Emerging markets calendar: Telemar Norte talks benchmark-sized offer

SEPTEMBER 8 WEEK

KERRY PROPERTIES: Size to be determined amount of bonds; Deutsche Bank Securities; Hong Kong property development and management company; investor presentations completed in Asia and Europe.

SOUTH KOREA: Dollar-denominated 10-year global bonds (A2/A/A+); Barclays, Goldman Sachs, HSBC, Lehman Brothers, Samsung Securities, UBS (joint books); from $5 billion debt program; proceeds for purchase of foreign and domestic currency deposits and loans to foreign and local banks, refinancing of debt; roadshow Sept. 8 in Singapore and London, Sept. 9 in Hong Kong and Boston and Sept. 10 in New York.

TELEMAR NORTE LESTE SA: $1.5 billion to $2 billion senior notes due 2013 and 2018 (Baa3//BBB-); Citigroup, Banco Itau, Banco Santander SA (joint books); Rule 144A/Regulation S; to help fund $3.5 billion equivalent acquisition of Brasil Telecom Participacoes SA; parent of Brazilian telecommunications company Tele Norte Leste Participacoes SA; expected to price Sept. 10; initial guidance in 7¾% area for five-year notes, 8½% area for 10-year notes.

SEPTEMBER

POSCO ENGINEERING & CONSTRUCTION (Baa1/BBB+): Dollar-denominated notes; Barclays Capital, Citigroup, HSBC; construction arm of Korean steel company Posco; expected early September business.

ZAT AVANGARD: Up to $150 million three-year eurobond; Standard Bank; proceeds to open four new poultry plants; Zahvizdya, Ukraine-based egg and egg products producer; initial guidance revised from 13% area to 20% area.

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.

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.

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.

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

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.

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

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.

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.

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.

ROADSHOWS

Sept. 8 to Sept. 10: SOUTH KOREA: Dollar-denominated 10-year global bonds (A2//A+); Barclays, Goldman Sachs, HSBC, Lehman Brothers, Samsung Securities, UBS (joint books)

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