Emerging markets calendar

WEEK OF SEPTEMBER 18:

BRASKEM SA: Minimum $200 million offering of fixed-rate senior unsecured notes due Jan. 2017; ABN Amro, Citigroup; Rule 144A/Regulation S; intermediate to long tenor; roadshow in London on Sept. 11, New York on Sept. 12, Boston and Hartford on Sept. 13. Los Angeles on Sept. 14; to fund tender offer for $275 million of 12½% notes due 2008; Sao Paolo-based chemical and petrochemical products manufacturer; price guidance to be issued earlier in the 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; price guidance set at 6 ¾% area.

HIPOTECARIA SU CASITA SA DE CV SOFAL: Maiden offering of $150 million in 10-year senior notes (Ba3/BB-), Credit Suisse; Rule 144A/Regulation S (no registration rights); non-callable for five years; roadshow to begin Sept. 19 in New York, then Boston, Philadelphia and New Jersey on Sept. 20, West Coast on Sept. 21; to fund mortgage and construction loans; Mexico City-based mortgage company.

RAS LAFFAN LIQUEFIED NATURAL GAS CO. LTD.: Up to $1.855 billion of senior secured bonds (A1/A/A+) in three tranches; Lehman; Goldman Sachs (books), BNP Paribas, JP Morgan, Qatar National Bank, Standard Chartered (co-managers); Rule 144A/Regulation S; comprised of 10-year tranche with average life of 7.25 years, 15-year tranche with average life of 13.2 years, 21-year tranche with average life of 18 years; to finance capital expenditures for the construction of liquefied natural gas trains and to fund the debt service reserve account; ExxonMobil will co-lend on a pari passu basis; Ras Laffan LNG Co. Ltd. will cross-guarantee; Doha, Qatar, liquefied natural gas management and export company.

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.

RUSSIAN CREDIT BANK OF MOSCOW: Debut offering of dollar-denominated eurobonds; Merrill Lynch; Regulation S; roadshow is slated for Asia and Europe; Asian leg to begin on Sept. 21; CBOM Finance plc (Ireland) will issue; full-service commercial and consumer bank operating across Moscow and the Moscow region.

KRUNG THAI BANK PCL: Dollar-denominated offering of perpetual hybrid tier I securities (Ba1/BB+/BBB- expected); Merrill Lynch; Regulation S; issued through Singapore branch; coupon step- up after 10-years; if not called, coupon changes to floating rate from fixed; roadshow in Singapore from Sept. 13-14, Hong Kong Sept. 15, London on Sept. 18.

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.

BANK KHRESCHATYK: Dollar-denominated loan participation notes due 2009 (B2//B); Deutsche Bank; initial price guidance 9%; special-purpose vehicle of Ukraine's Bank Khreschatyk, financial institution headquartered in Kiev.

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 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.

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

Started Sept. 11: OJSC RUSSIAN AGRICULTURAL BANK (RAB): 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. 11-14: BRASKEM SA: $200 million minimum of fixed-rate senior unsecured notes; ABN Amro, Citigroup

Sept. 13-18: KRUNG THAI BANK PCL: Dollar-denominated offering of perpetual hybrid tier I securities (Ba1/BB+/BBB- expected); Merrill Lynch

Sept. 19-21: HIPOTECARIA SU CASITA SA DE CV SOFAL: Maiden offering of $150 million in 10-year senior notes (Ba3/BB-), Credit Suisse

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