Emerging markets calendar

WEEK OF JAN. 23:

RUSSIAN STANDARD FINANCE SA: $200 milion fixed-rate senior unsecured notes with an expected tenor of one year (Ba2/B+); Goldman Sachs & Co; Regulation S-only via Euro medium-term note program; financing unit of Moscow-based consumer finance institution Russian Standard Bank; price guidance Libor plus 200 basis points area; expected to price Wednesday.

NATIONAL STEEL SA (VICUNHA SIDERUGIA): $400 million issuance of perpetual securities (/B+/BB-); Credit Suisse, Deutsche Bank; Regulation S; price guidance at 9 7/8%; callable after five years and then quarterly in whole on coupon dates at par; Vicunha Acos SA will guarantee; secured by a pledge from Vicunha Siderurgia SA, which owns 42.74% of CSN; expected during the middle of the week of Jan. 23.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 10¼%-10½%%; pricing expected early to mid Jan. 23 week.

PRIVATBANK CJSC: $150 million subordinated lower-tier II unsecured notes due 2016 (Ba3); UBS; Regulation S; non-callable for five years; largest commercial bank in Ukraine; initial guidance 8¾% area; roadshow concludes Thursday, pricing afterwards.

BANCO FIBRA: $50 million offering of three-year bonds at 6½% to 7%; Banco Espírito Santo, SA; Sao Paulo, Brazil-based bank.

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

GRUPO FRIBOI: Debut offering of $150 million in five-year dollar-denominated eurobonds (B1/B+); JP Morgan (books), ING; Regulation S; roadshow started Jan. 19 in Hong Kong, Manila on Jan. 20, Singapore on Jan. 23, Zurich and Geneva on Jan. 24, London on Jan. 25; issued through JBS SA; guidance set at 9½% area; guaranteed by include Friboi Ltda., Agropecuaria Friboi Ltda., J&F Participacoes Ltda. and JBS Agropecuaria Ltda.; Brazilian beef producer.

THE EXPORT-IMPORT BANK OF KOREA (KEXIM): $1 billion equivalent global bonds in dollar-denominated and euro-denominated tranches (A3/A); Barclays Capital, Deutsche Bank, Morgan Stanley, Citigroup; Seoul-based official export credit agency providing export credit and project finance to support Korean enterprises in conducting business internationally; expected to launch Jan. 23 week.

JANUARY:

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.

FEBRUARY:

ASTANA FINANCE BV: Three-year dollar denominated notes (Ba1//BB+); JP Morgan (books), TuranAlem Securities (co-lead); roadshow to run from Jan. 31 to Feb. 7, stops in Europe and Asia; JSC Astana Finance will guarantee; financial institution headquartered in Astana, Kazakhstan.

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:

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

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

Jan. 19-25: GRUPO FRIBOI: Debut offering of $150 million in five-year dollar-denominated eurobonds (B1/B+); JP Morgan

Jan. 23-27: PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers

Jan. 31-Feb. 7: ASTANA FINANCE BV: Three-year dollar denominated notes (Ba1//BB+); JP Morgan

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