Emerging markets calendar

WEEK OF JULY 5

REPUBLIC OF CYPRUS: euro-denominated benchmark deal (A2/A); expected 10 year tenor; Credit Suisse First Boston, UBS Securities; roadshow started in Athens on July 2, followed by Paris and Amsterdam on July 5, next in Frankfurt and Vienna on July 6, and then finishing off in London on July 7, expected to yield mid-swaps plus 12 to 14 basis points; pricing this week.

WEEK OF JULY 12

PTT PCL: $400 million 10-year bullet global bond offering (Baa/BBB); Citigroup, Deutsche Bank Securities, JP Morgan; to refinance debt and fund expansion; roadshow to begin on July 9 in Singapore, Hong Kong on July 12, London on July 13, New York on July 14, and Boston on July 15; pricing expected immediately after roadshow; Thailand petrochemical company; debut international offering.

PETROL OFISI: $200 million five-year bond offering (-/B/B+); JP Morgan; Rule 144A/Regulation S; to be used for general corporate purposes; roadshow started July 7 in Athens, July 8 in London; July 12 in Boston, and July 13 in New York; largest wholesale and retail fuel distributor in Turkey.

JULY

LG TELECOM: $200 million bonds due 2009 (Ba2/BB+); Barclays Capital, Credit Suisse First Boston; to refinance debt; U.S. roadshow started June 17, Europe and Asia follow; South Korea wireless provider.

EXPORT IMPORT BANK OF CHINA (CHEXIM): $1 billion global bonds due 2014 (foreign currency rating A2/BBB+); Citigroup, Goldman Sachs & Co., HSBC; pricing expected mid-July.

HONG KONG: HK$20 billion debut global bond; $1 billion to $1.25 billion U.S. denominated 10-year global notes (A1/AA-), pricing expected in the area of Libor plus 25 basis points; Hong Kong dollar retail tranche broken down into two- and four-year notes with 2.13% and 3.38% coupon respectively; Hong Kong institutional tranche expected to include five- and 15-year notes; roadshow started July 7 in Singapore, moves to Europe and United States from July 12-14; be completed in mid-July.

CHAODA MODERN AGRICULTURE (HOLDINGS) LTD.: $150 million five-year bonds (Ba3/BB); Credit Suisse First Boston, Merrill Lynch International; Regulation S; to finance expansion of agricultural production and for general corporate purposes; roadshow makes stops in Singapore and Europe from June 17 to June 22; Fuzhou, China and Wanchai, Hong Kong-based organic farming company.

ROMPETROL GROUP NETHERLANDS NV: €250 million senior notes (-/B-/B-), three- to seven-year maturity anticipated; JP Morgan; to finance infrastructure investments and repay subsidiaries' debt; vertically integrated Romanian private oil company, based in Bucharest; six-day roadshow started June 23 in Athens; price talk 10% to 11%.

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%.

VNESHTORGBANK (VTB): three-year floating-rate loan participation notes (Baa3/BB+); Barclays Capital, ING, HSBC Bank; Regulation S; roadshow to start July 8 in Geneva and Zurich, July 9 in Athens and Munch, July 12 and July 13 in London; Moscow-based bank.

UKREXIMBANK: minimum $100 million three to five year bond offering, UBS Investment Bank, Dresdner Kleinwort Wasserstein (joint books); Regulation S; state export-import bank of Ukraine; roadshow started late May.

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

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

CITY OF KIEV: $200 million five to 10-year bonds (B2/B); Regulation S; Deutsche Bank Securities, Morgan Stanley (expected)

NAFTOGAZ: $700 million five- to seven-year eurobond; ABN Amro, UBS Securities; Regulation S; Ukrainian government-owned oil and gas company.

VITRO ENVASES NORTEAMERICA SA de CV: $150 million senior secured guaranteed notes due 2014; Citigroup; Rule 144A/Regulation S; to repay debt; subsidiary of San Pedro Garza Garcia, Nuevo Leon, Mexico-based glass manufacturer Vitro, SA de CV.

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

OSTRAVA: €100 million 10-year bond offering (A3/A-); Deutsche Bank Securities; Regulation S; pricing in July; largest city in North Moravia and administrative center of the region.

SEPTEMBER:

CHINA DEVELOPMENT BANK: $500 million dollar-denominated and €500 million euro-denominated notes; Chinese state-owned bank is largest issuer of non-government domestic bonds.

THIRD QUARTER:

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

FOURTH QUARTER:

JSC TRANSCREDITBANK: $120-150 million eurobonds (long term credit rating B-); Regulation S; to finance investment projects; Moscow-based bank for Russian Railways; debut global issue; expect in October or November.

EMERGING MARKET OFFERINGS ON THE HORIZON

ALROSA CO. LTD: $800 million eurobond (B3/B); JPM Morgan, ING Financial Services; to refinance debt, including inaugural bond offering from 2003; Moscow-based diamond company.

BELIZE: $200 million (minimum) bonds; (Ba3/B+); Deutsche Bank Securities, Morgan Stanley.

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.

HALYK BANK OF KAZAKHSTAN: $200 million five-year senior notes (Ba1/B+); Credit Suisse First Boston, JP Morgan; Regulation S; Kazakhstan bank.

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

HONG LEONG BANK: $150 million bond offering; Malaysian financial services provider.

INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA): $300 million bond due 2009 (corporate credit rating A2); Goldman Sachs, HSBC, JP Morgan; Regulation S only; Hong Kong-based unit of Industrial and Commercial Bank of China

INDIAN RAILWAY FINANCE CORP.: $200 million five- to seven- year floating-rate notes; financing vehicle for state-owned Indian Railway.

STATE OF ISRAEL: €400 million bond issue (A2/A-/A-); Deutsche Bank, 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.

JARDINE MATHESON: $500 million deal; HSBC Bank, UBS Securities; Hong Kong-based diversified trading company.

KOREA DEVELOPMENT BANK: $1 billion notes; sent out requests for proposals; proposal deadline is July 12; part of company's plan to raise $2 billion in second half of year; Korea's largest overseas borrower.

KOREA SOUTHERN POWER: $150 million five- to 10-year bonds (A3); subsidiary of Korea Electric Power Corp.

LG CALTEX OIL CORP: $300 million bonds due 2014; Banc of America, Citigroup, Deutsche Bank, Korean petroleum refining company.

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

MANILA ELECTRIC: $200 to $250 million five- to seven-year notes; refinance existing debt; price this summer; largest power distributor in the Philippines.

MEZHPROMBANK: $200 billion eurobond (B-); pricing expected at end of year; one of 20 major banks in Russia.

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

PROMSVYAZBANK: $200 million eurobond (-/-/B); ING, UBS Securities; to fund increased lending; Russian bank.

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

ROAD KING INFRASTRUCTURE LTD.: $150 million notes (Baa2/BBB-); HSBC Bank; Hong Kong-based operator of toll roads and other infrastructure in China.

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

SRI LANKA: bond offering up to $400 million; for budget deficit.

SRI LANKA TELECOM: bond offering due 2009; joint venture between the Government of Sri Lanka and NTT of Japan.

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

TRANSPORTADORA DE GAS DEL PERU: $275 million bond offering; to finance the construction of pipelines across the Andes to bring gas to Lima; unit of Buenos Aires-based Techint.

TELEKOM MALAYSIA BHD.: up to $500 million in global bonds due 2014 (long-term foreign currency ratings A-/Baa2); JP Morgan, Merrill Lynch & Co. financial advisors; request for proposals sent out early in May 31 week; deadline for proposals June 7 week.

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

ROADSHOWS:

June 17: LG TELECOM: $200 million bonds due 2009 (Ba2/BB+); Barclays Capital, Credit Suisse First Boston

June 17-22: CHAODA MODERN AGRICULTURE (HOLDINGS) LTD.: $150 million five- year bonds (Ba3/BB); Credit Suisse First Boston, Merrill Lynch International

June 23-30: ROMPETROL GROUP NETHERLANDS NV: €250 million senior notes (/B-/B-), three- to seven-year maturity anticipated; JP Morgan

July 2-7: REPUBLIC OF CYPRUS: euro-denominated benchmark deal (A2/A); expected 10 year tenor; Credit Suisse First Boston, UBS Securities

July 7-13: PETROL OFISI: $200 million five-year bond offering (/B/B+); JP Morgan

July 7-14: HONG KONG: HK$20 billion debut global bond

July 8-13: VNESHTORGBANK (VTB): three-year floating-rate loan participation notes (Baa3/BB+); Barclays Capital, ING, HSBC Bank

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