Emerging markets calendar

ON THE HORIZON

BANCO INDUSTRIAL E COMERCIAL: Roadshow only, may be followed by short- to intermediate-term dollar-denominated transaction (Ba3/BB-/); UBS; Rule 144A/Regulation S; Sao Paulo-based commercial and investment bank; roadshow Jan. 17 in New York, Jan. 18 in London and Jan. 21 in Zurich and Geneva.

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

GRUPO M HOLDING SA: Inaugural dollar-denominated bond offering (BB-); Merrill Lynch; Alajuela, Costa Rica-based consumer electronics retailer; roadshow in Hong Kong on Jan. 16, Singapore on Jan. 17, Switzerland on Jan. 18, London on Jan. 21, New York on Jan. 22 and Boston on Jan. 23.

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.

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 eurobond; Credit Suisse, UBS, Eurobank EFG (joint books); planned in the first half of 2008.

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

CHINA PETROLEUM & CHEMICAL CORP.: 30 billion yuan six-year bond with two-year warrants (AAA, local); the holder of a lot of 10 bonds will be entitled to 101 A shares; initial exercise price is RMB19.68 per A share; Beijing-based energy and chemical company; initial guidance between 0.8% and 1.5%.

EMPRESA DE TELECOM DE BOGOTA: 10-year local-currency bond (Ba1//BBB-); Deutsche Bank, Merrill Lynch (joint books); Bogota, Colombia-based telecommunications provider; roadshow in New York Jan. 14, in Boston Jan. 15, in London Jan. 16.

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.

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.

RIZAL COMMERCIAL BANKING CORP.: PHP 7 billion tier II notes (//B+); notes step up in 2013; offer period from Feb. 4 to Feb. 15; Manila-based retail and investment bank.

SISTEMA JSFC: 6 billion ruble bond; VTB Bank, Rosbank (joint books); proceeds for refinancing, future investments; Moscow-based conglomerate with holdings in telecommunications and technology.

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