Emerging markets calendar

WEEK OF SEPTEMBER 18:

BRASKEM SA: Minimum $200 million offering of fixed-rate senior unsecured notes due January 2017 (/BB/BB+); ABN Amro, Citigroup; Rule 144A/Regulation S; intermediate to long tenor; to fund tender offer for $275 million of 12½% notes due 2008 (ultimate size of new issue pending results of tender); Sao Paolo-based chemical and petrochemical products manufacturer; price talk 8 1/8%.

KRUNG THAI BANK PCL: $200 million 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; price guidance set at mid-swaps plus 200 to 210 basis points.

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.

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.

WEEK OF SEPT. 25:

GRUPO SENDA AUTOTRANSPORTE SA de CV: $200 million senior guaranteed notes due 2016 (/B+/B); Citigroup; Rule 144A/Regulation S; non-callable for five years; three-year 35% equity clawback; to refinance existing debt; transport company headquartered in Nuevo Leon, Mexico; roadshow during Sept. 18 week; pricing expected during Sept. 25 week.

SEPTEMBER

REPUBLIC OF SEYCHELLES: $200 million in five-year notes; Bear Stearns, Lehman.

KOREA HIGHWAY CORP: €400 million of senior unsecured notes due 2016 (A3); Deutsche Bank, JP Morgan, UBS; off multi-currency medium-term notes program; state-run company that provides construction, repair and maintenance, and toll collection services for Korean expressways.

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 (-/-/BBB+); 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. 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: $200 million of perpetual hybrid tier I securities (Ba1/BB+/BBB- expected); Merrill Lynch

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

Week of Sept. 18: GRUPO SENDA AUTOTRANSPORTE SA de CV: $200 million senior guaranteed notes due 2016 (/B+/B); Citigroup

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