Emerging markets calendar: Noble Group plans dollar deal

WEEK OF MAY 19

BANCO BMG SA: $150 million three-year bonds (Ba1); BCP Securities, UBS (joint books); Regulation S; Belo Horizonte, Brazil-based retail and commercial bank; initial guidance set in 7 3/8% area.

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.

DIAGNOSTICOS DA AMERICA SA: $200 million 10-year senior unsecured bonds (BB-); Credit Suisse, Merrill Lynch (joint books); non-callable for five years; Rule144A/Regulation S; Sao Paulo-based pharmaceutical firm; roadshow May 14 in Singapore, May 15 in Hong Kong and London, May 16 in Switzerland with conference calls to Europe, May 19 in Los Angeles, Philadelphia and New Jersey and May 20 in New York and Boston.

IMPSA: $40 million one-year bonds; BCP Securities; Mendoza, Argentina-based wind and hydropower producer; roadshow in Geneva on May 13 and May 14, in New York on May 19 and May 20, and in London on May 21 through May 23; initial guidance set at 11%.

NOBLE GROUP: Dollar-denominated fixed-rate senior notes due 2013 (Ba1/BB+/BBB-); Citigroup, JP Morgan; Rule 144A/Regulation S; to repay debt; Hong Kong-based commodities trading firm; Asia, Europe and U.S. roadshows start May 19 week.

OJSC RUSSIAN AGRICULTURAL BANK: Dollar-denominated bonds (A3/BBB+); ABN Amro, Citigroup, Goldman Sachs (joint books); Rule 144A/Regulation S Moscow-based government-owned lender focused on the agriculture sector; roadshow in Los Angeles and Singapore on May 15, in Boston and Hong Kong on May 16, in New York and London on May 19 and in London and Frankfurt on May 20; initial guidance set at 7 1/8 to 7¼% for the five-year bonds and 7¾% to 8% for the 10-year bonds.

MAY

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.

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.

TRUBA ALAM: Three-year bonds (B/); UBS; Regulation S; Jakarta, Indonesia-based engineering and construction firm; roadshow in Hong Kong on April 25, in Singapore April 28 and April 29, in London on May 1 and May 2.

XXI CENTURY INVESTMENTS PUBLIC LTD.: $175 million two-year bonds; ING; Kiev-based real estate investment, development and property management company; pricing expected in early May; initial guidance set at 10%.

JUNE

BANCO PINE SA: $100 million to $150 million bonds; 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.

BNDES: Benchmark-sized 10-year senior unsecured bonds (Baa2/BBB-); Morgan Stanley, Citigroup (joint books); proceeds from the notes will be used to buy back and exchange the new notes for the Bndes notes sold in 1998; bonds will be in default if government ownership falls below 50%; Rio de Janeiro-based government-run development 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.

INDUSTRIAL BANK OF KOREA: ¥50 billion senior unsecured bonds (Aa3/A/) in two-year and five-year tranches; JPMorgan, Mizuho Securities, UBS (joint books); Seoul-based commercial and retail bank.

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.

LOCAL CURRENCY

ALUMINUM CORP. OF CHINA LTD.: 3 billion yuan to 10 billion yuan bonds, three to five years; proceeds for general working capital; Hong Kong-based aluminum producer; initial guidance near 5.2% for a three-year issue and near 5.5% for a five-year issue, will not exceed the best lending rate of the People's Bank of China.

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.

AMLAK FINANCE PJSC: 4.8 billion offer, 1.8 billion dirham convertible sukuk and 3 billion dirham conventional sukuk; Dubai-based commercial and retail lender.

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.

PT DANARESKA: 500 million rupiah three-tranche bond (A/A-, local); 200 million rupiah two-year tranche, 100 million rupiah three-year tranche, 200 million rupiah five-year tranche; Danareksa Sekuritas, Bahana Securities, Mandiri Sekuritas (joint books); proceeds to refinancing debt, working capital; state-owned investment company.

FAR EAST TEXTILE LTD.: Up to NT$8 billion five-year unsecured bonds; bonds will not be issued to the public; proceeds to repay short-term bank loans and to strengthen finance structure; Taipei, Taiwan- based manufacturers of manufactures polyester fibers, yarns and fabrics.

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.

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

PHILIPPINE NATIONAL BANK: PHP 6 billion 10-year unsecured subordinated lower tier II bonds; one or more tranches in 2008 planned at par, a coupon based on Philippine fixed rate Treasury note plus a spread; Deutsche Bank; noncallable for five years; Pasay City-based commercial and retail bank.

PING AN INSURANCE CO.: 41.2 billion yuan six-year A share bonds with one-year warrants; two warrants are redeemable for one A share; proceeds for working capital; Shenzhen, China-based insurer.

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.

TEXTRON FINANCIAL CORP.: Mexican peso-denominated medium-term notes (A3/A-/A-); Merrill Lynch; proceeds to refinance debt; Providence, R.I.-based commercial finance company.

URALSVYAZINFORM: 2 billion ruble five-year notes; AKB Svyaz Bank (lead), VTB Bank, Sberbank, Dresdner Bank (co's); proceeds for refinancing existing debt; Ekaterinburg, Russia-based telecommunications provider.

ROADSHOWS

May 13 to May 23: IMPSA: $40 million one-year bonds; BCP Securities

Starting May 19 week: NOBLE GROUP: Dollar-denominated senior notes due 2013; Citigroup, JP Morgan

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