Emerging markets calendar

WEEK OF JULY 4:

PT BANK NIAGA: $100 million lower tier II subordinated notes due 2015 (B2//B+); Citigroup, CIMB Bhd.; non-callable for five years; Jakarta, Indonesia, commercial bank; price talk 8%-8¼%; expected to price July 4 week.

SHINHAN BANK: $350 million of 10-year upper tier II bonds (Baa2/BBB-); ABN Amro, Banc of America Securities; Regulation S; non-callable for five-years; 150% coupon step-up, if not called; fixed coupon; guidance lowered to 130½ to 132½ basis points more than Treasuries from 134 basis points, drawdown from medium-term note program; set to price on July 7 but postponed due to London bombings; Korea-based retail bank.

PT GAJAH TUNGGAL TBK: $250 million of five-year bonds (/B/); Credit Suisse First Boston, ING AG; roadshow started July 5 in Hong Kong; Tangerang, Indonesia-based integrated tire manufacturer.

CHINA OVERSEAS LAND & INVESTMENT LTD.: $300 million bonds seven-year bonds (Baa3/BBB-); HSBC, JP Morgan; Regulation S; guidance set at mid-swaps plus 150 basis points; Hong Kong-listed property developer.

WEEK OF JULY 11:

CENTRAL EUROPEAN DISTRIBUTION CORP.: €300 million in seven-year bonds; ING AG, Rule 144A; non-callable for four years; roadshow July 6 in Geneva and Zurich, July 7 in Paris and Amsterdam, July 8 in Vienna and Frankfurt, July 11 in Boston and New York, July 12 in New York, July 13-July 14 in London; U.S. based-alcohol beverage distributor in Poland; Nasdaq-listed with headquarters based in Bala Cynwyd, Pa. and Warsaw, Poland.

BANCO INDUSTRIAL E COMERCIA: Offering of minimum $50 million in two-year bonds (B1); Dresdner Kleinwort Wasserstein; Regulation S; roadshow July 11 in Miami, July 13 in Geneva and Zurich, July 14 in Portugal; July 15 in London; Sao Paolo-based regional bank.

CAMARGO CORREA CIMENTOS SA $150 million in 10-year senior secured notes; Morgan Stanley; Rule 144A/Regulation S; roadshow July 7 in Hong Kong, July 8 on Singapore, in Europe July 11 and July 12, in U.S. July 13 through July 15; to refinance company's 8¾% notes due July 22, 2005; Sao Paulo-based company cement company.

EXPORT-IMPORT BANK OF CHINA: Dollar-denominated 10-year senior fixed-rate notes (A2/BBB+); BNP Paribas, Citigroup, HSBC Merrill Lynch (joint lead managers and joint bookrunners), Bank of China International. Goldman Sachs (joint lead managers) Rule 144A/Regulation S; roadshow July 7 in Singapore, July 8 in Hong Kong, July 11 in Los Angeles and London, July 12 in Boston and Paris, July 13 in New York and Frankfurt; Beijing-based policy-oriented bank owned by Chinese government.

WEEK OF JULY 18:

KT CORP.: $300 million 10-year senior fixed-rate notes (A3/A-); Goldman Sachs, JP Morgan, Merrill Lynch, UBS; Rule 144A/Regulation S; roadshow started July 6 in Singapore and Los Angeles, July 7 in Hong Kong and Boston, July 8 in London and New York, July 11 in New York, New Jersey, Philadelphia; Sungam, Korea-based provider of telecommunication services; price talk U.S. Treasuries plus 100 to 105 basis points; company announced total issuing capacity of $400 million on July 7; pricing early July 18 week.

JULY BUSINESS:

PETROLEUM EXPORT LTD: $1.5 billion in a three-class offering of senior secured notes; Morgan Stanley global coordinator; BNP Paribas, Merrill Lynch (joint books); Rule 144A/Regulation S; structured as the monetization of prepaid forward sales between Egyptian General Petroleum Corp. and Morgan Stanley Capital Group; $500 million of class A1 notes (Aaa/AAA), $250 million of class A2 notes (Aaa/AAA) and $800 million of class A3 notes (Baa1/BBB); class A1 and class A3 notes carry an average life of 3.6 years and maturity of 5.9 years, class A2 notes will carry an average life of 2.8 years and maturity of 4.9 years; MBIA Insurance Corp. will guarantee the class A1 notes, XL Capital Assurance Inc. will guarantee the class A2 notes; European roadshow runs July 7-11, U.S. roadshow runs July 12-15.

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 INTERNATIONAL NICKEL INDONESIA: $300 million (approximate) international bond (Inco Ltd. issuer ratings Baa3/BBB-); Morgan Stanley, JP Morgan (books), Credit Suisse First Boston (co); for working capital; prospective issuer is a fully integrated nickel mining and processing company located in Soroako, South Sulawesi, Indonesia, 61% owned by Canada's Inco Ltd.

NAN YA PLASTICS: $300 million (approximate) bond with expected five-year maturity; Citigroup, Deutsche Bank Securities, HSBC; Taipei-based unit of Formosa Group, manufactures plastics, fibers and electronic materials; expected mid-to-late June.

AUGUST BUSINESS:

WOORI BANK: $500 million of three- to five-year bonds; Seoul-based operating unit of Woori Financial Group; expected in August.

EMERGING MARKET OFFERINGS ON THE HORIZON:

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).

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.

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.

KOREA ELECTRIC POWER CORP. (KEPCO): Euro-denominated bonds; requests for proposals were due May 2; Seoul-based power distributor; 54% government owned.

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.

REPUBLIC OF PERU: Up to $1.5 billion of bonds in the local and international markets; repay Paris Club debt.

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: U.S. dollar denominated offering of subordinated bonds; for general banking and other corporate purposes; Malaysian financial services provider.

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.

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.)

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.

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.

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.

THAI AROMATICS: $300 million of bonds (issuer's ratings Baa3/BBB); ABN Amro, UBS Investment Bank; Regulation S; proceeds for building a plant; price guidance set at Treasuries plus 140 to 145 basis points; Thailand-based petrochemical company; integrated gas company PTT Public owns 46% (postponed on June 30).

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.

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 week of July 4: PT BANK NIAGA: $100 million lower tier II subordinated notes due 2015 (10 year); Citigroup, CIMB Bhd.

Started July 5: PT GAJAH TUNGGAL TBK: $250 million of five-year bonds (/B/); Credit Suisse First Boston, ING AG

July 6-14: CENTRAL EUROPEAN DISTRIBUTION CORP.: €300 million in seven-year bonds; ING AG

July 6-11: KT CORP.: $300 million in 10-year senior fixed-rate notes (A3/A-); Goldman Sachs, JP Morgan, Merrill Lynch, UBS

July 7-13: PETROLEUM EXPORT LTD: $1.5 billion of senior secured notes in three tranches; Morgan Stanley global coordinator; BNP Paribas, Merrill Lynch (joint books)

July 7-15: CAMARGO CORREA CIMENTOS SA $150 million in 10-year senior secured notes; Morgan Stanley

July 7-15: EXPORT-IMPORT BANK OF CHINA: Dollar-denominated 10-year senior fixed-rate notes (A2/BBB+); BNP Paribas, Citigroup, HSBC Merrill Lynch (joint bookrunners)

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