Emerging markets calendar: Banco Macro to sell peso-linked notes

WEEK OF MAY 28

BANCO MACRO SA: Up to $100 million equivalent of Argentine peso-linked senior unsecured notes due 2012 (Ba1//B+); Citigroup; Rule 144A/Regulation S (with registration rights); from medium-term note financing program; roadshow in Europe May 24-25, New York on May 29, Boston on May 30; Buenos Aires-based retail and commercial bank; pricing expected to take place on May 31.

SHANGHAI ZENDAI PROPERTY LTD.: $150 million five-year senior fixed-rate bonds (B2/B+/B+); Merrill Lynch; Regulation S; roadshow in Hong Kong on May 23, Singapore from May 24-25; Europe on May 29; for existing and new project developments, including land acquisitions costs, for working capital purposes; Hong Kong-based property development company.

OAO LUKOIL: Two-tranche benchmark-sized offering of 10-year and 15-year fixed rate notes (Baa2/BBB-/BBB- expected); Credit Suisse, Deutsche Bank; Rule 144A/Regulation S; issued via LUKoil International Finance BV; investor roadshow from May 29 to May 31; Moscow-based oil company OAO LUKoil will guarantee the issue.

JSC ASTANA FINANCE: Euro-denominated offering of three-year senior eurobonds (Ba1//BB+); Citigroup, Deutsche Bank; Regulation S; roadshow in Amsterdam on May 29, London on May 30, Frankfurt and Munich on May 31; first sale from issuer's euro medium-term notes program; non-bank financial institution with headquarters in Astana, Kazakhstan; City of Astana, which owns 25.5%, will provide a comfort letter for the program.

WEEK OF JUNE 4

TRISTAN OIL LTD.: $120 million add-on to 10½% senior secured notes due Jan 1, 2012 (existing ratings B2/B+); Jefferies & Co.; Rule 144A/Regulation S; callable on Jan. 1, 2009 at 105.25; equity clawback until July 1, 2009 for 35% at 110.50; guaranteed on a senior secured basis by affiliates Kazpolmunay LLP (KPM) and Tolkynneftegaz LLP (TNG) for working capital and general corporate purposes of KPM and TNG, including future capital expenditures; original $300 million issue priced at par on Dec. 13, 2006; British Virgin Islands oil and gas exploration and production company operating primarily in Kazakhstan; investor call May 24; pricing June 4 week.

MAY

PETROLEUM CO. OF TRINIDAD & TOBAGO LTD. (PETROTRIN): $750 million offering of 15-year amortizing notes (/BBB+/), Citigroup (books), Calyon (co-manager); to finance a large portion of estimated $800 million refinery upgrade program; state-owned oil company in Trinidad and Tobago.

ON THE HORIZON

AMTEL VREDESTEIN NV: Euro-denominated offering of three-year fixed-rate unsecured bonds; Nomura International plc; company's debut offering of eurobonds; Enschede, Netherlands-based tire manufacturer and retailer.

ISPAT INDUSTRIES LTD.: Up to $500 million in foreign currency-denominated notes for infrastructure improvements in some of the company's plants, including its hot rolled coil steel plant at Dolvi in Raigad district of Maharashtra and its pellet plant.

KAZTRANSOIL: Up to $1 billion in new bonds; to fund the construction of two pipelines; Kazakhstan-based state-run oil firm.

ROADSHOWS

May 24-30: BANCO MACRO SA: Up to $100 million equivalent of Argentine peso-linked senior unsecured notes due 2012; Citigroup

May 23-29: SHANGHAI ZENDAI PROPERTY LTD.: $150 million five-year senior fixed-rate bonds; Merrill Lynch

May 29-31: JSC ASTANA FINANCE: Euro-denominated offering of three-year senior eurobonds; Citigroup, Deutsche Bank

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