Emerging markets calendar: Vitro to sell $1 billion in two-part note sale

WEEK OF JAN 22:

VITRO SAB DE CV: $1 billion senior unsecured notes (B2/B): $250 million minimum due 2012, non-callable for life, price talk lowered to 8 7/8% from 9%, and $250 million minimum due 2017, non-callable for five years, price talk lowered to 9 3/8% from 9½%; Morgan Stanley, Credit Suisse, Lehman Brothers; Rule 144A with registration rights/Regulation S; to help fund tender for its $250 million 10¾% senior secured guaranteed notes due 2011; Garza Garcia, Mexico-based glass producer; pricing expected Thursday.

JSC TSENABANK (/B-/B-): Dollar-denominated offering of three-year eurobonds; Citigroup, Dresdner Kleinwort; Regulation S; roadshow in Hong Kong on Jan. 18, Singapore on Jan. 19, London on Jan. 22, Switzerland on Jan. 23, Frankfurt and Vienna on Jan. 24; incorporated in Kazakhstan; price talk set at area of 10 1/8%; pricing Thursday.

NOMOS BANK (Ba3//B+): Dollar-denominated three-year eurobonds; JP Morgan, UBS; Registered; Regulation S only; Russian commercial bank base in Moscow; Asia roadshow Jan. 22-23, Europe roadshow started Jan. 22; price guidance at 8 1/8% to 8 3/8%.

TURKIYE GARANTI BANKASI AS: Dollar-denominated offering of step-up subordinated callable notes due 2017 (Baa1); Deutsche Bank Securities; Merrill Lynch; Rule 144A/ Regulation S; lower tier II notes will be backed by political risk insurance, to be sold via T2 Capital Finance Co. AS; private commercial bank headquartered in Istanbul; European and U.S. roadshow started on Jan. 22

JSC ALLIANCE BANK OF KAZAKHSTAN: Euro-denominated benchmark-sized offering of five-year fixed rate notes (Ba2//BB-); HSBC, UBS; Regulation S; talk set in the area of mid-swaps plus 400 basis points or yield of 8.16% area; to be issued via ALB Finance BV, a Netherlands-based special purpose vehicle; roadshow ends on Jan. 25 in Athens.

WEEK OF JAN 29:

SUL AMERICA SA: $150 million offering of five-year bullet bonds (/B/B); Credit Suisse; Rule 144A/Regulation S; roadshow in Hong Kong on Jan. 22, then Singapore on Jan. 23, London on Jan. 24, Switzerland on Jan. 25, New York on Jan. 26; West Coast Jan. 29, Boston on Jan. 30; to repay short-term debt, pay the hedging costs of exchange rate exposure related with the new deal, general corporate purposes; Brazilian insurance company.

ON THE HORIZON:

AXTEL, SAB DE CV: $250 million in 10-year senior unsecured notes (Ba3/BB-); Credit Suisse; Rule 144A/Regulation S; non-callable for five years; equity clawback option of up to 35% of principal amount; change of control put option at 101; for the partial payment of a $311 million bridge loan; Mexican telecommunications firm.

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.

PT INDOFOOD SUKSES MAKMUR: $250 million to $300 million bonds; to refinance company's bonds due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

ROADSHOWS:

Jan. 18-24: JSC TSENABANK (/B-/B-): Dollar-denominated offering of three-year eurobonds; Citigroup; Dresdner Kleinwort

Jan. 22-30: SUL AMERICA SA: $150 million offering of five-year bullet bonds (/B/B); Credit Suisse

Jan. 22 onwards: NOMOS BANK (Ba3//B+): Dollar-denominated three-year eurobonds; JP Morgan, UBS

Jan. 22 onwards: TURKIYE GARANTI BANKASI AS: Dollar-denominated offering of step-up subordinated callable notes due 2017 (Baa1); Deutsche Bank Securities; Merrill Lynch;

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