Emerging markets calendar: Alfa Bank talks bonds

WEEK OF JULY 21

CAMIL ALIMENTOS: $150 million senior unsecured bullet bond (Ba3/BB-/); ABN Amro, Santander (joint books); proceeds to refinance existing debt from the acquisition of Uruguay's Saman; Sao Paulo-based food producer; roadshow on June 18 in Hong Kong, on June 19 in Singapore, on June 20 in Geneva, on June 23 in London, on June 24 in New York, on June 25 in Boston and on June 26 on the U.S. West Coast.

OCEANOGRAFIA SA DE CV: $335 million seven-year senior secured bonds (/B+/B+); Morgan Stanley; Rule 144A/Regulation S; non-callable for four years; change of control put at 101; equity clawback for first three years to redeem 35% of principle at par plus the coupon; proceeds to refinance existing debt; Mexico City-based ship builder.

UKRAINE: $500 million bonds (B1/BB-/BB-); BNP Paribas, JPMorgan, Standard Bank (joint books); Rule 144A/Regulation S; roadshow on June 23 in New York, on June 24 in Boston, on June 25 and June 26 in London.

JULY

ABU DHABI NATIONAL ENERGY CO.: Dollar-denominated benchmark-sized senior unsecured notes (Aa2/AA-); Barclays, National Bank of Abu Dhabi, RBS (joint books); Rule 144A and Regulation S; proceeds to refinance outstanding debt; Abu Dhabi-based energy firm; five-year notes talked in the Treasuries plus 325 bps area, 10-year notes talked in the Treasuries plus 325 bps area, 30-year notes talked in the Treasuries plus 340 bps area.

ALFA BANK: Dollar-denominated three-year senior bonds (Ba3/B+); Credit Suisse, HSBC (joint books); Rule 144A, Regulation S; putable after one year; from $2 billion medium-term note program; Kiev-based commercial and retail bank; talked at 12%.

BANCO PANAMERICANO: $120 million two-year eurobonds (Ba2); Banco Votorantim, Banco Espirito Santo, Unibanco (joint books); Regulation S; Sao Paulo-based retail and commercial bank; roadshow in New York on May 19 and May 20; initial guidance in 7¼% area.

BANCO PINE SA: $100 million to $150 million bonds (BB-/); Credit Suisse, HSBC (joint books); Rule 144A/Regulation S; Sao Paulo, Brazil-based commercial and retail bank.

HOME CREDIT & FINANCE BANK: $250 million three-year loan participation notes; ABN Amro, Calyon, ING (joint books); Regulation S; putable in August, 2010; Moscow-based lender; notes are expected at par.

OJSC UNITED AIRCRAFT CORP.: At least $100 million 18-month to two-year bonds (Ba2) ; MDM Bank; proceeds to modernize the company's manufacturing facilities; government-run Moscow-based aerospace and defense firm; expected in the second half of June; initial guidance between 10¼% and 10½%.

ON THE HORIZON

BANCO DE ORO: $150 million bond, possible upsize to $200 million; proceeds to refinance debt; Manila, Philippines-based commercial and retail bank.

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.

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

HONG KONG & CHINA GAS CO. LTD.: Dollar-denominated bonds; Regulation S; proceeds to refinance debt or for general corporate purposes; Hong Kong-based gas and utility company.

LSR GROUP: Bond issue; Regulation S; St. Petersburg-based construction company; roadshow expected.

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%.

TARJETA NARANJA SA: $20 million 13-month notes; Banco de Galicia y Buenos Aires; from $350 million note program; Cordoba, Argentina-based credit card lender.

LOCAL CURRENCY

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.

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.

BEIJING NORTH STAR CO. LTD.: 1.7 billion yuan five-year bonds; interest rate between 7.5% and 8.6%; UBS; Beijing-based real estate firm.

CHINA COMMUNICATIONS CONSTRUCTION CO. LTD.: Up to 15 billion yuan bond issue; five- to 15-year maturity; interest rate not to exceed central bank benchmark lending rate; proceeds to refinance debt; Beijing-based infrastructure and ports operator.

CHINA SOUTHERN AIRLINE CO. LTD.: 1.5 billion yuan three-year bonds; proceeds for working capital; Guangzhou, China-based airline.

CHINABANK: Up to PHP 8 billion in long-term negotiable certificates of time deposit; two or more tranches of at most PHP 5 billion and PHP 3 billion; Manila-based commercial and retail bank.

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.

METRO HOLDINGS LTD.: S$200 million in either floating rate notes or a transferable loan facility; DBS; Singapore-based retailer.

METROBANK: PHP 10 billion lower tier 2 notes in one or two tranches; proceeds to refinance debt; Makati City, Philippines-based bank.

PETROCHINA CO. LTD.: Up to 60 billion yuan with a maturity of 15 years or less; sold to A shareholders; proceeds for mid- and long-term capital requirements; Beijing-based energy firm.

ROBINSONS LAND CORP.: PHP 2 billion five-year notes; HSBC; proceeds for capital expenditures; Manila-based property developer.

SANRAL: Up to 2 billion rand senior unsecured notes (Aa2, local); offer includes consumer price index-linked 4¼% five-year notes, and three 12¼% notes due in 2018, 2021 and 2028; Absa Capital, First Rand Bank, Vunani Capital (joint books); Tshwane, South Africa-based government-run infrastructure management entity; pricing July 10.

SINOPEC: 20 billion yuan five- to 10-year domestic bonds; 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.

UNIDAS SA: 250 million real four-year debentures (A, local); Banco Itau, UBS, ABC Brasil, Banif Investimentos, HSBC (joint books); Amadora, Brazil-based auto rental company.

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