Emerging markets calendar

WEEK OF SEPT 26

MOL RT (HUNGARY): Benchmark-sized euro-denominated fixed-rate senior unsecured notes due 2015 (BBB-); BNP Paribas, Dresdner Kleinwort Wasserstein; Regulation S; Hungarian oil and gas company with headquarters in Budapest; price talk mid-swaps plus 70-72 basis points (revised from 75 bps area); pricing Tuesday.

WOORI BANK: $500 million five-year senior unsecured noted (Baa1/BBB+); ABN Amro, BNP Paribas, UBS Investment Bank; Rule 144A/Regulation S; roadshow on Sept. 26 in Hong Kong and Boston; Sept. 27 in Singapore and New York; Seoul-based operating unit of Woori Financial Group.

BANK OF INDIA: $250 million minimum notes due 2010; Barclays Capital, Deutsche Bank, HSBC; to fund overseas expansion; state-run bank with headquarters in New Delhi; roadshow in Hong Kong on Sept. 22, Sept. 23 in Singapore and Sept. 26 in London.

CHINA DEVELOPMENT BANK: $1 billion global bonds due 2015 (foreign currency debt A2/BBB+/A-); Merrill Lynch & Co., BNP Paribas (joint global coordinators); Barclays Capital, BNP Paribas, Citigroup, Goldman Sachs (Asia), HSBC, JP Morgan, Merrill Lynch, UBS Investment Bank (joint lead managers and joint bookrunners); to fund foreign currency-denominated loans it extends to finance infrastructure and other industrial projects, to repay debt and for working capital and general corporate purposes; Beijing-based; specializes in infrastructure project financing; roadshow Sept. 22 in Singapore, Sept. 23 in Hong Kong, Sept. 26 in Los Angeles and Frankfurt, Sept. 27 in Boston and London, Sept. 28 in New York and Paris.

RUSSIAN STANDARD FINANCE SA: $300 million fixed-rate loan participation notes due 2010 (expected ratings Ba2/B+); ABN Amro, HSBC; Rule 144A/Regulation S; subsidiary of Moscow-based Russian Standard Bank; roadshow Sept. 22 in Singapore, Sept. 23 in Hong Kong, Sept. 26 in New York, Sept. 27 in Zurich and Geneva, Sept. 28 in London.

CATHAY UNITED BANK CO. LTD.: Inaugural dollar-denominated offering of 15-year lower tier II notes (Issuer rating: A3/A, issue rating: Baa2/A- expected); JP Morgan; Rule 144A/Regulation S; non-callable for 10-years; step-up interest rate feature in 2015, if they are not redeemed; roadshow to start on Sept. 22 on Hong Kong, Sept. 22 in Singapore, Sept. 26 in London, Sept. 27 in New York; Taipei-based commercial banking unit of Cathay Financial Holding Co.

BANCO VOTORANTIM: $200 million notes due 2015 (expected ratings Ba3/BB-); Deutsche Bank Securities; Rule 144A/Regulation S; fixed-rate for five years, one-time par call at year five; if not called the coupon steps up to 150% of original spread to the then five-year U.S. Treasury; financial institution headquartered in Sao Paulo, Brazil; roadshow starts Sept. 27 in London, Sept. 28 and 29 in United States; pricing expected late in the Sept. 26 week.

SEPTEMBER

G STEEL PUBLIC CO. LTD.: Five-year bond offering (B1/B+); UBS Securities; Regulation S; roadshow Sept. 12 in Singapore, Sept. 13 in Hong Kong; Sept. 14-15 in London; Bangkok-based integrated hot-rolled coil steel manufacturer.

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.

SEPTEMBER/OCTOBER BUSINESS

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

ATF BANK (Kazakhstan): $200 million fixed-rate eurobond to mature in 2008 or 2010; Deutsche Bank, HSBC; Kazakhstan's fourth-largest private commercial bank, headquarters in Almaty; expected to launch late September or early October.

OCTOBER BUSINESS

AK BARS BANK (Kazakhstan): Eurobond issue, size to be determined; Deutsche Bank; full-service bank; Russian Federation; October business.

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

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.

REPUBLIC OF INDONESIA: $1 billion global bond (issuer rating B2/B+/BB-); possible new issue or tap of 7¼% global bond due 2015; Citigroup, Credit Suisse First Boston, Merrill Lynch; 2005 business.

CITY OF KIEV: $250 million 10-year eurobond; (long-term issuer rating B+); Citigroup, Credit Suisse First Boston; Regulation S; expected to launch before the end of 2005; capital and largest city of Ukraine.

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.

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

Sept. 12-15: G STEEL PUBLIC CO. LTD.: Five-year bond offering (B1/B+); UBS Securities

Sept. 26-27: WOORI BANK: $500 million five-year senior unsecured noted (Baa1/BBB+); ABN Amro, BNP Paribas, UBS Investment Bank

Sept. 22-26: BANK OF INDIA: $250 million minimum notes due 2010; Barclays Capital, Deutsche Bank, HSBC

Sept. 22-28: CHINA DEVELOPMENT BANK: $1 billion global bonds due 2015 (foreign currency debt A2/BBB+/A-); Merrill Lynch & Co., BNP Paribas (joint global coordinators); Barclays Capital, BNP Paribas, Citigroup, Goldman Sachs (Asia), HSBC, JP Morgan, Merrill Lynch, UBS Investment Bank (joint lead managers and joint bookrunners)

Sept. 22-28: RUSSIAN STANDARD FINANCE SA: $300 million fixed-rate loan participation notes due 2010 (expected ratings Ba2/B+); ABN Amro, HSBC

Sept. 22-27: CATHAY UNITED BANK CO. LTD.: Dollar-denominated offering of 15-year lower tier II notes (Issuer rating: A3/A, Issue rating: Baa2/A- expected); JP Morgan

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