-year maturity (Ba1/BB+); Credit Suisse First Boston, JP Morgan (books); Parex Banka is the largest bank in Latvia in terms of assets, deposits, capital and reserves; to launch in the second quarter.

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.

PTT PLC: $600 million of bonds; to refinance long-term debt; based in Bangkok; oil & gas conglomerate; expected third quarter.

REPUBLIC OF ROMANIA: €600 million 10-year notes (Ba3/BB); Regulation S; expected in the first half.

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.

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

WAN HAI LINES: $400 million offering of 10-year notes (BBB); Citigroup, Morgan Stanley; to help fund the purchase of new vessels; second quarter business; headquartered in Taipei.

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.

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services; expected to price during first half of 2005.

UKRSOTSBANK: $100 million eurobond; ABN Amro; first or second quarter of 2005; Kiev, Ukraine-based bank.

URUGUAY: $500 million in bonds; Citigroup; for budget deficit.

VAKIFBANK: $300 million eurobond due 2009; JP Morgan, Citibank, ABN Amro; Turkish state bank (expected to be privatized under Turkey's reform pledges to the World Bank.

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:

April 4-11: CELULOSA ARAUCO Y CONSTITUCION: $300 million 10-year bonds (Baa2/BBB+/BBB+); JP Morgan (books), Citigroup (co-lead), BBVA Bank, BNP Paribas, Calyon, Banco Santander

Week of April 4 - Week of April 11: GRUPO TRANSPORTACION FERROVIARIA MEXICANA, SA DE CV $460 million senior unsecured notes in two tranches (expected ratings B2/B): seven-year non-call-four and 10-year non-call-five; Morgan Stanley (books), Scotia Capital (co)

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