Emerging markets calendar

WEEK OF SEPT. 4

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.

WOORI BANK: Dollar-denominated senior bonds due 2011 (A3/A-/A-); ABN Amro, JP Morgan, Merrill Lynch & Co., Woori Investment & Securities; Rule 144A/Regulation S; to be price off global medium-term notes program listed on the Singapore Stock Exchange; Seoul-based full service bank, part of Woori Financial Group; roadshow Sept. 1-6, pricing afterwards.

BRASKEM SA: $275 million of new notes; Rule 144A/Regulation S transaction; to fund current tender offer for $275 million of 12_% notes due 2008; Sao Paolo-based chemical and petrochemical products manufacturer; expected in September.

RUSSIAN STANDARD BANK: Euro-denominated bonds (Ba2/B+); Barclays Capital, Credit Suisse; Moscow-based consumer finance institution, roadshow Sept. 5 in Vienna and Geneva, Sept. 6 in Zurich and Lisbon, Sept. 7 in London.

HANA BANK (A3/A-/A-): Dollar-denominated offering of lower tier II bonds; Barclays Capital, BNP Paribas, Deutsche Bank; Regulation S; Seoul-based bank, part of Hana Financial Holdings; roadshow Sept. 4 in Singapore, Sept. 5 in Hong Kong, Sept. 6 in London.

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; price guidance set at 7¾% area.

WEEK OF SEPT. 11

SHINHAN BANK (A3/A-/A-): Dollar-denominated hybrid tier 1 securities due 2036, non-callable for 10 years; Barclays Capital, JP Morgan, Morgan Stanley; Regulation S; Seoul-based private retail bank; roadshow Sept. 7-12, pricing afterwards.

SEPTEMBER

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

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

BANCO MERCANTIL: Dollar-denominated offering of 10-year lower tier II notes (B3 expected); Banco Finantia, ING; Regulation S; fixed-rate subordinated notes; callable at par in the fifth year; coupon step up to the then-prevailing five-year U.S Treasury yield plus 150% of the credit spread at the time of the issue; private bank in Brazil.

BANK OF INDIA: $200 million of upper tier 2 bonds due 2021; non-callable for 10-years; Mumbai-based state-run lending institution; expected summer-fall 2006 business.

BANCO DE CREDITO DEL PERU SA: $175 million of subordinated debt, includes $150 million of dollar-denominated notes, deal also includes nuevos soles-denominated subordinated bonds and multilateral subordinated bank debt; Lima, Peru-based financial company.

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.

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.

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

Sept. 4-6: HANA BANK: Dollar-denominated offering of lower tier II bonds; Barclays Capital, BNP Paribas, Deutsche Bank

Sept. 1-5: WOORI BANK: Dollar-denominated senior bonds due 2011 (A3/A-/A-); ABN Amro, JP Morgan, Merrill Lynch & Co., Woori Investment & Securities

Sept. 5-7: RUSSIAN STANDARD BANK: Euro-denominated bonds (Ba2/B+); Barclays Capital, Credit Suisse

Sept. 7-12: SHINHAN BANK (A3/A-/A-): Dollar-denominated hybrid tier 1 securities due 2036, non-callable for 10 years; Barclays Capital, JP Morgan, Morgan Stanley

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