Emerging markets calendar

WEEK OF MARCH 8

AES GENER SA: $300 million senior unsecured bonds due 2014 (Ba3/BB+/BB); Deutsche Bank Securities; Rule 144A/Regulation S (with registration rights); to repurchase and redeem 6% U.S. convertible senior notes due 2005, 6% Chilean convertible bonds due 2005, 6½% Yankee notes due 2006 and for working capital; Santiago, Chile power generating company; roadshow March 3-8, pricing expected on March 9.

MARCH

MEDCO ENERGI: $200 million bonds due 2009 (B3/B+); Credit Suisse First Boston, UBS Investment Bank; private sector oil company in Indonesia; pricing expected first quarter 2004.

PHILIPPINE NATIONAL BANK: $140 million step-up subordinated bonds due 2014 (Ba1); JP Morgan; roadshow originally completed in December 2003, deal rescheduled; price talk 9%-9¼%.

RELIANCE INDUSTRIES: $750 million bond due 2009; Credit Suisse First Boston and ABN Amro; diversified group of Indian manufacturing companies; pricing in early March.

REPUBLIC OF URUGUAY: Three-year notes due June 2007 (B3/B-/B-); Luxembourg Stock Exchange; Citigroup; pricing expected in March.

SECOND QUARTER

PT BANK MANDIRI: Dollar-denominated deal coming in second quarter (B2/B), size, tenor and structure to be determined.

EMERGING MARKET OFFERINGS ON THE HORIZON

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

EAST LINE CAPITAL SA: Eurobonds (company ratings B3/B-); Isle of Man holding company owns a number of businesses that operate predominantly in Russia; holding investor meetings in selected European centers; deal expected to come later this year.

ROADSHOWS

Started March 4: AES GENER SA $300 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10-year

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