Emerging markets calendar

JANUARY:

ISLAMIC REPUBLIC OF PAKISTAN: Benchmark-sized Islamic bond due 2010 (floating-rate expected) (B2/B+); Citigroup, HSBC; roadshow starts Jan. 9 in the Middle East and continental Europe, moves to London on Jan. 17; pricing week of Jan. 17.

CITY TELECOM (HK) LTD.: $110 million senior notes due 2015 (Ba3/BB-); Citigroup; Rule 144A/Regulation S; non-callable for five years; to repay HK$196.7 million of bank debt, for capital expenditures, which may include the costs of expanding the company's Metro Ethernet network in Hong Kong, and for working capital and general corporate purposes; roadshow starts Jan, 6 in Hong Kong; pricing near end of Jan. 10 week.

UNIVERSAL ROBINA CORP.: $100 million global bonds due 2012 (Ba3/BB); Credit Suisse First Boston, JP Morgan; Regulation S; notes to contain five-year put option; food unit of Philippine conglomerate JG Summit Holdings Inc.; roadshow starts Jan. 6 in Singapore; expected to price Jan. 10 week.

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

HANARO TELECOM: Up to $500 million global bond due 2012 (seven-year); JP Morgan, UBS, Deutsche Bank; expected to price mid-to-late January; South Korea's second-largest broadband service provider.

EMERGING MARKET OFFERINGS ON THE HORIZON

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

EURASIA CAPITAL SA: Dollar-denominated eurobonds (Ba3 long term credit rating); Citigroup; Regulation S; to expand loan portfolio and to develop regional distribution network in Russia; Russian branch of Home Credit and Finance Bank, based in the Czech Republic.

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; 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.

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.

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

REPUBLIC OF INDONESIA: $1 billion global bonds; by end of first quarter of 2005.

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 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.)

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.

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.

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.

TURANALEM BANK: $200 million eurobond in early 2005; Kazakhstan bank.

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:

Jan. 9-17: ISLAMIC REPUBLIC OF PAKISTAN: Benchmark-sized Islamic bond due 2010 (floating-rate expected) (B2/B+); Citigroup, HSBC

Starts Jan. 6: CITY TELECOM (HK) LTD.: $110 million senior notes due 2015 (Ba3/BB-); Citigroup

Starts Jan. 6: UNIVERSAL ROBINA CORP.: $100 million global bonds due 2012 (Ba3/BB); Credit Suisse First Boston, JP Morgan

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