Emerging markets calendar

JANUARY:

BANCO DO BRASIL SA (GRAND CAYMAN BRANCH); $300 million perpetual notes (Ba1); Citigroup, BB Securities Ltd.; Rule 144A/Regulation S; callable in five years; Brazilian financial institution headquartered in Brasilia; roadshow Jan. 9-13, pricing afterwards; price guidance 8 1/8% - 8 3/8%

BTA FINANCE LUXEMBOURG SA: $100-$150 million hybrid tier I perpetual preferred securities (Baa3/B-/B+); Credit Suisse First Boston, ING; callable after 10 years; special-purpose vehicle of Bank TuranAlem, Kazakhstan, a financial institution headquartered in Almaty; roadshow Jan. 11 in Singapore, Jan. 12 in Hong Kong, Jan. 13 in Manila, Jan. 16 in Zurich and Geneva, Jan. 17 in London, pricing after that.

C&M FINANCE LTD.: $550 million in two tranches of senior unsecured notes (Ba2/BB+): five-year floating-rate notes, non-callable for life and 10-year fixed-rate notes, non-callable for five years, tranche sizes to be determined; Goldman Sachs, Citigroup (books); Rule 144A/Regulation S; to repay existing credit facilities, acquire minority interests in system operators, acquire competing system operators, fund capital expenditures and general corporate purposes; Seoul, Korea-based cable TV company; roadshow Jan. 12-20, Hong Kong on Jan. 12, Singapore on Jan. 13, London on Jan. 16, U.S. Jan. 17-20, pricing afterwards.

EXCELCOMINDO FINANCE CO. BV: Dollar-denominated global bonds (B1/BB-); CIMB, JP Morgan and UBS Investment Bank (joint); Rule 144A/Regulation S; to fund capital expenditures; wholly owned subsidiary of Indonesian cellular telephone operator PT Excelcomindo Pratama Tbk; roadshow to include Singapore, Hong Kong, London and New York, started Jan. 9.

JGSH PHILIPPINES, LTD.: $200 million seven-year fixed-rate notes; Credit Suisse First Boston; Regulation S; putable at par in year five; to refinance 2006 maturities and for general corporate purposes; wholly owned offshore subsidiary of JG Summit Holdings, Inc. held through JG Summit Philippines Ltd., a Philippines conglomerate; price talk 8¼% area yield-to-put; roadshow concludes Wednesday with pricing to follow.

NATIONAL GAS CO. OF TRINIDAD AND TOBAGO LTD.: $400 million senior unsecured notes due 2036 (A3/BBB+); Citigroup, Lehman Brothers (joint books), Caribbean Money Market Brokers, Deutsche Bank, First Caribbean International Bank, Merrill Lynch & Co.; Rule 144A for life/Regulation S; natural gas marketing and transmission company headquartered in Port of Spain; roadshow Jan. 11-13, pricing after that.

NEW RECLAMATION GROUP: €245 million senior secured notes due 2013 (B1/B+); Citigroup; Rule 144A/Regulation S; non-callable for four years; to fund an acquisition; South African waste recycling company; roadshow starts Wednesday in London; pricing week of Jan. 16.

REPUBLIC OF POLAND: Benchmark-sized euro-denominated notes due 2016 (A2/BBB+/BBB+); Credit Suisse First Boston, Deutsche Bank, JP Morgan; Regulation S; non-callable; roadshow Jan. 18 in Munich, Jan. 19 in Vienna and Milan, Jan. 20 in Benelux, Jan. 23 in Paris and Dublin, Jan. 24 in London, pricing afterwards.

DOMINICAN REPUBLIC: $300 million in bonds; to repay debt owed to Spanish electricity company Union Fenosa.

REPUBLIC OF COLOMBIA: ¥22.5 billion Samurai bonds; Mizuho Corporate Bank; private placement; Japan Bank for International Cooperation will provide a guarantee on the principal and a part of the interest; to finance government projects, increase direct investment from overseas, including investments aimed at developing transport infrastructure, small- and medium-sized enterprises and supporting industries, and to improve domestic security.

FIRST QUARTER 2006:

COSAN SA: $250 million of perpetual bonds; expected first quarter of 2006; Sao Paolo-based sugar and ethanol producer

EMERGING MARKET OFFERINGS ON THE HORIZON:

TÜRKIYE VAKIFLAR BANKASI TAO (VAKIFBANK): Dollar-denominated senior unsecured bonds (Baa2 expected); ABN Amro, Citigroup, JP Morgan; Rule 144A/Regulation S; through the issuer's Cayman Islands special-purpose vehicle; political risk insurance; letter of credit from ABN Amro

BAOSHAN IRON AND STEEL CO. LTD. (BAOSTEEL): Dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

PT ENERGI MEGA PERSADA TBK: $500 million in bonds; to finance expansion and to repay debt; Jakarta-based oil and gas company.

PT INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting company.

PT INDOFOOD SUKSES MAKMUR: $250 to $300 million bonds; to refinance company's bond due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

LAND BANK OF THE PHILIPPINES: Up to $200 million of five- to seven-year international bonds; Deutsche Bank Securities; Philippines fourth largest lender.

MOBILE TELECOMMUNICATIONS CO.: May issue bonds for its $3.36 billion acquisition of mobile phone businesses in Africa; telecommunications company in Kuwait.

VEDANTA RESOURCES PLC: $500 million minimum eurobond; Deutsche Bank; Merrill Lynch, Morgan Stanley; to repay debt and fund capital expenditures; mining and metals company with the majority of its assets in India, based in London; originally scheduled for fourth quarter of 2005.

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S-only; one-year put option at par; regional bank related to the government of the Tatarstan republic.

PT BANK MANDIRI: $300 million global bonds maturing in three-to-five years; Credit Suisse First Boston; medium term notes program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ZAPORIZHSTAL INTEGRATED IRON & STEEL WORKS JSC: $300 million bonds; Deutsche Bank, JP Morgan; debut deal; based in Zaporozhe, Ukraine; one of the largest industrial enterprises in Ukraine.

ROADSHOWS

Jan. 9 onwards: EXCELCOMINDO FINANCE CO. BV: Dollar-denominated global bonds; CIMB, JP Morgan and UBS Investment Bank

Jan. 9-11: JGSH PHILIPPINES, LTD.: $200 million seven-year fixed-rate notes; Credit Suisse First Boston

Jan. 9-13: BANCO DO BRASIL SA (GRAND CAYMAN BRANCH); $300 million perpetual notes; Citigroup, BB Securities Ltd.

Jan. 11-13: NATIONAL GAS CO. OF TRINIDAD AND TOBAGO LTD.: $400 million senior unsecured notes due 2036; Citigroup, Lehman Brothers

Jan. 11-17: BTA FINANCE LUXEMBOURG SA: $100-$150 million hybrid tier I perpetual preferred securities; Credit Suisse First Boston, ING

Jan. 11 onwards: NEW RECLAMATION GROUP: €245 million senior secured notes due 2013; Citigroup

Jan. 12-20: C&M FINANCE LTD.: $550 million in two tranches of senior unsecured notes; Goldman Sachs, Citigroup

Jan. 18-24: REPUBLIC OF POLAND: Benchmark-sized euro-denominated notes due 2016; Credit Suisse First Boston, Deutsche Bank, JP Morgan

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