Emerging markets calendar

MARCH 22 WEEK

MAGNESITA REFRATARIOS SA: Dollar-denominated notes due 2020 (expected B1/BB-); JPMorgan, BB Securities, Banco Bradesco BBI, Banco Itau; Rule 144A; Regulation S; non-callable for four years; roadshow started Thursday, continued Friday in London, then Monday in Boston, Tuesday luncheon in New York, Wednesday on U.S. West Coast; pricing subject to market conditions.

MARCH

GRUPO PAPELERO SCRIBE SA DE CV: $250 million 10-year notes; Credit Suisse; Mexico City-based pulp producer and manufacturer of printing and writing paper.

REPUBLIC OF PANAMA: Planned $62.2 million 8 1/8% global bonds due April 28, 2034 sold by Banco Nacional de Panama; Credit Suisse Securities; originally issued in amount of $250 million on Jan. 28, 2004; $250 million add-on due 2034 priced Aug. 11, 2005; notes were repurchased and canceled in amount of $327.2 million on Jan. 26, 2006; Credit Suisse will buy the bonds at market prices or negotiated prices and sell to public on a variable-price reoffer basis from time to time; proceeds for reinvestment in securities.

INDEPENDENCIA ALIMENTOS SA: $150 million senior secured notes due 2015; beef producer based in Sao Paulo.

REPUBLIC OF HUNGARY (Baa1/BBB-/BBB): Benchmark global notes due 2020; Citigroup, Deutsche Bank; SEC registered.

VNESHECONOMBANK (VEB): Eurobonds; Barclays, Citigroup, HSBC, Societe Generale, ING, Troika Dialog and VTB Capital; Moscow-based Bank for Development and Foreign Economic Affairs.

HYUNDAI MOTOR CO. (Baa3/BBB/): Investor meetings March 2-5, to be led by Barclays Capital, Bank of America Merrill Lynch, Citigroup, Goldman Sachs & Co., Nomura; will include stops in Singapore, Hong Kong, London, Boston, New York, Los Angeles; Korea-based auto manufacturer.

TERPHANE, INC.: $90 million secured notes due 2017; PrinceRidge Group (sole); Rule 144A for life; non-callable for four years; to repay Libor plus 970 bps secured notes and 12% secured notes; polyester films manufacturer based in Bloomfield, N.Y., and Sao Paulo; roadshow started March 15.

MEXICO: Planned 4% inflation-linked bonds due Nov. 15, 2040; Banamex, HSBC, ING, Bank of America Merrill Lynch.

ON THE HORIZON

RZD CAPITAL LTD.: Planned benchmark-sized dollar-denominated bonds due 2017; Barclays, JPMorgan, VTB Capital; roadshow in late March or April; yield whispered at 5.9%; state-owned railway company based in Moscow.

BANQUE SAUDI FRANSI: Planned dollar-denominated benchmark bonds; banking company based in Saudi Arabia.

RUSSIAN FEDERATION: Eurobonds; Barclays Capital, Citigroup, Credit Suisse, VTB Capital; roadshow April 21 and 22 in New York.

DOMINICAN REPUBLIC: Expected benchmark dollar-denominated sovereign global bonds; Barclays Capital, Citigroup; timing and structure to be determined.

GULF INVESTMENT BANK: Expected dollar-denominated bonds or sukuk offering; Barclays Capital, GIB Financial, HSBC, UBS; timing and structure to be determined.

HYUNDAI CARD CORP.: Global bonds; Barclays Capital, credit card unit of Korea-based Hyundai Motor Group.

LATVIA: Planned euro-denominated offering of notes; Citigroup, Credit Suisse

UNITED GULF BANK BSC (Baa3): Possible dollar-denominated global bond offering; Calyon Securities, Standard Chartered Bank; Regulation S; Bahrain-based company is 95% owned by Kuwait Projects Co. (Kipco); pending market conditions.

LOCAL CURRENCY

RSHB CAPITAL SA: RUB 30 billion of three-year bonds; special purpose vehicle for Moscow-based Russian Agricultural Bank.

JSC POLYMETAL: RUB 5 billion of three-year bonds; Saint Petersburg, Russia-based mining company.

REGIONAL CONTAINER LINES PCL: 5 billion baht five-year unsecured unsubordinated debentures; Bangkok-based shipping company.

YANG MING MARINE TRANSPORT CORP.: Up to NT$5 billion secured straight bond; refinance bond due 2011; Taiwan-based shipping company.

ROADSHOWS

Started March 15: TERPHANE, INC.: $90 million secured notes due 2017; PrinceRidge Group.

March 18-24: MAGNESITA REFRATARIOS SA: Dollar-denominated notes due 2020; JPMorgan, BB Securities, Banco Bradesco BBI, Banco Itau.

In late March or April: RZD CAPITAL LTD.: Dollar-denominated benchmark-sized bonds due 2017; Barclays, JPMorgan, VTB Capital.

April 21-22: RUSSIAN FEDERATION: Eurobonds; Barclays Capital, Citigroup, Credit Suisse, VTB Capital.

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