Emerging markets calendar

WEEK OF JULY 25:

STIROL: Dollar-denominated three-year eurobond; ING; Regulation S; roadshow 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; price guidance set at 7 7/8% area.

HONG LEONG BANK BHD: $200 million lower tier II subordinated bonds due 2015 (Baa2/BBB); Barclays Capital, BNP Paribas, non-callable for five years; 150 basis points step-up after five years; for general corporate purposes; Kuala Lumpur-based commercial bank; roadshow July 21 in Singapore, Hong Kong on July 22, and London on July 25; pricing expected early July 25 week.

CAGAMAS MBS BERHAD (GOVERNMENT OF MALAYSIA): MYR 2.05 billion (approximately $542 million) Islamic Sukuk fixed-rate residential mortgage-backed securities AAA by RAM/AAA by MARC): MYR 250 million bullet due 2008, talked at Malaysian Government Securities (MGS) plus 27 to 42 basis points (3.44% area), MYR 215 million bullet due 2009 talked at MGS plus 45 to 60 basis points (3.86% area), MYR 260 million bullet due 2012 talked at MGS plus 46 to 61 basis points (4.27% area), MYR 515 million bullet due 2015 talked at MGS plus 49 to 64 basis points (4.63% area), MYR 410 million bullet due 2017 talked at MGS plus 65 to 75 basis points (no MGS due 2017), and MYR 400 million limited pass through notes due 2020, price talk MGS plus 70 to 80 basis points or (5.30% area); HSBC, CIMB Berhad (joint books), ABN Amro, AmMerchant Bank Bhd (joint leads); pricing expected Thursday.

JULY BUSINESS:

XINAO GAS HOLDINGS LTD: $150 million in seven-year bonds (Ba1/BB+); Deutsche Bank; to fund new acquisitions and for working capital; Beijing-based gas operator.

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

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:

PTT PCL: Up to $700 million of bonds; likely to be structured as long-dated 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.

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:

CHARTERED SEMICONDUCTOR MANUFACTURING: $450 million senior notes in two tranches (Baa3); Goldman Sachs (Singapore) Pte. (global coordinator), Citigroup, Goldman Sachs (Singapore) Pte. (joint books), ABN Amro, Bank of America Singapore Ltd. (co's); also $250 million units comprised of convertible redeemable preference shares due 2010 and amortizing bonds due 2010; to finance the redemption or repurchase of its $575 million of 2½% senior convertible notes redeemable in April 2006; Milpitas, Calif.-based operator of dedicated semiconductor foundries.

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 INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting company; late summer, early fall business.

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.

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.

LI & FUNG LTD.: $300 million bonds; for future acquisitions; Hong Kong-based trading and supply chain management company.

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.

REPUBLIC OF ROMANIA: €600 million 10-year notes (Ba3/BB); Regulation S.

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

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

July 21- July 25: HONG LEONG BANK BHD: $200 million lower tier II subordinated bonds due 2015 (Baa2/BBB); Barclays Capital, BNP Paribas

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