Emerging markets calendar: Independencia plans $250 million

WEEK OF MAY 5

INDEPENDENCIA INTERNATIONAL LTD.: $250 million seven-year bonds; Banco Santander; Jordanesia, Brazil-based beef producer; initial guidance in the 10¼% area; pricing expected May 8.

WEEK OF MAY 12

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; expected late in the week of May 12.

MAY

KOREA RAILROAD: $300 million five-year senior unsecured bonds (A2/A); Citigroup, HSBC, Morgan Stanley (joint books); change of control at par if government owns less than 51% of shares; Daejong, South Korea-based railroad operator; roadshow May 5 in Hong Kong and Singapore, May 6 in London and May 7 in New York; initial guidance set at Treasuries plus 160 bps to 170 bps.

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.

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.

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%.

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.

JUNE

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.

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.

KOOKMIN BANK: Yen-denominated two-year two-tranche senior unsecured bond (Aa3/A/A+); Seoul-based commercial and retail lender.

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; Reg. 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.

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.

HUANENG POWER INTERNATIONAL INC.: Four billion yuan 10-year bonds; Beijing-based independent coal power producer; expected on May 8; initial guidance between 5.1% and 5.4%.

PT INDOFOOD SUKSES MAKMUR TBK.: 1.5 trillion rupiah five-year bonds (AA+, local); DBS Vickers, Danareska, ING, Kim Eng, Mandiri Securities (joint books); proceeds to refinance debt and for working capital; Jakarta-based food supplier.

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.

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.

PUBLIC BANK BHD.: 5 billion ringgit lower tier II subordinated notes; Public Investment Bank; from medium-term note program; Kuala Lumpur-based retail and commercial bank.

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.

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.

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.

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