Emerging markets calendar

WEEK OF JAN. 16:

BANCO HIPOTECARIO SA: Up to $100 million (upsized from $50 million) add on to 9¾% senior secured notes due Nov. 16, 2010 (B-); Deutsche Bank; Regulation S; Buenos Aires, Argentina, financial institution; original $150 million issue priced at 99.035 on Nov. 9, 2005; initial guidance 100.50 area; books to close on Jan. 20.

BTA FINANCE LUXEMBOURG SA: $400 million (increased from $150 million) hybrid tier I perpetual preferred securities (Baa3/B-/B+); Credit Suisse, ING; callable after 10 years (if not called the coupon becomes floating-rate at six-month Libor plus 1.5 times the original swap spread when the bond is priced); 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 Wednesday; to yield in the 8¼% area.

WEEK OF JAN. 23:

COSAN SA: Maximum $250 million of perpetual bonds (issuer ratings Ba2); Credit Suisse First Boston, Morgan Stanley, Deutsche Bank; Rule 144A/Regulation S; roadshow to start in Singapore on Jan. 19, Hong Kong on Jan. 20 and Zurich on Jan. 23; callable after five years and then quarterly on coupon dates at par; Sao Paolo-based sugar and ethanol producer.

BANK CENTERCREDIT: Dollar-denominated offering of five-year fixed-rate bonds (Ba1/BB-); Citigroup; ING; roadshow Jan. 18 to Jan. 25; Kazakhstan-based commercial bank.

JANUARY:

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.

PT DAVOMAS ABADI TBK: $150 million of five-year senior unsecured notes (B2/B+); Lehman Brothers: Rule 144A/Regulation S; callable in three years; for refinancing debt, capital expenditures and general corporate purposes; Jakarta-based producer and exporter of cocoa butter and cocoa powder in Indonesia.

REPUBLIC OF POLAND: Benchmark-sized euro-denominated notes due 2016 (A2/BBB+/BBB+); Credit Suisse, 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:

REPUBLIC OF INDONESIA: Expected $1 billion global bonds (sovereign rated B2/B+) with a maturity of 10 years or greater; syndicate expected to include Barclays Capital, JP Morgan, Morgan Stanley and UBS; expected to launch after Chinese New Year (Jan. 29).

EMERGING MARKET OFFERINGS ON THE HORIZON:

AMMB HOLDINGS BHD.: Up to $200 million hybrid tier 1 preference shares (Ba2/BB); BNP Paribas, Credit Suisse, AmMerchant Bank (joint books), Regulation S; for general capital management and to fund the growth of business operations; a wholly owned subsidiary of AmBank Bhd., a financial services provider headquartered in Kuala Lumpur, Malaysia

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.

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

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. 11-17: BTA FINANCE LUXEMBOURG SA: $400 million hybrid tier I perpetual preferred securities; Credit Suisse, ING

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

Jan. 18-25: BANK CENTERCREDIT: Dollar-denominated offering of five-year fixed rate bonds (Ba1/BB-); Citigroup; ING

Jan. 19-23: COSAN SA: Maximum $250 million of perpetual bonds (issuer ratings Ba2); Credit Suisse First Boston, Morgan Stanley, Deutsche Bank

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