Emerging markets calendar: Gazprom bringing benchmark offer

WEEK OF JULY 30

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; guidance 10¼% to 10½%.

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 ended July 24, pricing to follow.

MOBILE-8 TELECOM: $150 million seven-year bonds (B2/B); Lehman Brothers; noncallable for four years, 35% equity clawback in first three years, make-whole call at Treasuries plus 50 bps before first call date, tax call at 101% if change in withholding tax; Jakarta, Indonesia-based telecommunications company; roadshow ended July 26.

GAZPROM: Benchmark-sized dollar-dominated 30-year notes (//BBB-); ABN Amro, Morgan Stanley (joint books); off $15 billion medium-term debt program; Rule 144A/Regulation S; Moscow-based oil company; U.S. roadshow week of July 23; initial guidance 30-year Treasuries plus 220 to 225 bps.

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 ran to July 27; New Delhi, India-based commercial and investment bank.

TRANSPORTADORA DE GAS (TGI): $900 million senior bonds in two tranches (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.

HONG LONG HOLDINGS LTD.: $175 million to $200 million senior unsecured notes with an expected five-year to seven-year maturity (B2/B); Citigroup; to refinance existing debt, including a temporary secured loan, acquire new projects, add to its land bank and for general corporate purposes; property developer based in Shenzhen, China; roadshow ended July 26.

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.

SOCIALIST REPUBLIC OF VIETNAM: 10-year local-currency sovereign worth up to $1 billion, expected; Barclays, Citigroup, Deutsche Bank (joint books); deal expected in September.

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.

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

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.

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; subscription date extended to Nov. 2 from July 18.

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