Emerging markets calendar: GS Caltex to sell dollar-denominated notes

WEEK OF APRIL 16

GS CALTEX CORP.: Dollar-denominated offering of 10-year bonds (Baa1); Barclays Capital, Deutsche Bank, Citigroup, Goldman Sachs; Regulation S; Seoul, Korea-based oil refining company; price guidance set in the area of Treasuries plus 100 basis points.

SUHYUP BANK: Dollar-denominated five-year notes (A3/A-); Deutsche Bank, Standard Chartered Bank; part of the National Federation of Fisheries Cooperatives of Korea.

COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS SA (CLISA): Up to $100 million in five-year bullet bonds (B-); BCP Securities; Rule 144A; guaranteed by Clisa's subsidiaries, Benito Roggio e Hijos SA and Cliba Ingenieria Ambiental SA; to refinance existing debt, to cancel other obligations; roadshow in Miami, New York and possibly Boston; Buenos Aires-based issuer is a holding company for passenger transport, construction, road maintenance and environmental engineering businesses; indicative guidance set at 10% to 10½%.

HUNGARIAN TELEPHONE AND CABLE CORP.: €200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities; to partially fund HTTC's acquisition of Invitel; HTTC, 62% owned by Danish telecom, TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle; roadshow April 17 in London, Paris and Frankfurt on April 18, pricing thereafter.

MALAYAN BANKING BHD. (MAYBANK): $300 million offering of Islamic subordinated Sukuk bonds (Baa1/BBB+/BBB+), Aseambankers Malaysia Bhd, HSBC, UBS; non-callable for five years; to be issued via MBB Sukuk Inc., a special purpose company established by Maybank to issue subordinated trust certificates; to fund Maybank's Islamic banking operations, general Islamic purposes; Kuala Lumpur-based bank.

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: Expected offering of $500 million in 10-year lower tier 2 notes; Citigroup, ABN Amro, BNP Paribas, HSBC; Regulation S; roadshow in Singapore on April 16, Hong Kong on April 17, London on April 18; non-callable for five years; Seoul-based umbrella organization for Korea's regional cooperatives.

PEERMONT GLOBAL: ZAR 5.866 billion euro-denominated bonds: PEERMONT GLOBAL ZAR 4.979 billion equivalent in euro-denominated (approximately €520 million) senior secured notes due 2014 (B3/B), non-callable for three years, and PEERMONT GLOBAL II (PTY) LTD.: ZAR 887 million senior PIK notes due 2015, callable in three years at 102, 101, par (not rated); Citigroup; Rule 144A/Regulation S; to fund acquisition of Peermont by a consortium led by the Mineworker's Investment Co. (a black economic empowerment company); Peermont is a Johannesburg, South Africa-based lodging and gaming company; roadshow April 12-13 on the European continent, April 16-17 in London.

TAM CAPITAL INC. (TAM SA): $200 million senior notes due 2017 (/BB-/BB); Citigroup, UBS (joint books), Calyon Securities (joint lead); Rule 144A with registration rights/Regulation S; non-callable with make-whole provision; to finance fleet renewal and expansion, and for general corporate purposes; Brazilian air carrier headquartered in Sao Paulo; roadshow U.S. West Coast on April 16, London and Los Angeles on April 17, Zürich and Boston on April 18, New York area on April 19.

EGE HAINA FINANCE CO. (/B/B-): $150 million offering of 10-year senior notes; Barclays Capital, Deutsche Bank; Rule 144A/Regulation S; roadshow in London on April 16, New York on April 17, Boston on April 18; a wholly owned and guaranteed subsidiary of Empresa Generadora de Electricidad Haina, SA, a thermoelectric generator in the Dominican Republic

JSC HALYK BANK: Benchmark-sized offering of dollar-denominated senior notes (Baa1/BB+/BB+); Citigroup; Dresdner Kleinwort; Rule 144A/Regulation S; tenor of seven to 10 years; for general corporate purposes; issued via HSBK (Europe) BV; full-service bank in Kazakhstan; roadshow to start on Wednesday, April 19, making stops in London, Geneva, Frankfurt, New York and Boston.

WEEK OF APRIL 23:

DESARROLLADORA METROPOLITANA SA DE CV: Inaugural offering of dollar-denominated 10-year senior notes (B2); Dresdner Kleinwort; Rule 144A/Regulation S; roadshow in Singapore on April 19, Hong Kong on April 20, London on April 23, Vienna and Frankfurt on April 24, Geneva and Zurich on April 25, New York on April 26, Boston on April 27; non-callable for five year; Mexico City-based issuer involved in home building and construction.

BANCO MERCANTIL DO BRASIL (B1/B): Dollar-denominated offering of five-year amortizing notes; Dresdner Kleinwort; Regulation S; investor presentations in Singapore on April 18, then Madrid and Lisbon on April 19, London on April 20, Vienna and Frankfurt April 23, Geneva and Zurich on April 24.; amortizes in the third, fourth and fifth year; midsize bank that focuses on retail banking and lending to small and medium businesses located in the southeast region of Brazil.

TRANSCAPITALBANK (B1): Inaugural offering of dollar-denominated three-year senior unsecured eurobonds; ABN Amro, Deutsche Bank (joint books); Regulation S; roadshow in Asia from April 19 through April 20, European leg from April 23 through April 25; Moscow-based commercial bank.

APRIL

WOORI BANK: Benchmark-sized offering of dollar-denominated hybrid bonds; Credit Suisse, Merrill Lynch, HSBC, ABN Amro, Deutsche Bank; 30-year tenor; non-callable for 10 years; to price towards the end of the month; financial institution based in Seoul, Korea.

GLOBO COMUNICACAO E PARTICIPACOES: $200 million offering of 15-year senior notes (Ba1/BB), Deutsche Bank; Rule 144A/Regulation S; non-callable for five years; roadshow expected in London and the United States; Rio de Janeiro-based media company.

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.

HUNGARIAN TELEPHONE AND CABLE CORP. (HTTC): €200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities; in connection with HTTC's acquisition of Invitel; HTTC, 62% owned by Danish telecom, TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle; expected in second quarter of 2007.

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, located at

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

ROADSHOWS:

April 12-17: PEERMONT GLOBAL: ZAR 5.866 billion euro-denominated bonds; Citigroup

April 16-18: NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: $500 million in 10-year lower tier 2 notes; Citigroup, ABN Amro, BNP Paribas, HSBC

April 17-18: HUNGARIAN TELEPHONE AND CABLE CORP.: EUR 200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities

April 16-19: TAM CAPITAL INC. (TAM SA): $200 million senior notes due 2017; Citigroup, UBS (joint books)

April 17-18: EGE HAINA FINANCE CO.: $150 million offering of 10-year senior notes; Barclays Capital, Deutsche Bank

April 19-27: DESARROLLADORA METROPOLITANA SA DE CV: 10-year senior notes; Dresdner Kleinwort

Starts on April 19: JSC HALYK BANK: Benchmark-sized offering of dollar-denominated senior notes; Citigroup; Dresdner Kleinwort

April 18-24: BANCO MERCANTIL DO BRASIL: Dollar-denominated offering of five-year amortizing notes; Dresdner Kleinwort

April 19-25: TRANSCAPITALBANK: Dollar-denominated three-year senior unsecured eurobonds; ABN Amro, Deutsche Bank (joint books)

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