Emerging markets calendar

WEEK OF NOV. 7:

BANCO HIPOTECARIO SA: $100 million in five-year senior unsecured bonds (/B-); Deutsche Bank, Citigroup; Regulation S; bullet bonds; roadshow started Oct. 24-25 in Asia, Oct. 26- 28 in Europe and New York; principal activities involve mortgage and personal loans, real estate and insurance services, cash securities and savings account services; based in Buenos Aires; initial price guidance set at 9½% to 9¾%.

MEGASTEEL HARTA (L): $400 million to $450 million of five-year and 10-year senior secured notes (B1/B+); Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5, 5NC3; both carry a make-whole call option; steel producer Megasteel Sdn Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd; roadshow started Oct. 27 in New York, Oct. 28 in London, Oct. 31 in Boston.

SATERI INTERNATIONAL CO. LTD.: $300 million dual tranche of offering of minimum $150 million of five- or seven-year bonds and $100 million of perpetual bonds; non-callable for five years with no step up; Credit Suisse First Boston, Merrill Lynch; Rule 144A/Regulation S; roadshow Oct. 19 and Oct. 20 in Singapore, Oct. 20 and Oct. 21 in Hong Kong, Oct. 21 in Los Angeles, Oct. 24 in Boston and London, Oct. 25 in New York and Zurich, Oct. 26 in Geneva with possible U.S. stop; pricing middle of week; viscose and dissolving pulp producer; owned by Indonesia's Tanoto family.

ALLIANCE BANK JSC KAZAKHSTAN: Dollar-denominated offering of five-year bonds (Ba2//B+); ABN Amro, Citigroup; Regulation S; via financing vehicle ALB Finance BV Netherlands; Asian and European roadshow runs from Nov. 2 through Nov. 8, making stops in London, Germany, Switzerland, Hong Kong and Singapore; senior unsecured bonds.

CONTROLADORA MABE SA DE CV (MABE): $200 million offering of 10-year notes (/BBB-/BBB-); Citigroup, ABN Amro; Rule 144A/Regulation S; senior guaranteed notes; repay existing debt; roadshow in London Nov. 3-4; Nov. 7 in Boston; Nov. 8 in New York; Nov. 9 on West Coast.

CABLEMAS SA DE CV: $165 million offering of 10-year senior notes (B1/BB-); Credit Suisse First Boston (books), UBS (Co-manager); Rule 144A/Regulation S; NC-5; roadshow started Nov. 2 in New York, Nov. 3 in Boston, Nov. 4 in New Jersey, Philadelphia, Nov. 7 in Los Angeles, Nov. 8 in Houston; to refinance existing debt, to fund capital investments and for general corporate purposes; headquartered in Mexico City; Mexico's second largest cable TV operator.

KOREA NATIONAL HOUSING CORP.: Maximum €400 million in five-year notes (A3/A); Citigroup, Deutsche Bank, HSBC, Morgan Stanley; Regulation S; expected to be floating rate; roadshow in Paris on Nov. 7, Frankfurt on Nov. 8, London on Nov. 9; Seoul-based issuer involved in housing construction and urban redevelopment.

WEEK OF NOV. 14

ARAB BANKING CORP.: Dollar-denominated offering of five-year notes; Citigroup, HSBC; Regulation S; senior floating-rate notes; benchmark size; Asian leg of roadshow on Nov. 9 in Singapore, Hong Kong on Nov. 10, Taipei, Nov. 11, European portion runs Nov. 14-Nov. 16, with London stop on Nov. 14; Bahrain-based.

BANCO CONTINENTAL DE PANAMA SA: $150 million of five-year bonds (/BBB-/BBB- expected), Citigroup; Rule 144A/Regulation S; for short-term debt refinancing and for general corporate purposes; roadshow is expected to start the week of Nov. 7; Panama City-based private commercial bank.

OJSC RUSSIAN AGRICULTURAL BANK (ROSSELKHOZBANK): Dollar-denominated bond offering (Baa2//BBB-); ABN Amro, Dresdner Kleinwort Wasserstein; Regulation S; roadshow in Hong Kong in Nov.10, Singapore on Nov. 11, Zurich and Geneva on Nov. 14, Munich and Frankfurt on Nov. 15, London on Nov. 16; RSHB Capital SA will issue the bonds; state-owned bank.

NOVEMBER BUSINESS:

PT BANK MANDIRI: $300 million global bonds maturing in three-to-five years; Credit Suisse First Boston; medium term notes program; to refinance debt; Indonesian state-owned lender, based in Jakarta; November business

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

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.

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.

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.

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.

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.

MDM BANK: Benchmark-sized dollar-denominated bonds (foreign currency ratings (/B/BB-); Goldman Sachs; expected to price by end of 2005.

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.

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

VEDANTA RESOURCES PLC: $500 million minimum eurobond; 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.

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

Oct. 19-26: SATERI INTERNATIONAL CO. LTD.: $300 million dual tranche of offering of minimum $150 million of five- or seven-year bonds and $100 million of perpetual bonds; Credit Suisse First Boston, Merrill Lynch

Oct. 28-31: MEGASTEEL HARTA (L): $400 million to $450 million of five-year and 10-year senior secured notes (B1/B+); Credit Suisse First Boston

Oct. 24-28: BANCO HIPOTECARIO SA: $100 million in five-year senior unsecured bonds (/B-); Deutsche Bank, Citigroup

Nov. 2-8: ALLIANCE BANK JSC KAZAKHSTAN: Dollar-denominated offering of five-year bonds (Ba2//B+); ABN Amro, Citigroup

Nov. 2-8: CABLEMAS SA DE CV: $165 million offering of 10-year senior notes (B1/BB-); Credit Suisse First Boston (books), UBS (co-manager)

Nov. 3-9: CONTROLADORA MABE SA DE CV (MABE): $200 million offering of 10-year notes (/BBB-/BBB-); Citigroup, ABN Amro

Nov. 7-9: KOREA NATIONAL HOUSING CORP.: Maximum €400 million in five-year notes (A3/A); Citigroup, Deutsche Bank, HSBC, Morgan Stanley

Nov. 9-14: ARAB BANKING CORP.: Dollar-denominated offering of five-year notes; Citigroup, HSBC

Nov. 10-16: OJSC RUSSIAN AGRICULTURAL BANK (ROSSELKHOZBANK): Dollar-denominated bond offering (Baa2//BBB-); ABN Amro, Dresdner Kleinwort Wasserstein

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