Emerging markets calendar

WEEK OF APRIL 3:

GLOBO COMUNICACAO E PARTICIPACOES: $250 million offering of perpetual fixed-rate senior unsecured securities (/BB-); Deutsche Bank, Goldman Sachs; Regulation S; non-callable for three years, then in whole or in part with a minimum $150 million remaining after call; roadshow started in Hong Kong on April 3, Singapore on April 4, Zurich on April 5, Lisbon on April 6; to refinance class C senior secured notes; Rio de Janeiro-based media company; price guidance set at 9¼% to 9½%.

METROFINANCIERA SA DE CV (MEXICO) (BB-): $100 million perpetual notes (B-); Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; callable in whole but not in part in 2016 and every interest payment date afterwards; if not called coupon resets to floating rate of three-month Libor plus 1.5-times spread over 10-year mid-swap rate as of pricing; Mexican mortgage and construction lender; price guidance 11¼% area.

ALROSA FINANCE SA: $300 million bonds due Nov. 17, 2006; UBS Investment Bank; indicative guidance at 99.45 to yield 6%; indicative spread set at Libor plus 80 basis points; settlement for April 10; Moscow-based state-controlled diamond company.

GRUPO GIGANTE SA DE CV: $250 million in 10-year senior unsecured bonds (/BB/BB); ABN Amro; Rule 144A/Regulation S; non-callable for five years; high yield covenant package; Mexico City-based retailer; price guidance revised to 8¾% from 8¼% area or 300 basis points more than the five-year swap rate.

IMPERIAL MOBILITY FINANCE BV (IMPERIAL HOLDINGS LTD.): €300 million eurobonds with seven- to 10-year maturity (Baa1); ABN Amro, Barclays Capital; inaugural eurobond issue; for general corporate purposes including recently announced acquisitions and the reduction of short-term debt; diversified South African holding company, headquartered in Johannesburg; roadshow began March 27 week in Europe.

KREMIKOVTZI STEEL AD: €300 to €350 million senior secured notes due 2013; Merrill Lynch; Regulation S; non-callable for four years; to fund capital expenditures and planned investments for making the company environmental friendly, repay debt and for general operational and business purposes; Bulgaria's largest steel company, headquartered in Sofia; roadshow imminent, expected to run through week of March 27

GBP FINANCE PLC (GAZPROMBANK): $1 billion euro commercial paper; UBS; Regulation S; Gazprombank is the joint-stock bank of the Russian gas industry, with corporate headquarters in Moscow.

WEEK OF APRIL 10:

BANCO HIPOTECARIO SA: $250 million offering of 10-year bullet bonds (/B/); Deutsche Bank, Citigroup; Rule 144A/Regulation S; roadshow started April 4 in Hong Kong, April 5 in Singapore, April 6 in London, April 7 in Switzerland, April 10 in New York, April 11 in New York and Boston; senior unsecured bonds; Buenos Aires-based mortgage lender.

URBI DESARRALLOS URBANOS SA DE CV: $200 million (maximum) senior unsecured guaranteed notes due 2016 (Ba3); Merrill Lynch & Co. (books), UBS (co); non-callable for five years; to repay debt; housing construction company based in Mexicali, Mexico; European roadshow starts week of April 3.

SHANGHAI REAL ESTATE LTD.: $150 million of seven-year bonds (Ba3/BB-); Deutsche Bank, Morgan Stanley; Regulation S; non-callable for life roadshow to start April 6 in Singapore, Hong Kong on April 7 and London on April 10; for general corporate purposes; property developer focusing on mid-to-high end residential development in Shanghai.

RIYAD BANK: Dollar-denominated benchmark-sized offering of five-year senior floating-rate notes (/A/A); Banc of America Securities Ltd., JP Morgan; Regulation S; roadshow starts April 5 in Singapore; Taipei on April 6, Hong Kong on April 7, Germany and Austria on April 10 and London on April 11; off issuer's inaugural euro medium-term note program.

ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN) Dollar-denominated two-part offering: five-year to seven-year senior notes (Ba2/BB-), tranche size to be determined and $150 million tier I perpetual notes, non-callable for 10 years (B1); Credit Suisse, UBS; both issues Regulation S only; issuer is a Netherlands-based special purpose vehicle of JSC Alliance Bank of Kazakhstan; roadshow started April 4 in Hong Kong, April 5 in Singapore, April 6 in Germany and Austria, April 7 in Switzerland, April 10 in London.

APRIL:

BRASKEM SA: $200 million in perpetual bonds; JP Morgan; senior unsecured debt; callable at par for five-years in whole or in part with a minimum $100 million remaining after call; for general corporate purposes, including working capital and for financing the acquisition of certain common and preferred shares of Politeno In dústria e Comércio S.A.; Sao Paolo-based privately owned petrochemical company.

KOREA ZINC CO., LTD.: $100 million of three-year floating-rate notes; ABN Amro; for general corporate purposes; Seoul-based manufacturer and refiner of non-ferrous metals including zinc, lead and nickel for use in steel, automobiles, and the construction industry.

EMERGING MARKET OFFERINGS ON THE HORIZON:

TMB BANK PUBLIC BANK LTD.: Dollar-denominated bond offering (issuer ratings Baa2/BBB-); Barclays Capital; hybrid tier I bonds; state-controlled bank in Thailand.

PETROL AD (Bulgaria): €125 million fixed-rate global bonds due 2011; former state-owned monopoly fuel retailer, owns approximately 450 filling stations in Bulgaria, headquartered in Sofia; pending shareholder approval at meeting set for May 8.

NURBANK JSC: $200 million eurobonds; also $200 million of syndicated loans; Almaty, Kazakhstan financial institution.

SWIRE PACIFIC MTN FINANCING LTD. (SWIRE PACIFIC LTD.): HK$1.8 billion notes due 2013 (A3); HSBC; for general corporate funding requirements; Hong Kong-listed Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.

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

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

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

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.

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

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

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

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S; one-year put option at par; regional bank related to the government of the Tatarstan republic.

PT BANK MANDIRI: $300 million global bonds maturing in three to five years; Credit Suisse; off medium-term note program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS:

Started March 27: IMPERIAL MOBILITY FINANCE BV (IMPERIAL HOLDINGS LTD.): €300 million eurobonds with seven- to 10-year maturity (Baa1); ABN Amro, Barclays Capital

Week of March 27: KREMIKOVTZI STEEL AD: €300-€350 million senior secured notes due 2013; Merrill Lynch

March 30-31: METROFINANCIERA: $100 million perpetual notes (expected B-); Dresdner Kleinwort Wasserstein

April 3-6: GLOBO COMUNICACAO E PARTICIPACOES: $250 million offering of perpetual fixed rate senior unsecured securities (/BB-); Deutsche Bank, Goldman Sachs

April 4-10: ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN) Dollar-denominated two-part offering: five-year to seven-year senior notes (Ba2/BB-), tranche size to be determined and $150 million tier I perpetual notes, non-callable for 10 years (B1); Credit Suisse, UBS

Week of April 3: URBI DESARRALLOS URBANOS SA DE CV: $200 million (maximum) senior unsecured guaranteed notes due 2016 (Ba3); Merrill Lynch & Co.

April 4-11: BANCO HIPOTECARIO SA: $250 million offering of 10-year bullet bonds (/B/); Deutsche Bank, Citigroup

April 6-10: SHANGHAI REAL ESTATE LTD.: $150 million of seven-year bonds (Ba3/BB-); Deutsche Bank, Morgan Stanley

April 5-11: RIYAD BANK: Dollar-denominated benchmark-sized offering of five-year senior floating rate notes (/A/A); Banc of America Securities Ltd., JP Morgan

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