Emerging markets calendar: Durango bringing $520 million

WEEK OF JULY 23

FIRST INVESTMENT BANK (BULGARIA): €100 million 10-year notes (Ba1/BB); Deutsche Bank; Regulation S; Sofia, Bulgaria-based commercial and investment bank; guidance in Libor plus 250 bps area.

OJSC KUZBASSRAZREZUGOL: Dollar-dominated three-year notes; initial guidance 9¼%; Moscow, Russia-based mining company.

AZGARD-9: $200 million to $260 million seven-year senior unsecured notes (B2/B+); non-callable for four years; Citigroup; Regulation S; proceeds to refinance a large portion of corporate debt; Iskanderabad, Pakistan-based fabrics exporter and fertilizer manufacturer.

CORPORACION DURANGO: $520 million (expected) senior unsecured issue (B+/B+); first tranche will be five-year amortizing notes, second tranche will be 10-year notes, non-callable for five years paid as a bullet at maturity; Merrill Lynch; Rule 144A/Regulation S; proceeds for refinance existing debt and for general corporate purposes; Durango, Mexico-based bag and box manufacturer; roadshow will be held July 11 to July 13 in Europe, and July 16 to July 19 in the United States; pricing expected the week of July 23.

GRUPO FINANCIERO MIFEL SA: $120 million offering of perpetual bonds (BB-/B-/B+); Deutsche Bank; Rule 144A/Regulation S; non-callable for five years; Mexico City-based bank; roadshow ends July 17; guidance 10½% area.

NATIONAL INDUSTRIES GROUP: Dollar-dominated five-year floating rate senior unsecured sukuk (Baa2); BNP Paribas, Citigroup, Standard Chartered (joint books); Regulation S; Safat, Kuwait-based investment bank; roadshow ended July 13.

DONBASS (ISD): Dollar-dominated senior bonds (B1//B+); JP Morgan, Citibank (joint books); Rule 144A/Regulation S; Donetsk, Ukraine-based industrial materials manufacturer; price expected early in the week of July 23; guidance 9% to 9¼%.

QATAR REAL ESTATE: Five-year floating rate sukuk (A2/BBB+); HSBC; roadshow through Singapore July 10, Kuala Lumpur July 11, and London July 12; Doha, Qatar-based real estate and land developer; guidance Libor plus 75 bps.

GLOBAL YATIRIM: $100 million five-year loan participation notes (//B); Deutsche Bank; Regulation S; Istanbul, Turkey-based holding company concerned with financial services, natural gas distribution, and port development; roadshow July 11 in Zurich; guidance 9¼% area.

CIKARANG LISTRINDO: $425 million seven-year senior secured note issue (Ba3/BB-/); UBS; proceeds for debt refinancing, capex and general corporate purposes; Jakarta, Indonesia-based natural gas and electricity company; roadshow ends July 24, pricing to follow.

CYRELA BRAZIL REALTY: 500 million reais 10-year notes; noncallable for five years; Credit Suisse; Rule 144A/Regulation S; roadshow in Singapore on July 16, Hong Kong on July 17, London and Zurich on July 18, in the United States from July 19 to July 23; Sao Paulo, Brazil-based homebuilder and real-estate developer.

EDENOR: $220 million 10-year senior unsecured bonds (B2/B); lowered from $250 million; Citigroup, Deutsche Bank (joint books); Rule 144A/Regulation S; proceeds to refinance existing debt; Buenos Aires, Argentina-based energy distribution company; roadshow July 9 and July 10 in London, July 11 and July 12 on the U.S. west coast, and July 12 through July 17 on the U.S. east coast expected price July 18; subscription date extended to July 31 from July 18; guidance 9¼% to 9 3/8%.

ARCOR: $100 million 10-year senior unsecured notes (B+/BB-); price guidance 8 3/8% to 8½%; Citigroup; Rule 144A/Regulation S; amortizing in two equal installments in 2016 and 2017; proceeds for refinancing and capex; Cordoba, Argentina-based food producer; roadshow scheduled on June 20 in London, June 22 in Los Angeles, June 25-26 on the US east coast; accepting orders to July 25.

BANK OF MAHARASHTRA: Rs. 2 billion 15-year unsecured non-convertible redeemable subordinated upper tier II bonds; 10.35% coupon for the first 10 years, step up to 10.85% if uncalled; subscription period from July 13 to July 23; allotment date July 25; Pune, India-based commercial and investment bank.

JULY

GAZPROM: Benchmark-sized dollar-dominated offer; ABN Amro, Morgan Stanley (joint books); off $15 billion medium-term debt program; Rule 144A/Regulation S; Moscow-based oil company; ABN Amro, Morgan Stanley (joint books); U.S. roadshow week of July 23.

PETROLEUM CO. OF TRINIDAD & TOBAGO LTD. (PETROTRIN): $750 million offering of 15-year amortizing notes (/BBB+/), Citigroup (books), Calyon (co-manager); to finance a large portion of estimated $800 million refinery upgrade program; state-owned oil company in Trinidad and Tobago.

PUNJAB NATIONAL BANK: Rs. 2.5 billion tier I perpetual bonds; green shoe option for up to an additional Rs. 2.5 billion; subscription period will run from Thursday to July 27; New Delhi, India-based commercial and investment bank.

TRANSPORTADORA DE GAS (TGI): $900 million senior bonds in two tranches (BB or BB-/BB); ABN Amro; Rule 144A/Regulation S; long-term tranche peso-denominated, medium-term tranche dollar-dominated; proceeds to refinance existing debt; Bogota, Colombia-based gas pipeline operator; roadshow July 19 and July 20 in London, the week of July 23 in the United States.

STANDARD BANK OF SOUTH AFRICA: Dollar-dominated tier II issue (Baa1/BBB+); Deutsche Bank, Standard Chartered (joint books); Johannesburg-based commercial and investment bank; roadshow started July 16.

EMIRATE OF ABU DHABI: Dollar-dominated issuance (Aa2/AA /AA); Citigroup, Deutsche Bank (joint books); Rule 144A/Regulation S; investor meetings will be held the week of July 15 in Los Angeles, Boston and New York.

ON THE HORIZON

AMTEL VREDESTEIN NV: Euro-denominated offering of three-year fixed-rate unsecured bonds; Nomura International plc; company's debut offering of eurobonds; Enschede, Netherlands-based tire manufacturer and retailer.

ISPAT INDUSTRIES LTD.: Up to $500 million in foreign currency-denominated notes for infrastructure improvements in some of the company's plants, including its hot rolled coil steel plant at Dolvi in Raigad district of Maharashtra and its pellet plant.

KAZTRANSOIL: Up to $1 billion in new bonds; to fund the construction of two pipelines; Kazakhstan-based state-run oil firm.

VIETNAM BANK FOR INVESTMENT AND DEVELOPMENT: VND $5 trillion ($300 million equivalent) five-year notes; Hanoi, Vietnam-based state-run commercial bank.

GOVERNMENT OF LITHUANIA: Benchmark-sized euro-dominated bond; Societe General, UBS (joint books).

ABSA BANK: €500 million issue, off euro MTN program; Johannesburg, South Africa-based commercial and investment bank.

CREDIT BANK OF MOSCOW: 2 billion ruble senior unsecured local-currency issue (A1); putable after 18 months; Moscow-based commercial and investment bank.

BANCO DE CREDITO DEL PERU: $500 million notes backed by remittances from overseas workers; Standard Chartered.

OBLAST OF SAMARA: 5 billion ruble five-year fixed coupon senior unsecured notes (Aa1.ru).

REPUBLIC OF AZERBAIJAN: Debut sovereign bond issue (Ba1//BB+); Deutsche Bank, Citigroup (joint books); expected September-October business.

EMPRESA DE TELECOM DE BOGOTA: $300 million local-currency bond

ROADSHOWS

Started July 16: STANDARD BANK OF SOUTH AFRICA: Dollar-dominated tier II issue (Baa1/BBB+); Deutsche Bank, Standard Chartered (joint books)

July 16-23: CYRELA BRAZIL REALTY: 500 million reais 10-year notes; noncallable for five years; Credit Suisse

July 19-23: TRANSPORTADORA DE GAS (TGI): $900 million senior bonds in two tranches (BB or BB- expected/BB); ABN Amro

Week of July 23: GAZPROM: Benchmark-sized notes; Rule 144A; Moscow-based oil company; ABN Amro, Morgan Stanley (joint books)

Ending July 24: CIKARANG LISTRINDO: $425 million seven-year senior secured note issue (Ba3/BB-/); UBS

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