Emerging markets calendar

WEEK OF APRIL 18:

NURBANK OJSC: $100 million to $150 million of three-year bonds (expected ratings Ba3/B-); ING, Dresdner; Regulation S; non-callable for life; Almaty, Kazakhstan bank; roadshow started April 13, Hong Kong on April 15, Vienna and Geneva on April 18, Zurich and Frankfurt on April 19, London on April 20; set price guidance at 9 1/8% area.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million in two parts (/B+/): €200 million seven-year senior fixed-rate notes and €150 million seven-year senior floating-rate notes; JP Morgan, Lehman Brothers, ING; Rule 144A/Regulation S; to help fund the acquisition of a controlling interest in the TV Nova group, which owns and operates TV Nova in the Czech Republic; Hamilton, Bermuda-registered company; roadshow starts week of April 18.

MANDRA FORESTRY FINANCE: $235 million senior notes due 2015 (B1/B); Morgan Stanley; Rule 144A/Regulation S; non-callable for life; to fund acquisition of commercial plantations in Anhui Province, China; Chinese forestry company headquartered in Hong Kong; roadshow April 12 in Hong Kong, April 13 in Singapore, April 14 in London, U.S. roadshow to follow; pricing thereafter.

PT BANK INTERNASIONAL INDONESIA: Dollar-denominated 10-year bond offering (B2/B-/B+); Barclays Capital, Development Bank of Singapore and UBS Bank; Regulation S deal; roadshow started April 14 in Singapore, April 15 in Hong Kong and April 18 in London; subordinated lower tier II bonds; non-callable for five-years; coupon step-up of 150% of the original spread; listed on the Singapore Stock Exchange; Jakarta-based bank in Indonesia.

CELLC (PTY) LTD.: €625 million in two tranches: seven-year non-call-four first-priority secured notes and 10-year non-call-five senior subordinated notes, tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, headquartered in Benmore, Gauteng; roadshow started April 14 in London; pricing end of April 18 week.

APRIL BUSINESS:

REPUBLIC OF URUGUAY: $300 million of 12-year bonds (B3/B); Citigroup; Securities and Exchange Commission-registered global bonds; guidance set in the area of 9%; revised talk to 9¼% to 9 3/8% from 9% area (postponed April 14).

KOREA EXCHANGE BANK: $300 million lower-tier II subordinated notes due 2015 (Baa3/BB+/BB+); Citigroup, HSBC; to refinance debt sold in 2000; South Korean lender based in Seoul; roadshow started April 13 in Tokyo, April 14 in Hong Kong, April 15 in Singapore, Europe and U.S. during April 18 week.

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; fifth-largest bank in Turkey.

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.

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 (postponed).

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.

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.

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 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.

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 II subordinated notes due 2015 (10-year); Citigroup, CIMB Bhd.; non-callable for five years.

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+/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 PCL: $600 million to $700 million of bonds; likely to be structured as 10-year bond; to refinance long-term debt and help finance its 2005 through 2009 investment plan, which includes a third pipeline; 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; second quarter of 2005; Kiev, Ukraine-based 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:

Started April 12: MANDRA FORESTRY FINANCE: $235 million senior notes due 2015 (B1/B); Morgan Stanley

April 13-20: NURBANK OJSC: $100 million to $150 million of three-year bonds (expected ratings Ba3/B-); ING, Dresdner

Started April 13: KOREA EXCHANGE BANK: $300 million lower tier II subordinated notes due 2015 (Baa3/BB+/BB+); Citigroup, HSBC

April 14-18: PT BANK INTERNASIONAL INDONESIA: Dollar-denominated 10-year bond offering (B2/B-/B expected); Barclays Capital, Development Bank of Singapore and UBS Bank

Started April 14: CELLC (PTY) LTD.: €625 million in two tranches; Citigroup

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