Emerging markets calendar

WEEK OF JULY 11:

BERTIN LTDA.: $100 million senior unsecured notes due 2008 (expected B1/confirmed B+); Standard Bank; Regulation S only; non-callable; for debt repayment, capital expenditures and general corporate purposes; based in Sao Paolo, Brazil, operates mainly in cattle slaughter, meat packing and bovine skin processing; price talk 8 5/8%-8 7/8%; pricing week of July 11.

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; set price guidance at 9% area; pricing Friday morning.

CENTRAL EUROPEAN DISTRIBUTION CORP.: €310 million senior secured notes due 2012 (B2/B-); ING; Rule 144A/Regulation S; non-callable for four years; to help finance the the Bols acquisition; U.S. based-alcohol beverage distributor in Poland; headquarters in Bala Cynwyd, Pa., and Warsaw, Poland; revises price talk to 8% to 8 ½% area; pricing expected week of July 11.

OAO GAZPROM: $1.9 billion eurobonds: expected to include $640 million amortizing note due July 2013, with a 3.8-year average life; price guidance set at 5.70% or 137½ basis points more than asset swaps; Deutsche Bank; Rule 144A/Regulation S; to refinance existing debt incurred in the Blue Stream pipeline project; natural gas company based in Moscow; roadshow started Tuesday; $1.222 billion eurobond; Regulation S; guaranteed by Italy's SACE SpA; guidance set at 4.30%.

GT 2005 BONDS BV (PT GAJAH TUNGAL TBK): $250 million of five-year bonds (B2/B); Credit Suisse First Boston, UBS Investment Bank; Regulation S only; roadshow started July 5 in Hong Kong; Tangerang, Indonesia-based integrated tire manufacturer; price talk 10 3/8% area; pricing expected week of July 11.

WEEK OF JULY 18:

SOUTHERN PERU COPPER CORP: $600 million in bonds (Ba1/BB+/BB+); Citigroup (bookrunner) UBS (co-lead manager); Rule 144A/Regulation S (with registration rights); 30-year bonds, possible 10-year tranche; roadshow starts July 13 in New York, July 14 in Boston, July 15 in West Coast, London week of July 18; pricing expected July 18 or July 19; an integrated producer of copper, operates mining, smelting, and refining facilities in the southern part of Peru; based in Phoenix, Ariz.

DIGICEL LTD.: $250 million of seven-year senior notes (B3/B); JP Morgan, Citigroup; Rule 144A/Regulation S; senior subordinated guarantees; non-callable for four years; to repay shareholder loans, for capital expenditures, and prepay mezzanine debt; roadshow runs from July 14 to July 22; Kingston, Jamaica-based Caribbean wireless operator.

IANSA OVERSEAS (CAYMAN): $100 million of seven-year senior unsecured notes; ABN Amro; Rule 144A/Regulation S; non-callable for four years; Empresas Iansa SA will guarantee; refinance existing debt; U.S. roadshow starts July 18; Santiago-based Empresas Iansa is Chile's only sugar producer.

WEEK OF JULY 25:

STIROL: Dollar-denominated three-year eurobond; ING; Regulation S; roadshow starts July 18 in Manila, July 19 in Singapore, July 20 in Hong Kong, July 21 in Zurich and Geneva, July 22 in Vienna and Frankfurt, July 25 in London; Ammonia producer; based in Golovka in the Donetsk region in the Ukraine.

JULY BUSINESS:

INDUSTRY & CONSTRUCTION BANK OF ST. PETERSBURG: Short-dated U.S. dollar denominated bonds (Ba3//B); ABN Amro, Deutsche Bank; Regulation S; roadshow stops in Zurich, Geneva, London, Frankfurt and Vienna during week of July 11; St. Petersburg-based private sector bank.

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.

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.

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.

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 July 5: GT 2005 BONDS BV (PT GAJAH TUNGAL TBK): $250 million of five-year bonds (B2/B); Credit Suisse First Boston, UBS Investment Bank

July 6-14: CENTRAL EUROPEAN DISTRIBUTION CORP.: €310 million in seven-year bonds; ING AG

July 7-13: PETROLEUM EXPORT LTD: $1.559 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

Started July 12: OAO GAZPROM: $1.9 billion eurobond in more than one tranche; Deutsche Bank

Week of July 11: INDUSTRY & CONSTRUCTION BANK OF ST. PETERSBURG: Short-dated U.S. dollar denominated bonds (Ba3//B); ABN Amro, Deutsche Bank

July 14-22: DIGICEL LTD.: $250 million of seven-year senior notes (B3/B); JP Morgan, Citigroup

July 18-25: STIROL: Dollar-denominated three-year eurobond; ING

Starts July 18: IANSA OVERSEAS (CAYMAN): $100 million of seven-year senior unsecured notes; ABN Amro

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