Emerging markets calendar

WEEK OF DEC. 13:

ASIA ALUMINUM HOLDINGS LTD: $425 million seven-year notes (Ba3/BB); Morgan Stanley; Rule 144A/Regulation S; seven-year bullet and senior unsecured notes; roadshow started Dec. 8 in Hong Kong, Dec. 10 in London, New York on Dec. 13; Boston on Dec. 14, California on Dec. 15; to repay existing $75 million syndicated loan and for capital expenditures, part of the proceeds will be kept in an escrow account in the event that a minority shareholder exercises a put option; Hong Kong-based company is a processed aluminum producer; pricing expected on Dec. 16.

VNESHTORGBANK: $300 million 18-month notes (Baa2/BB+/BBB-); Deutsche Bank, Barclays Capital; Regulation S; price guidance at Libor plus 140 to 150 basis points; under euro medium-term notes program; Moscow-based state-owned bank; pricing expected mid-week.

INDUSTRIAL DEVELOPMENT BANK OF INDIA: $300 million bonds due 2009 (Baa3); Barclays Capital and Merrill Lynch; expected to price by the end of 2004; expected to launch roadshow week of Dec. 13 with stops in Hong Kong, Singapore and London; price guidance at mid-swaps plus 125 to 130 basis points.

DECEMBER:

MAGNACHIP SEMICONDUCTOR $750 million in three parts: $500 million split between seven-year non-call-one floating-rate and seven-year non-call-four fixed-rate second priority senior secured notes, also $250 million of 10-year non-call-five senior subordinated fixed-rate notes; UBS Investment Bank, Citigroup, Goldman Sachs & Co., JP Morgan (joint); Rule 144A; to refinance approximately $329 million of senior bank debt and redeem approximately $358 million of preferred shares; Chungbuk, South Korea-based chip-maker; roadshow Dec. 7-16.

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

PT INDOFOOD SUKSES MAKMUR: $250 to $300 million bonds; to refinance company's bond due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

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 (//BB-); South Korea's second largest high-speed internet provider; expected to price this year.

OAO LUKOIL: $500 million 10-year eurobonds (BB) as part of 2004 borrowing program; Credit Suisse First Boston, Deutsche Bank Securities; Rule 144A/Regulation S; Russian oil company.

KOREA HIGH SPEED RAIL CONSTRUCTION AUTHORITY: $300 to $500 million bonds; this year.

PT KRAKATAU: $400 million bond, tenor and structure to be determined; to fund expansion of the steel business; Jakarta, Indonesia steel manufacturer; 2004 business.

NARODNY BANK OF KAZAKHSTAN: $100 million add-on to 8 1/8% eurobonds due 2009; same structure as original $200 million that priced at 98.996 in September 2004, via Credit Suisse First Boston and JP Morgan; by the end of 2004; Almaty, Kazakhstan-based bank.

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.

JANUARY:

REPUBLIC OF HUNGARY: $500 million fixed-rate global bonds due 2015 (10-year); Deutsche Bank, Morgan Stanley; expected to price in January.

EMERGING MARKET OFFERINGS ON THE HORIZON

PT BANK INTERNASIONAL INDONESIA: $150 million bonds; controlled by Singapore's state-owned investment company Temasek Holdings Pte.

PT BANK MANDIRI: $150 million eurobond (B2/B); to refinance maturing debt; based in Jakarta, Indonesia; state-owned lender.

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

BTA IPOTEKA: $100 million eurobond; mortgage-backed bonds; mortgage subsidiary of Kazakhstan's TuranAlem; pricing expected in 2005.

CITY OF BUCHAREST: Sent out RFPs for a eurobond issue up to €120 million; capital of Romania.

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

HUTCHINSON WHAMPOA LTD.: Bond offering; Hong Kong-based telecommunications conglomerate.

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.

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

PT INDONESIAN SATELLITE CORP. TBK (INDOSAT): To issue bonds in 2005 to raise funds for network expansion; considering yankee bond and commercial loan; telecommunications provider based in Jakarta.

KAZAKHMYS: $240 million bonds; Credit Suisse First Boston; copper company in Kazakhstan.

KHAZANAH NASIONAL BHD: To tap overseas capital markets; dollar-denominated or local currency- denominated bond offering; Malaysian government investment company.

KOREA ELECTRIC POWER CORP: $300 million bonds; Seoul-based power company.

LI & FUNG LTD.: $300 million bonds; for future acquisitions; Hong Kong-based trading and supply chain management company.

REPUBLIC OF LITHUANIA: Expected to issue eurobond in early 2005.

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.

BANK NIAGA: $100 million lower tier 2 subordinated notes due 2015 (10-year); Citigroup, CIMB Bhd.; non-callable for five years; expected first quater of 2005.

OBEDINENNYE MASHINOSTROITELYNE ZAVODY: $100 million eurobond; Russian engineering group; expected in 2005.

OVERSEA-CHINESE BANKING CORP.: $300 to $500 million bond offering; (expected Citigroup, Deutsche Bank.)

ISLAMIC REPUBLIC OF PAKISTAN: $500-$700 million Islamic bond due 2009; Citigroup, HSBC.

PETROKAZAKHSTAN: $150 million 10-year notes; JP Morgan; Regulation S; based in Calgary, Canada; vertically integrated, international energy company; largest supplier of refined products in Kazakhstan and owns one of the three refineries in that country.

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%.

REPUBLIC OF POLAND: €1 billion 10-year bonds (A2/BBB+); Credit Suisse First Boston, Dresdner Kleinwort Wasserstein; early 2005 business.

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

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; (postponed).

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

RUSSIAN RAILWAYS: $500 million to $1 billion five- to 10- year eurobond; state-owned rail; pricing in 2005.

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.

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

TECHTRONIC INDUSTRIES CO.: $300 million seven- or 10-year global bonds; to help pay for the acquisition of Sweden's Atlas Copco AB for $626.6 million; Hong Kong-based maker of power tools.

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.

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services; expected to price during first half of 2005.

UKRSOTSBANK: $100 million eurobond; ABN Amro; first or second quarter of 2005; Kiev, Ukraine-based bank.

OAO URALSVYAZINFORM: $150 to $200 million eurobonds; to restructure short-term loans; telecommunications provider in the Urals region, based in Perm, Russia.

VAKIFBANK: $300 million eurobond due 2009; JP Morgan, Citibank, ABN Amro; Turkish state bank (expected to be privatized under Turkey's reform pledges to the World Bank); expected to launch in first quarter of 2005.

VNESHTORGBANK: $500 million eurobonds; also $300 million credit facility via ABN Amro Bank, Citigroup, ING Bank and JP Morgan and others; Russia's largest bank in terms of authorized capital, government of the Russian Federation is major shareholder; early 2005 business.

YUZHMASH: $130 million five-year bond offering (B1/B); Regulation S; government guaranteed; Ukrainian rocket manufacturer.

ROADSHOWS:

Dec. 7-16: MAGNACHIP SEMICONDUCTOR $750 million in three parts: $500 million split between seven-year non-call-one floating-rate and seven-year non-call-four fixed-rate second priority senior secured notes, also $250 million of 10-year non-call-five senior subordinated fixed-rate notes; UBS Investment Bank, Citigroup, Goldman Sachs & Co., JP Morgan (joint)

Dec. 8-15: ASIA ALUMINUM HOLDINGS LTD: $425 million seven-year notes (Ba3/BB); Morgan Stanley

Week of Dec. 13: INDUSTRIAL DEVELOPMENT BANK OF INDIA: $300 million bonds due 2009 (Baa3); Barclays Capital and Merrill Lynch

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