Emerging markets calendar: Rede Empresas to sell $200 million perpetuals

WEEK OF MARCH 26:

FIRST BANK OF NIGERIA PLC: Dollar-denominated offering of 10-year subordinated bonds (/B/); Merrill Lynch; Regulation S; talk in the area of 10%; lower tier II bonds; non-callable for five years; for general corporate purposes; commercial bank based in Lagos, Nigeria.

REDE EMPRESAS DE ENERGIA ELETRICA SA: $200 million offering of perpetual senior unsecured notes (B3//B expected); Merrill Lynch; Rule 144A/Regulation S; fixed-rate notes, non-callable for five years; from 2012, callable at par; investor presentations in Europe and the United States from March 26- 30; Sao Paolo-based issuer; involved in the operation, generation, transmission and distribution of electric energy.

KOREA DEVELOPMENT BANK: Two-part offering of three-year dollar-denominated and seven-year euro-denominated floating-rate notes (A3/A); ABN Amro, JP Morgan, Merrill Lynch, UBS Investment Bank; SEC registered; for general operations, including repayment of maturing debt and other obligations; state-run bank based in Seoul.

MARCH/APRIL:

LAI FUNG HOLDING : Up to $200 million fixed-rate senior notes (B1/B+); Deutsche Bank; HSBC; to fund acquisition of land and property projects, project development, property improvements, general working capital purposes; Hong Kong-based issuer; involved in the development of properties and investment in service apartments, commercial and office building in China.

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.

HOME CREDIT & FINANCE BANK RUSSIA: Dollar-denominated eurobonds; ABM Amro, BNP Paribas; expected to take place during the first half of this year; Russian arm of consumer lending group Home Credit.

ISPAT INDUSTRIES LTD.: Up to $500 million in foreign currency-denominated notes for infrastructural 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 Vishakapatnam in Andhra Pradesh; steelmaker based in Mumbai, India.

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

ROADSHOWS

March 20-30: REDE EMPRESAS DE ENERGIA ELETRICA SA: $200 million offering of perpetual senior unsecured notes (B3//B expected); Merrill Lynch

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