Emerging markets calendar

WEEK OF APRIL 19

AMERICA MOVIL SA DE CV: $300 million three-year notes (Baa1/BBB-/BBB); Citigroup; Rule 144A (with registration rights); Mexico City-based wireless communications services company; price guidance Libor plus 62.5 basis points; pricing expected April 20.

HONG KONG LAND FINANCE CO.: $300 million 10-year eurobond (A2/BBB+); JP Morgan, HSBC Bank; Regulation S; for general corporate funding requirements; property investment, management and development group; starts roadshow on April 20 in Hong Kong and April 21 in Singapore; pricing expected at end of roadshow.

KOREA ELECTRIC POWER CORP. $300 million 10-year bonds (A3/A-); to retire yen-denominated maturing debt; ABN Amro, Deutsche Bank and Morgan Stanley; Rule 144A/Regulation S; Seoul, Korea power utility company; expected week of April 20.

APRIL

AGROKOR: add-on to €130 million 11% notes due 2007 (B1/B+); Deutsche Bank; roadshow to start week of April 26 in Vienna, Athens, Frankfurt, Zurich and London; Zagreb, Croatia-based food company.

ATF BANK: $150 million three to five year eurobond (Ba1/B+); fourth largest bank in Kazakhstan; roadshow runs April 13 to April 14 in Southeast Asia and Europe.

BANCO REAL: $50 million three-year add-on; Banco Itau; Regulation S only; San Paulo-based bank; price guidance 4¼%.

CP CIMENTO E PARTICIPACOES: $30 million two-year notes; BES Investimento; Regulation S only; Rio de Janeiro-based cement holding company; price guidance 7 1/8% to 7 3/8%.

GAZ CAPITAL SA: $1.2 billion notes (-/BB-/BB); Credit Suisse First Boston and Deutsche Bank Securities; Regulation S/Rule 144A; funding vehicle Gaz Capital lends proceeds to Russian natural gas company OAO Gazprom; starts roadshow on April 19 in Germany and Los Angeles, April 20 in Switzerland and the Midwest, April 21 in New York, and April 22 in London and Boston.

KALTIM PRIMA COAL: $450 million in floating rate notes due 2007 and fixed rate notes due 2011, tranche sizes to be determined; Credit Suisse First Boston, JP Morgan; Rule 144A/Regulation S; to finance a $404.5 million five-year loan that PT Bumi Resources obtained in 2003 to fund the acquisition of KPC from Rio Tinto PLC and BP PLC; Indonesia's second-largest coal mining company; roadshow starts Singapore April 26, then Hong Kong and U.S.

MEDCO ENERGI: $200 million bonds due 2009 (B3/B+); Credit Suisse First Boston and 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 March.

SAZKA (CZECH REPUBLIC LOTTERY CO.): €190 million international bonds due 2014; Credit Suisse First Boston; expected to contain amortization feature with average life of seven years; expected to price April.

HALYK BANK OF KAZAKHSTAN: $200 million five-year notes (Ba1B+); Credit Suisse First Boston and JP Morgan; Regulation S; expected in April; Kazakhstan bank.

REPUBLIC OF LEBANON: Seven-year notes (B2/B-); BNP Paribas and Credit Suisse First Boston; to pay maturing foreign bonds and loans; expected to price in April.

MOBILE TELESYSTEMS: $600 million 10-year notes (Ba3/B+); Regulation 144A/Regulation S; Moscow-based cellular service provider.

BANK MUSCAT: Dollar-denominated floating rate notes due 2009 (expected ratings Baa3/BBB-); ABN Amro and HSBC; Regulation S; roadshow starts mid-April; Oman-based bank.

VNESHTORGBANK: $300 million plus five- to 10-year bond issue (Baa3//BB+); Citigroup and Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; Moscow bank.

SECOND QUARTER

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

PT BANK NEGARA INDONESIA: $200-$300 million offshore bonds; possibly by late May.

CZECH REPUBLIC: €1 billion 10-year notes (A1/A-/A-); Regulation S.

ENERGORYNOK (UKRAINE) $300 million debut international bond with five or seven-year maturity; JP Morgan; non-callable; Ukrainian state-owned power company; possible second quarter business.

CITY OF KIEV: $200 million five to 10-year bonds (B2/B); Regulation S; pricing expected in second quarter.

MALAYSIA INTERNATIONAL SHIPPING CORP.: $1 billion (approximate) with 5-10 year tenor; (Baa2/BB+); Barclays Capital and Citigroup; to refinance existing $800 million bridge loan maturing in June 2004; anticipated second quarter business; Kuala Lumpur-based marine shipping and logistics company.

REPUBLIC OF SOUTH AFRICA: €1 billion global benchmark bond (Baa2/BBB); pricing expected in second quarter.

REPUBLIC OF SLOVAKIA: €1 billion five- to 10-year issue (A3/BBB); Regulation S; pricing expected second quarter.

FINANCE MINISTRY OF THAILAND: 60 million baht five-year notes; expected coupon 4.6%; to be used to repay debt; expected to price in May.

UKREXIMBANK: minimum $100 million three to five year bond offering, UBS Investment Bank and Dresdner Kleinwort Wasserstein; Regulation S; state export-import bank of Ukraine; pricing expected in the second quarter.

VIACAO ITAPEMIRIM: $15.5 million maximum addition to $19.5 million two-year senior secured notes; Ramirez & Co.; to refinance short-term existing obligations; Luxembourg Stock Exchange; Brazil's largest interstate bus company.

VIMPELCOM: $300 million three-to-five year notes (BB-); JP Morgan and UBS Investment Bank (expected); Rule 144A/Regulation S; to refinance debt; Moscow-based communications company; expected to close in the second quarter.

VOTARANTIM CELULOSE E PAPEL SA: $300 million 10-year bond deal; Sao Paolo, Brazil pulp and paper company.

EMERGING MARKET OFFERINGS ON THE HORIZON

ALROSA CO. LTD: $300 million 10-year issue (B3/B); JPM Morgan and ING Financial Services; Moscow-based diamond company.

CONTINENTAL CHEMICAL HOLDINGS: $150 million notes (B1); UBS Securities; Singapore-based maker of intermediate chemicals and specialty resin products.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capital expenditures 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.

HANARO TELECOM: $600 million notes; South Korea's second largest high-speed Internet provider; expected to price this year.

STATE OF ISRAEL: ?400 million bond issue (A2/A-/A-); Deutsche Bank and Morgan Stanley; Regulation S.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

REPUBLIC OF ISRAEL: €400 million deal (A2/A-/A-). Deutsche Bank and Morgan Stanley.

KOREA MIDLAND POWER: $150 million bonds; Credit Suisse First Boston and JP Morgan; power utility company.

OAO LUKOIL: $500 million eurobonds as part of 2004 borrowing program; Russian oil company; expected Credit Suisse First Boston and Deutsche Bank Securities.

CITY OF MOSCOW: €450 million five- to seven-year notes; UBS Investment Bank, Citigroup and Dresdner Kleinwort Wasserstein; Regulation S.

PTT PCL: $500 million global bond offering; Deutsche Bank Securities, JP Morgan; to refinance debt and fund expansion; Thailand petrochemical company; debut international offering; timing to be determined.

REPUBLIC OF ROMANIA: €600 million 10-year notes (Ba3/BB); Regulation S; expected in the first half.

SEVERALMAZ: add-on to existing $100 million eurobond due 2006; ING; Regulation S; Arkhangelsk, Russia diamond company.

TATA MOTORS: $500 million long-term bonds; to fund capital expenditures, product development and refinancing acquisition of Daewoo; Indian auto manufacturing company.

TELEKOMUNIKACJA POLSKA (GPSA): €300 million seven-year note deal; telecommunications operator in Poland.

UKRSOTSBANK: $100 million three-year bonds (B2); ABN Amro; Regulation S; Kiev, Ukraine-based bank.

ROADSHOWS

April 13-April 14: ATF BANK; $150 million three to five year eurobond

April 19-April 22: GAZ CAPITAL SA: $1.2 billion notes; Credit Suisse First Boston and Deutsche Bank Securities; Regulation S/Rule 144A

April 20-April 21: HONG KONG LAND FINANCE COMPANY: $300 million 10-year eurobond (A2/BBB+); JP Morgan, HSBC Bank; Regulation S

Starts April 26: KALTIM PRIMA COAL: $450 million in floating rate notes due 2007 and fixed rate notes due 2011, Credit Suisse First Boston, JP Morgan; Rule 144A/Regulation S

Starts mid-April: BANK MUSCAT Dollar-denominated: ABN Amro and HSBC; Regulation S

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