Emerging markets calendar

WEEK OF JULY 31:

POSCO: Maximum $300 million offering of 10-year senior bonds (A2/A-/A-); ABN Amro, HSBC, UBS Investment Bank; Regulation S; roadshow July 31 in London and Singapore, Aug. 1 in Frankfurt and Singapore, Aug. 2 in Frankfurt and Hong Kong; to pay principal on debt and for imported raw material; Seoul-based steel maker.

PAN AMERICAN ENERGY LLC: $250 million of 51/2-year amortizing bonds, Citigroup, JP Morgan; Rule 144A/Regulation S; for general corporate purposes; company engaged mainly in exploration, development and production of oil and gas; Argentinean branch will issue; Pan American Energy LLC will guarantee; roadshow expected to stop in Argentina, Europe and the United States; price guidance set at 8% area; launching Thursday, pricing Friday.

AUGUST:

UTI BANK LTD.: Debut offering of dollar-denominated bonds; Barclays Capital. Citigroup and Deutsche Bank; roadshow Hong Kong on Aug. 1, Singapore on Aug. 2, London on Aug. 3; private bank with registered office in Ahmedabad, central office in Mumbai; first subordinated debt deal from India.

CITY MORTGAGE BANK: $63.95 million offering of amortizing senior notes due 2033; MNB Capital Markets, Greenwich Financial Services LLC; Rule 144A/Regulation S; circa 3.6-year average life, Russian commercial bank, part of the Rosgosstrakh insurance group; expected to price by the end of the present month.

PT MATAHARI PUTRA PRIMA TBK: $150 million of five-year bonds (B1); Credit Suisse, UBS; Indonesian retailer; price talk at 9% area.

INVESTCORP BANK (Baa2/BBB): Dollar-denominated tier I perpetual preferred notes (expected ratings Ba1/BB+); BNP Paribas, Credit Suisse, Deutsche Bank (joint lead managers); Regulation S-only; non-callable for 10 years; will contain coupon step-up; financial institution based in Manama, Bahrain; price talk 10-year mid-swaps plus 350 bps (9.05% area); roadshow concluded June 7; timing to be determined.

PUBLIC BANK BHD.: Dollar-denominated tier I securities maturing in 2036 via stock settlement; (Baa2/BBB); Barclays Capital; Regulation S; non-callable for 10 years (100 bps coupon step-up if not called); roadshow started June 1 in Singapore, Hong Kong and London.

ON THE HORIZON:

RIZAL COMMERCIAL BANKING CORP: $100 million in hybrid tier 1 debt; Citibank, Deutsche Bank; Makati City, Philippines-based private domestic commercial bank.

FOSUN INTERNATIONAL LTD.: $500 million global bonds due 2013; Deutsche Bank, Citigroup; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors; launch thought to be imminent.

SAN MIGUEL CAPITAL FUNDING LTD.: Benchmark-sized offering of dollar-denominated perpetual non-cumulative non-voting preferred shares; (expected Ba3); Citigroup, Credit Suisse, Deutsche Bank; HSBC; Regulation S; roadshow started Manila on April 20, Hong Kong and Singapore on April 21, Zurich on April 24, and London on April 25; callable in the fifth year. The preferreds will be non-cumulative non-voting; Cayman Islands-registered special purpose unit of beverage and food conglomerate San Miguel Corp.; proceeds will be used by the parent company; price guidance at 9% area (postponed on April 28)

PETROL AD (Bulgaria): €125 million fixed-rate global bonds due 2011; former state-owned monopoly fuel retailer, owns approximately 450 filling stations in Bulgaria, headquartered in Sofia.

NURBANK JSC: $200 million eurobonds; also $200 million of syndicated loans; Almaty, Kazakhstan financial institution.

SWIRE PACIFIC MTN FINANCING LTD. (SWIRE PACIFIC LTD.): HK$1.8 billion notes due 2013 (A3); HSBC; for general corporate funding requirements; Hong Kong-listed Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.

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.

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S; one-year put option at par; regional bank related to the government of the Tatarstan republic.

PT BANK MANDIRI: $300 million global bonds maturing in three to five years; Credit Suisse; off medium-term note program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS:

June 2-7: INVESTCORP BANK: Dollar-denominated tier I perpetual preferred notes (Ba1/BB+); BNP Paribas, Credit Suisse, Deutsche Bank (joint lead managers)

Started June 1: PUBLIC BANK BHD.: Dollar-denominated tier 1 securities maturing in 2036 via stock settlement; (Baa2/BBB); Barclays Capital

Started: CITY MORTGAGE BANK: $63.95 million offering of amortizing senior notes due 2033; MNB Capital Markets, Greenwich Financial Services LLC

July 31-Aug. 2: POSCO: Maximum $300 million offering of 10-year senior bonds (A2/A-/A-); ABN Amro, HSBC, UBS Investment Bank

Aug. 1-3: UTI BANK LTD.: Debut offering of dollar-denominated bonds; Barclays Capital. Citigroup, Deutsche Bank

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