Emerging markets calendar

WEEK OF AUGUST 21

NOBLE FINANCE BV: $150 million offering of five-year senior secured notes (/B/B); Citigroup; Rule 144A/Regulation S; to refinance existing debt, to establish interest reserve accounts, for working capital, for general corporate purposes; guaranteed by three companies affiliated with Kuala Lumpur, Malaysia-based property developer Mulia Group; price talk 11½% area.

AUGUST

STATE EXPORT-IMPORT BANK OF UKRAINE (UKREXIM): Dollar-denominated senior bond offering; Credit Suisse, Deutsche Bank, UBS; Regulation S; roadshow in Hong Kong on Aug, 24, Singapore on Aug, 25, Vienna, Austria, and Frankfurt, Germany, on Aug, 28, Zurich and Geneva, Switzerland, on Aug. 29, London on Aug. 30; Kiev, Ukraine-based bank; 100% owned by the state, represented by the cabinet of ministers of Ukraine; expected to price after roadshow.

SMALL BUSINESS CORP: Dollar-denominated offering of 10-year bonds; Credit Suisse, Merrill Lynch, UBS; Korean government agency whose main objective is to promote small-sized businesses.

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 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.

ON THE HORIZON

BANK OF INDIA: Dollar-denominated upper tier 2 bonds due 2021; non-callable for 10-years; Mumbai-based state-run lending institution; expected summer-fall 2006 business.

PROVINCE OF BUENOS AIRES: approximately $300 million in new debt in September; expected to be denominated in dollars, carry a tenor of 10 years.

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 in Manila, the Philippines, on April 20, Hong Kong and Singapore on April 21, Zurich, Switzerland, 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 about 450 filling stations in Bulgaria, headquarters in Sofia, Bulgaria.

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 million to $300 million bonds; to refinance company's bonds due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

ROADSHOWS

Aug. 24-30: STATE EXPORT-IMPORT BANK OF UKRAINE (UKREXIM): Dollar-denominated senior bond offering; Credit Suisse, Deutsche Bank, UBS

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