Emerging markets calendar

MAY

KALTIM PRIMA COAL: $375 million floating-rate notes due 2007 and fixed-rate notes due 2009, tranche sizes to be determined; notes due 2005 are non-callable for two years, notes due 2009 are non-callable for three years; Credit Suisse First Boston and JP Morgan; Rule 144A/Regulation S; to refinance a $404.5 million five-year loan that PT Bumi Resources obtained in 2003 to fund the acquisition of Kaltim Prima from Rio Tinto plc and BP plc; Indonesia's second largest coal mining company; roadshow started in Hong Kong on April 29, then Singapore on April 30, then stopping in London and New York on May 4 and finishing off in Boston on May 5.

NCLC: $350-$450 million senior notes due 2014 (B2/B+); JP Morgan (sole books); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes including the potential construction of new cruise ships; a direct wholly owned subsidiary of Star Cruises Ltd.; roadshow April 26-May 5 (started April 27 in the United States); pricing expected on May 6.

REPUBLIC OF SLOVAKIA: €1 billion 10-year notes (A3/BBB+); ABN Amro, Dresdner Kleinwort Wasserstein, and Morgan Stanley; roadshow in Amsterdam and Milan on May 3, Frankfurt and Munich on May 4, Paris and Zurich on May 5 and London on May 6; Regulation S; pricing expected around May 29.

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

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

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%.

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

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 started mid-April; Oman-based bank.

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

VNESHTORGBANK (VTB): $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.

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 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.

ROMPETROL: JP Morgan; Regulation S; Romania's largest private petroleum company.

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

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.

YUZHMASH: $130 million five-year bond offering (B1/B); Regulation S; government guaranteed; Ukrainian rocket manufacturer; expected to price in the second quarter.

THIRD QUARTER:

NAFTOGAZ: $700 million five- to seven-year deal; Regulation S; Ukrainian government-owned oil and gas company; pricing expected in third quarter.

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

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.

HONG KONG: HK$20 billion global sovereign bond (long term foreign currency ratings A1/A+).

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.

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

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

April 29-May 5: KALTIM PRIMA COAL; $375 million in floating rate notes due 2007 and fixed rate notes due 2009; Credit Suisse First Boston and JP Morgan; Rule 144A/Regulation S

April 26-May 5: NCLC; $350-$450 million senior notes; JP Morgan; Rule 144A/Regulation S

Starts May 3-May 6: REPUBLIC OF SLOVAKIA; €1 billion 10-year notes (A3/BBB+); ABN Amro, Dresdner Kleinwort Wasserstein, and Morgan Stanley

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