Emerging markets calendar: Banco Cruzeiro offers dollar bonds

WEEK OF APRIL 21

BANCO CRUZEIRO DO SUL SA: Dollar-denominated two-year bonds (Ba1); BCP Securities, UBS (joint books); Regulation S; Sao Paulo, Brazil-based retail and commercial bank; books open April 21; initial guidance set at 7½%.

ON THE HORIZON

AMPAL-AMERICAN ISRAEL CORP.: $175 million series B debentures; Regulation S; Tel Aviv-based investment 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.

METRO COUNTRY CLUB: $110 million private placement deal in two tranches; $75 million six-year senior secured tranche (//B-) and a $35 million seven-year subordinated payment-in-kind tranche; Stephens; Juan Dolio, Dominican Republic-based real estate developer; initial guidance at 12% for senior secured tranche, 13½% for subordinated tranche.

NET SERVICOS DE COMUNICACAO SA: $200 million 10-year offering of bonds (Ba2), Sao Paulo-based cable television operator.

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.

UNITED TEST & ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; JPMorgan, Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

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.

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.

JIANGXI COPPER CO. LTD.: 6.8 billion yuan eight-year notes with two-year warrants; proceeds to purchase new metals, repay debt and upgrade mining capacity; Guixi, China-based mining company.

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.

PING AN INSURANCE CO.: 41.2 billion 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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