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Published on 3/2/2005 in the Prospect News Emerging Markets Daily.

Emerging markets calendar

MARCH:

TITAN PETROCHEMICALS GROUP LTD.: $400 million senior unsecured notes due 2012 (B1/B+); Morgan Stanley (books), Credit Suisse First Boston (co); Rule 144A/Regulation S; 35% equity clawback; to repay secured debt, for working capital and general corporate purposes; Hong Kong-based trader of petrochemicals and oil products; roadshow started March 3 in Hong Kong, March 4 in Singapore, March 5 in London, March 7 through March 9 in the U.S., with pricing thereafter.

IOI CORP. BHD.: $350 million global bond due 2015 (A3); Barclays Capital, Citigroup; Regulation S; to refinance bank debt and general corporate purposes; Kuala Lumpur, Malaysia, plantation company; roadshow to start March 3 in Singapore, March 4 in Hong Kong, March 7 in London, and pricing thereafter.

NOBLE GROUP LTD.: $500 million senior notes due 2015 (expected ratings Ba1/BB+); JP Morgan; Rule 144A/Regulation S; non-callable for five years; to improve debt profile and finance new working capital; diversified commodities trading company (agriculture, energy, minerals) headquartered in Singapore; listing in Luxembourg; two-team roadshow March 3 in Singapore and U.S., March 4 in Hong Kong and U.S., March 7-9 in Europe and U.S., pricing thereafter.

CERVECERIA Y MALTERIA QUILMES: $100 million seven-year senior unsecured notes (//B-), Citigroup; Rule 144A/Regulation S; average life is five years; annual amortization payments beginning in the third year; to prepay short-term debt; leading Argentine brewery; pricing expected on March 15.

ATF BANK: Expected to issue bonds in March; expected bookrunners are Citigroup and Credit Suisse First Boston; Rule 144A/Regulation S; the fourth-largest private commercial bank in Kazakhstan; based in Almaty.

APRIL:

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.

EMERGING MARKET OFFERINGS ON THE HORIZON:

BUMI RESOURCES TBK: $600 million in bonds; refinance debt; one of Indonesia's largest mining companies.

CZECH REPUBLIC: Euro-denominated deal; Deutsche Bank, JP Morgan and ABN Amro.

REPUBLIC OF ECUADOR: $300 million five-year bonds; JP Morgan, Deutsche Bank, expected to price in first quarter.

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

GAZ CAPITAL S.A.: $1 billion equivalent U.S. dollar- and or euro-denominated eurobond due 2008 (issuer ratings Ba2/BB-/BB); ABN Amro, Credit Suisse First Boston; for general corporate purposes; Subsidiary of Moscow-based natural gas company Gazprom.

REPUBLIC OF HUNGARY: Euro-denominated benchmark 15-year issue (A1/A-/A-); mandated ABN Amro, UBS Securities.

GOVERNMENT OF INDONESIA: Benchmark sovereign issue; Deutsche Bank Securities, UBS Investment Bank, Citigroup; no official size or structure announced; possibly $1 billion; may come in multiple tranches of dollar and euro denominations.

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.

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 EXCHANGE BANK: U.S dollar-denominated subordinate debt; refinance $200 million bonds due 2010, which are callable in June 2005; based in Seoul; owned by U.S investment fund Loan Star.

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

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

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; 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.

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

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.

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.: $150 to $200 million five- to seven- year floating-rate notes; ABN Amro, Barclays Capital, HSBC, UBS AG; financing vehicle for state-owned Indian Railway.

PT INDONESIAN SATELLITE CORP PT (INDOSAT): $200 million bonds; for capital expenditures; expected before June 2005; telecommunications provider based in Jakarta, Indonesia.

ISLAMIC DEVELOPMENT BANK: $500 million five-year notes; Deutsche Bank; Sukuk bonds comply with Islamic law; Saudi-based multilateral development financing institution.

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

EXPORT IMPORT BANK OF KOREA (KEXIM): U.S. dollar-denominated or euro-denominated issuance; Seoul-based government-controlled policy bank; slated for first quarter.

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.

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-); 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 quarter 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.)

PAREX BANKA: Debut eurobond of up to euro200 million with three-year or five-year maturity (Ba1/BB+); Credit Suisse First Boston, JP Morgan (books); Parex Banka is the largest bank in Latvia in terms of assets, deposits, capital and reserves; to launch in the second quarter.

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.

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

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.

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.

BOLIVARIAN REPUBLIC OF VENEZUELA: $1.3 billion (approximately) in U.S. dollar, euros and, bolivar-denominated issuance.

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

ROADSHOWS:

March 2- March 9: TITAN PETROCHEMICALS GROUP LTD.: $400 million senior unsecured notes due 2012 (B1/B+); Morgan Stanley (books), Credit Suisse First Boston (co)

March 3 - March 7: IOI CORP. BHD.: $350 million global bond due 2015 (A3); Barclays Capital, Citigroup

March 3 - March 9: NOBLE GROUP LTD.: $500 million senior notes due 2015 (expected ratings Ba1/BB+); JP Morgan


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