Emerging markets calendar

WEEK OF SEPT. 4

SMALL BUSINESS CORP. OF KOREA: $300 million global bonds due September 2016 (/A/A+); Credit Suisse, Merrill Lynch & Co., UBS Investment Bank; Regulation S; to be listed on the Singapore Stock Exchange; Korean government small business agency; initial price guidance mid-swaps plus low to mid 40 bps area; expected to price Thursday

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.

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.

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.

DEVELOPMENT BANK OF THE PHILIPPINES: Dollar-denominated hybrid tier 1 securities; Barclays Capital, Deutsche Bank; Regulation S; state-owned development bank based in Manila; roadshow to Singapore, Hong Kong and London Sept. 6-11, expected to launch and price thereafter.

AGILE PROPERTY HOLDINGS LTD.: $350 million senior notes due 2013 (Ba3/BB); Morgan Stanley, HSBC (joint); Rule 144A/Regulation S; non-callable for four years; to fund the acquisition and development of land, and for general corporate purposes; property developer in the Pearl River Delta region in China; roadshow Sept. 6 in Hong Kong, Sept. 7 in Singapore, Sept. 8 in London, U.S. beginning Sept. 11 week.

BANCO VOTORANTIM: $200 million offering of 10-year notes (Ba2/BB/BB+), Citigroup, BNP Paribas; Rule 144A/Regulation S; roadshow in Lisbon on Sept. 6, London on Sept. 7, Geneva and Frankfurt on Sept. 8, Boston, Philadelphia and Miami on Sept. 11, New York and the West Coast on Sept. 12; via the issuer's Nassau branch; non-callable for five-years, if not called, coupon steps up to 150% of original spread; for general corporate purposes; financial institution with headquarters in Sao Paulo, Brazil.

ALLIANCE BANK JSC KAZAKHSTAN: Dollar-denominated offering of seven-year eurobonds (Ba2//BB-); Credit Suisse, JP Morgan; Rule 144A/Regulation S; roadshow in Los Angeles on Sept. 8, Boston on Sept. 11, New York on Sept. 12, London on Sept. 13; senior fixed-rate bonds; Almaty, Kazakhstan-based bank.

OJSC RUSSIAN AGRICULTURAL BANK (RAB): Dollar-denominated offering of 10-year subordinated bonds (Baa2/BBB+); Barclays Capital, HSBC; Regulation S; non-callable for five-years; roadshow will be simultaneously held in Asia and Europe, commencing on Sept. 11.

COMPANIA DE ACERO DEL PACIFICO (CAP): $200 million in 30-year bullet notes (/BBB-/BBB-); Citigroup, HSBC; Rule 144A/Regulation S; senior unsecured guaranteed notes; investor roadshow to begin on Sept. 6, move to New York on Sept. 8, West Coast on Sept. 11, Boston on Sept. 12; for general corporate purposes and capital expenditures; Chilean state-owned corporation that operates the nation's largest iron mines.

BRASKEM SA: Dollar-denominated offering of fixed-rate senior unsecured notes; ABN Amro, Citigroup; Rule 144A/Regulation S; intermediate to long-dated tenor; roadshow to start in London on Sept. 11, New York on Sept. 12, Boston and Hartford on Sept. 13. Los Angeles on Sept. 14; to fund current tender offer for $275 million of 12_% notes due 2008; Sao Paolo-based chemical and petrochemical products manufacturer.

WEEK OF SEPTEMBER 19:

BANK TURANALEM: Euro-denominated offering of five-year senior notes (Baa1/BB/BB+); ABN Amro, Dresdner; Regulation S; roadshow on Sept. 12 in Frankfurt and Munich, Geneva and Zurich on Sept. 13, London from Sept. 14-15; Singapore on Sept. 19 Hong Kong on Sept. 20; off the bank's $3 billion global medium term note program; Kazakhstan's second-largest bank.

SEPTEMBER

BANCO CRUSEIRO DO SUL SA (Ba3): Dollar-denominated five-year amortizing notes; Dresdner Kleinwort; amortizes in years three, four and five; commercial bank headquartered in Sao Paulo, Brazil; launch and pricing following roadshow, subject to market conditions.

REPUBLIC OF HUNGARY: €500 million floating-rate eurobonds due 2012; BNP Paribas, Dresdner Kleinwort; for general financing purposes; expected second half of 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.

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

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

Sept. 6-11: DEVELOPMENT BANK OF THE PHILIPPINES: Dollar-denominated hybrid tier 1 securities; Barclays Capital, Deutsche Bank

Sept. 6- AGILE PROPERTY HOLDINGS LTD.: $350 million senior notes due 2013 (Ba3/BB); Morgan Stanley, HSBC

Sept. 6-12: BANCO VOTORANTIM: $200 million offering of 10-year notes (Ba2/BB/BB+), Citigroup, BNP Paribas

Sept. 8-13: ALLIANCE BANK JSC KAZAKHSTAN: Dollar-denominated offering of seven-year eurobonds (Ba2//BB-); Credit Suisse, JP Morgan

Starts Sept. 11: OJSC RUSSIAN AGRICULTURAL BANK (RAB): a Dollar-denominated offering of 10-year subordinated bonds (Baa2/BBB+); Barclays Capital, HSBC

Sept. 12-19: BANK TURANALEM (BTA): Euro-denominated offering of five-year senior notes (Baa1/BB/BB+); ABN Amro, Dresdner

Sept. 6-12: COMPANIA DE ACERO DEL PACIFICO (CAP): $200 million in 30-year bullet notes (/BBB-/BBB-); Citigroup, HSBC

Sept. 11-14: BRASKEM SA: Dollar-denominated offering of fixed-rate senior unsecured notes; ABN Amro, Citigroup

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