Emerging markets calendar

WEEK OF OCT. 10:

FOSUN INTERNATIONAL LTD.: $325 million to $350 million (downsized from $500) million senior notes due 2012 (Ba3/BB-); Morgan Stanley, Citigroup; Rule 144A/Regulation S with no registration rights; non-callable for four years; 35% equity clawback; to repay debt; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors; price talk 9% area; pricing Thursday.

AK BARS BANK SA: $150 million senior loan participation notes due 2008 (Ba3//B); Deutsche Bank; Regulation S; full-service bank in the Russian Federation; based in Kazan, Republic of Tatarstan; price talk 8% area, revised from 7¾% to 8%; pricing expected week of Oct. 11.

WEEK OF OCT. 17:

RENAISSANCE SECURITIES TRADING LTD.: $150 million offering of three-year senior unsecured bonds (//B/BB-); Dresdner Kleinwort Wasserstein, Renaissance Capital; Regulation S; roadshow in Hong Kong on Oct. 13, Singapore on Oct. 14, Geneva and Zurich on Oct. 17, Frankfurt and Munich on Oct. 18 and London on Oct. 19; Renaissance Capital Holdings Ltd. will guarantee the issue; Moscow-based investment bank operating on the Russian financial market.

CITY OF KIEV: $250 million of 10-year loan participation notes (B2/B+); Citigroup, Credit Suisse First Boston; Rule 144A/Regulation S; issued via CSFB; roadshow Oct. 13-17 in Europe; Oct. 18 in New York, Oct 19 in Boston, Oct. 20 in West Coast; to finance city's budget.

NADRA BANK OF UKRAINE: U.S. dollar-denominated short-dated eurobond: Dresdner Kleinwort Wasserstein; UBS Investment Bank; European roadshow to start week of Oct. 17; Kiev-based bank.

ATF BANK: Dollar-denominated offering of five-year eurobond (Ba1/B+/B+); Deutsche Bank, HSBC; Regulation S; roadshow in Singapore on Oct. 17, London on Oct. 19; Almaty, Kazakhstan-based commercial bank.

GS CALTEX CORP.: Up to $500 million notes due 2015 (issuer rating BBB-); Banc of America Securities, Barclays Capital, Merrill Lynch; South Korean oil refiner; roadshow Oct. 13 in Singapore, Oct. 14 in London, Oct. 17 in Boston and Oct. 18 New York.

PENERBANGAN MALAYSIA BHD.: $1 billion offering of 10-year bonds (A3/A-); CIMB Bhd., Citigroup, HSBC; roadshow in Singapore on Oct. 13, Hong Kong on Oct. 14, Oct. 17-18 in London, New York, Boston; guaranteed by Malaysia; 100% owned by Khazanah Nasional Bhd., the investment holding arm of Malaysia.

OCTOBER:

VICUNHA ACOS SA/NATIONAL STEEL SA: $500 million (maximum) perpetual senior secured notes (expected ratings /B+/BB-); Credit Suisse First Boston, Deutsche Bank Securities (joint); Regulation S; callable in whole quarterly at par beginning October 2010; secured with first priority pledge on CSN common shares; to refinance debt; National Steel is a holding company that is 100% indirectly controlled by Brazil's Steinbruch family and whose sole asset consists of 100% of the redeemable preferred shares of Vicunha Acos. Acos, in turn, is a holding company owning 100% of Vicunha Siderurgia SA, a holding company that owns a 42.74% controlling interest in Brazilian steel producer Companhia Siderurgica Nacional; roadshow Oct. 3-6; price talk 9 7/8% (postponed).

ELETROBRAS: $300 million bonds due 2015; Dresdner Kleinwort Wasserstein; Brazil's main power generation and transmission company, headquarters in Rio de Janeiro.

TÜRKIYE VAKIFLAR BANKASI TAO (VAKIFBANK): Dollar-denominated senior unsecured bonds (Baa2 expected); ABN Amro, Citigroup, JP Morgan; Rule 144A/Regulation S; through the issuer's Cayman Islands special-purpose vehicle; political risk insurance; letter of credit from ABN Amro

NAN YA PLASTICS: $300 million (approximate) bond with expected five-year maturity; Citigroup, Deutsche Bank Securities, HSBC; Taipei-based unit of Formosa Group, manufactures plastics, fibers and electronic materials.

PT EXCELCOMINDO PRATAMA: $400 million bonds (B+); UBS, Commerce International Merchant Bankers Bhd (books), JP Morgan (joint lead); Indonesia's third largest mobile telecommunications company; September 2005 business.

BAOSHAN IRON AND STEEL CO. LTD. (Baosteel): dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company; October business.

EVROSET: $100 million notes; HSBC, Rosbank; expected to launch in October; cellular telephone retailer with headquarters in Moscow.

OCTOBER/NOVEMBER:

KOREA EAST-WEST POWER CO. LTD.: $250 million bond due 2015 (issuer ratings A2/A-); Barclays Capital, Credit Suisse First Boston, Lehman Brothers; wholly owned unit of state-owned Korea Electric Power Corp.; expected to launch late October, early November.

EMERGING MARKET OFFERINGS ON THE HORIZON:

PT ADARO INDONESIA: $600 million global bonds; Citigroup, Goldman Sachs, JP Morgan, UBS Investment Bank (joint books), to fund acquisition of coal mining assets from Australian company New Hope Corp. Ltd.; Indonesian coal mining company; timing to be determined.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

DOMINICAN REPUBLIC: Reopen 9.04% bonds due 2018 to add $300 million; to repay debt with Spanish electricity company Union Fenosa.

PT ENERGI MEGA PERSADA TBK: $500 million in bonds; to finance expansion and to repay debt; Jakarta-based oil and gas company.

PT INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting company; late summer, early fall business.

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.

MOBILE TELECOMMUNICATIONS CO.: May issue bonds; for its $3.36 billion acquisition of mobile phone businesses in Africa; telecommunications company in Kuwait.

LAND BANK OF THE PHILIPPINES: Up to $200 million of five- to seven-year international bonds; Deutsche Bank Securities; Philippines fourth largest lender.

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.

PT BANK MANDIRI: $200 to $400 million eurobond (B2/B); to fund business expansion; based in Jakarta, Indonesia; state-owned lender.

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

K. WAH CONSTRUCTION MATERIALS LTD.: $800 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs.

VEDANTA RESOURCES PLC: $500 million minimum eurobond; Deutsche Bank Indian mining and metals, Deutsche Bank, Merrill Lynch, Morgan Stanley; to repay debt and fund capital expenditures; mining and metals company with the majority of its assets in India, based in London; fourth quarter of 2005.

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

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

OAO ROSSELKHOZBANK: $200 million to $300 million eurobond; expected by end of 2005; a state-run agricultural bank, based on Moscow.

UKRTELECOM: $350 million eurobonds; Citigroup, Standard Bank of London; Ukrtelecom, the largest telecommunications company in the Ukraine, accounts for 80% of local services.

ZAPORIZHSTAL INTEGRATED IRON & STEEL WORKS JSC: $300 million bonds; Deutsche Bank, JP Morgan; debut deal; based in Zaporozhe, Ukraine; one of the largest industrial enterprises in Ukraine.

ROADSHOWS

Started Sept. 28: FORSUN INTERNATIONAL LTD.: $500 million senior notes due 2012 (Ba3/BB-); Morgan Stanley, Citigroup

Oct. 13-19: RENAISSANCE SECURITIES TRADING LTD.: $150 million offering of three-year senior unsecured bonds (//B/BB-); Dresdner Kleinwort Wasserstein, Renaissance Capital

Oct. 13-20: CITY OF KIEV: $250 million of 10-year loan participation notes (B2/B+); Citigroup, Credit Suisse First Boston

Week of Oct. 17: NADRA BANK OF UKRAINE: U.S. dollar-denominated short-dated eurobond: Dresdner Kleinwort Wasserstein; UBS Investment Bank

Oct. 17-19: ATF BANK: dollar-denominated offering of five-year eurobond (Ba1/B+/B+); Deutsche Bank, HSBC

Oct. 13-18: GS CALTEX CORP.: Up to $500 million notes due 2015 (issuer rating BBB-); Banc of America Securities, Barclays Capital, Merrill Lynch

Oct. 13-18: PENERBANGAN MALAYSIA BHD.: $1 billion offering of 10-year bonds (A3/A-); CIMB Bhd., Citigroup, HSBC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.