Emerging markets calendar: Hungary talks euro deal

WEEK OF JUNE 2

CHINA MERCHANTS HOLDINGS LTD.: Dollar-denominated five- and 10-year senior tranches; ING, Merrill Lynch (joint books); change of control put at 101; Hong Kong-based holding firm with interests in import and export; initial guidance for five-year tranche in the mid-swaps plus 200 bps area, 10-year tranche talked at mid-swaps plus 237.5 bps to 250 bps.

HUNGARY: Euro-denominated 10-year bond (A2/BBB+/BBB); BNP Paribas, Citigroup, ING (joint books): proceeds to be used for general financing purposes; initial guidance at mid-swaps plus 100 bps to 105 bps.

JUNE

ARANTES INTERNATIONAL LTD.: $150 five-year senior unsecured bullet bond; Credit Suisse, Banco Santander (joint books); Rule 144A/Regulation S; proceeds to refinance short- and long-term debt; Rio de Janiero-based beef producer; roadshow will be held in Singapore on June 4, Hong Kong on June 5, London on June 6, Switzerland on June 9, New York on June 10, Boston on June 11, and the U.S. west coast on June 12; initial guidance set at 10½%.

BANCO PANAMERICANO: $120 million two-year eurobonds (Ba2); Banco Votorantim, Banco Espirito Santo, Unibanco (joint books); Regulation S; Sao Paulo-based retail and commercial bank; roadshow in New York on May 19 and May 20; initial guidance in 7¼% area.

ROSEVROBANK: Dollar-denominated one-year bond with a 9% coupon, 9¼% yield; BCP Securities; Regulation S; proceeds for general corporate purposes; Moscow-based commercial and retail bank.

BANCO PINE SA: $100 million to $150 million bonds (BB-/); Credit Suisse, HSBC (joint books); Rule 144A/Regulation S; Sao Paulo, Brazil-based commercial and retail bank.

INDONESIA: $1.5 billion bonds; Credit Suisse, Deutsche Bank, Lehman Brothers (joint books).

ON THE HORIZON

BANCO INDUSTRIAL SA: $85 million fixed to floating rate 60-year tier 1 notes; coupon will be fixed between 9% and 10% for the first 10 years, if not called the coupon steps up to a spread of Libor plus 500 bps for the next 10 years, for the remaining 40 years the coupon steps up another 150 bps; Credit Suisse; Regulation S; Guatemala City-based retail and commercial bank.

BRASKEM SA: $1.2 billion in debt over two separate issuances (Ba1/BB+/BB+); Sao Paulo-based petrochemical firm.

EGYPT: Egyptian pound-denominated eurobonds (Ba1/BB+/BB+); HSBC, Merrill Lynch (joint books); pricing expected in 2008.

ROMANIA: €500 million 10-year eurobonds; Credit Suisse, UBS, Eurobank EFG (joint books); planned in the first half of 2008.

OAO SIBIRTELECOM: $90 million bonds (B+); MDM Bank; Novosibirsk, Russia-based fixed-line telecom operator coupon is expected at 7.7%; yield expected between 9% and 9½%.

ST. VINCENT AND THE GRENADINES: Dollar-denominated 10-year offer; HSBC; Regulation S; proceeds to construct a national library, stadium, police stations and river defenses.

TECHNIKABANK: Dollar-denominated loan participation notes (B3//B-, expected); Morgan Stanley; Rule 144A/Regulation S; Baku, Azerbaijan-based commercial and retail bank; roadshow in Asia, Europe and the United States from April 23 to May 1.

UKRAINE: Sovereign bonds (B1/BB-/BB-); BNP Paribas, JPMorgan, Standard Bank (joint books).

LOCAL CURRENCY

OJSC MOBILE TELESYSTEMS: 10 billion ruble 10-year notes (Ba2/ BB-/BB+); Troika, Gazprombank, Raiffeisenbank (joint books); Moscow-based mobile phone service provider; initial guidance at par to yield between 8.35% and 8.85%.

ALDAR PROPERTIES PJSC: Debut dirham-denominated sukuk; Abu Dhabi Commercial Bank, Barclays, Credit Suisse, Dubai Islamic Bank, First Gulf Bank, Lehman Brothers, National Bank of Abu Dhabi, Noor Islamic Bank (joint books); Regulation S; Abu Dhabi-based property developer; roadshow in Abu Dhabi, Bahrain and London began May 27.

AMBANK BHD.: S$425 million 10-year stapled notes (BB/BB); BNP Paribas, AmBank (joint books); proceeds to fund the bank's growth; Kuala Lumpur, Malaysia-based retail and commercial bank.

AMERICAN ISRAELI PAPER MILLS LTD.: Up to NIS 1 billion debenture offer; offer includes 10 million warrants of series A to D exercisable for one ordinary share, 1 million warrants of series E to Hi exercisable for one debenture at the principal amount of NIS 100; Hadera, Israel-based paper producer.

BANK OF COMMUNICATIONS CO. LTD.: Up to 5 billion yuan bonds, maturity of one- to three-years; proceeds for granting loans, general working capital and general corporate purposes; Shanghai-based retail and commercial bank.

CHINA SOUTHERN AIRLINE CO. LTD.: 1.5 billion yuan three-year bond; proceeds for working capital; Guangzhou, China-based airline.

CHINABANK: Up to PHP 8 billion in long-term negotiable certificates of time deposit; two or more tranches of at most PHP 5 billion and PHP 3 billion; Manila-based commercial and retail bank.

FRASER & NEAVE HOLDINGS BHD: 1 billion ringgit seven-year bond; proceeds for working capital; Singapore-based bank and real estate developer.

HUADIAN POWER INTERNATIONAL CO. LTD.: 5.3 billion yuan six-year bonds with one-year warrants; each warrant is redeemable for one A share; proceeds to acquire and build new power facilities; Beijing-based state-owned power company.

MATANG HIGHWAY SDN. BHD.: 70 million ringgit sukuk; proceeds to refinance debt related to the construction of the Matang Highway and for working capital; government entity established to fund the construction of the highway.

METROBANK: PHP 10 billion lower tier 2 notes in one or two tranches; proceeds to refinance debt; Makati City, Philippines-based bank.

MUHIBBAH ENGINEERING BHD.: 130 million ringgit sukuk with detachable warrants; 38 million warrants; Selangor, Malaysia-based construction firm.

NAKHEEL PJSC: Dirham-denominated two-year sukuk; Dubai-based property developer.

SINOPEC: 20 billion yuan five- to 10-year domestic bond; coupon will not exceed 90% of the central bank's loan rate; half of proceeds to improve Sinopec's debt structure, half for working capital; Beijing-based energy and natural resource developer.

ROADSHOWS

June 4-12: ARANTES INTERNATIONAL LTD.: Dollar-dominated senior bond; Credit Suisse, Banco Santander (joint books)

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