Emerging markets calendar: Sibirtelecom to issue $90 million

FEBRUARY

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%.

ON THE HORIZON

BANCO INDUSTRIAL E COMERCIAL: Roadshow only, may be followed by short- to intermediate-term dollar-denominated transaction (Ba3/BB-/); UBS; Rule 144A/Regulation S; Sao Paulo-based commercial and investment bank; roadshow Jan. 17 in New York, Jan. 18 in London and Jan. 21 in Zurich and Geneva.

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

GRUPO M HOLDING SA: Inaugural dollar-denominated bond offering (BB-); Merrill Lynch; Alajuela, Costa Rica-based consumer electronics retailer; roadshow in Hong Kong on Jan. 16, Singapore on Jan. 17, Switzerland on Jan. 18, London on Jan. 21, New York on Jan. 22 and Boston on Jan. 23.

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.

METRO COUNTRY CLUB: $110 million private placement deal in two tranches; $75 million six-year senior secured tranche (//B-) and a $35 million seven-year subordinated payment-in-kind tranche; Stephens; Juan Dolio, Dominican Republic-based real estate developer; initial guidance at 12% for senior secured tranche, 13½% for subordinated tranche.

NET SERVICOS DE COMUNICACAO SA: $200 million 10-year offering of bonds (Ba2), Sao Paulo-based cable television operator.

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

UNITED TEST & ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; JPMorgan, Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

LOCAL CURRENCY

ALLIED BANK: PHP 3 billion tier II bond offering, maturity of five to 10 years; ING; offer open until Feb. 29; Manila-based retail and commercial bank; initial guidance set at 6 7/8%.

EMPRESA DE TELECOM DE BOGOTA: 10-year local-currency bonds (Ba1//BBB-); Deutsche Bank, Merrill Lynch (joint books); Bogota, Colombia-based telecommunications provider; roadshow in New York Jan. 14, in Boston Jan. 15, in London Jan. 16.

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.

JIANGXI COPPER CO. LTD.: 6.8 billion yuan eight-year notes with two-year warrants; proceeds to purchase new metals, repay debt and upgrade mining capacity; Guixi, China-based mining company.

PT INDOSAT TBK.: 1.5 trillion rupiah in two conventional tranches and one sukuk; five- and seven-year conventional tranches will be worth 500 billion rupiah each; five-year sukuk worth 500 billion rupiah; Danareksa Sekuritas, Mandiri Sekuritas (joint books); proceeds will be used to fund the company's expansion plans; Jakarta-based telecommunications provider; initial guidance for five-year conventional bond FR 0033 plus 75 basis points to 105 bps; initial guidance for seven-year conventional bond FR 0027 plus 80 basis points to 105 bps; initial guidance for five-year sukuk FR 0033 plus 75 bps to 100 bps.

OVERSEA-CHINESE BANKING CORP. LTD.: 1.5 billion ringgit 10-year lower tier II bonds; 1.5 billion ringgit issue may be increased to 2.5 billion ringgit; OCBC Malaysia, RHB Investment Bank (joint books); bonds will be callable in five-years and will step-up, if not called, to the rate of the equivalent Malaysian government security plus 1%; Singapore-based retail and commercial bank.

PING AN INSURANCE CO.: 41.2 billion 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.

OJSC RUSSIAN AGRICULTURAL BANK: Swiss franc-denominated limited recourse loan participation notes to be sold through RSHB Capital SA; (BBB+/); Russian Agricultural Bank is a Moscow-based state-run bank focused on the agriculture market.

SISTEMA JSFC: 6 billion ruble bonds; VTB Bank, Rosbank (joint books); proceeds for refinancing, future investments; Moscow-based conglomerate with holdings in telecommunications and technology.

SWIRE PACIFIC MTN FINANCING LTD.: HK$250 million 10-year senior unsecured fixed rate notes (A-); Hong Kong-based holding company.

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