Emerging markets calendar: Nuequen to price $125 million notes

WEEK OF OCT. 9

ARGENTINE PROVINCE OF NEUQUEN: $125 million in fixed-rate senior secured notes due October 2014 (/B+); Citigroup; Rule 144A/Regulation S; weighted average life is 4.8 years; notes will amortize starting in April 2008; to finance public infrastructure; price guidance set at high 8% range.

OJSC SUEK: Dollar-denominated offering of credit-linked notes; ING, Trust Investment Bank; Regulation S; two-year bullet notes; Asian leg of the roadshow on Oct. 4 in Hong Kong, Manila on Oct. 5, Singapore on Oct. 6, European leg in Zurich and Geneva on Oct. 9, Vienna on Oct. 10, London on Oct. 11; OJSC Siberian Coal Energy Co. (SUEK) is a major Russian coal group.

RANHILL LTD.: Issue of five-year bullet bonds (/B-/B-) up to $250 million; ABN Amro (books), CIMB Ltd. (co-manager); Rule 144A/Regulation S; roadshow Oct. 2 to Oct. 13, stops in Singapore, Hong Kong, London, New York, Boston, Los Angeles; for debt refinancing, working capital, general corporate purposes; Malaysian-based investment holding company Ranhill Bhd. will guarantee; principal activities include engineering and power generation.

PROMSVYAZBANK (RUSSIA): two tranche offering of senior and subordinated bonds (Ba3/B/B); Citigroup; Regulation S; roadshow in Singapore from Oct. 9-10, Zurich and Geneva on Oct. 11, London on Oct. 12; private commercial and retail bank based in Moscow.

MAJAPAHIT HOLDING BV (PT PLN): Benchmark-sized offering of notes due 2016 (expected B1/confirmed BB-); UBS; Rule 144A/Regulation S; financing subsidiary of Jakarta-based Indonesian state-owned electric utility PT Perusahaan Listrik Negara (PLN); expected to price at a discount to the sovereign; roadshow in Hong Kong on Oct. 5, Singapore on Oct. 6, London on Oct. 9, New York Oct. 10-12.

BANCO PINE SA: Dollar-denominated two-year bonds (B+//B+); Standard Bank Plc; Regulation S; price talk set at 8¾% area; come off the issuer's $150 million bond program; based in Sao Paolo.

LAND BANK OF PHILIPPINES: $100 million offering of 10-year notes (//BB); Deutsche Bank; Regulation S; will not exceed $150 million; lower tier II notes; non-callable for five-years, if not called coupon will step up by 150% times the original swap spread; government-owned lender, which mainly serves rural farmers and fishermen; headquarters in Manila; roadshow during week of Oct. 9.

CITY OF MOSCOW: Euro-denominated offering of loan participation notes (Baa2/BBB+/BBB+ issuer's rating); Citigroup, Deutsche Bank, Dresdner Kleinwort, JP Morgan; Regulation S; roadshow in London on Oct. 10, Frankfurt on Oct. 11.

WEEK OF OCT. 16

PAPELES INDUSTRIALES DE MICHOACAN SA DE CV (PIMSA): $320 million offering of 10-year senior guaranteed notes (Ba3/BB-/BB-); Citigroup; Rule 144A/Regulation S (no registration rights); non-callable for five-years, three-year equity clawback; for acquisition finance; issuer was formed when Kimberly-Clark de Mexico SA de CV spun-off and divested control of its paper and notebooks division; European leg of roadshow from Oct. 3 through Oct. 6, U.S. leg from Oct. 10 to Oct. 13; to price during the week of Oct. 16.

PETROL AD (BULGARIA): Euro-denominated offering of five-year bonds (B3//B-); ING; Regulation S; Asian leg of the roadshow in Singapore on Oct. 11, Manila on Oct. 11; European leg in Zurich and Geneva on Oct. 13, Frankfurt and Vienna on Oct. 16, Paris on Oct. 17, London on Oct. 18; Sofia-based fuel distributor in Bulgaria.

CORPORACION NACIONAL DE COBRE DE CHILE (CODELCO): $500 million offering of 30-year fixed-rate bonds (Aa3/A); Deutsche Bank, HSBC; Rule 144A/Regulation S; for debt redemption, for capital expenditures; roadshow in Hong Kong on Oct. 11, Singapore on Oct. 12, London on Oct. 13, Los Angeles on Oct. 16, Boston on Oct. 17, New York on Oct. 18; Santiago-based copper producer.

OCTOBER

BANCO SCHAHIN SA: Dollar-denominated notes due 2016 (expected B2); Dresdner Kleinwort; Rule 144A/Regulation S; non-callable for five years; Brazilian commercial bank headquartered in Sao Paolo; presently in the market.

PROVINCE OF BUENOS AIRES: approximately $300 million in new debt; expected to be denominated in dollars, carry a tenor of 10 years.

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

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 (postponed on Sept. 21).

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)

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

Oct. 2-13: RANHILL LTD.: Issue of five-year bullet bonds (/B-/B-) up to $250 million; ABN Amro (books), CIMB Ltd. (co-manager)

Oct. 6-11: OJSC SUEK: Dollar-denominated offering of credit-linked notes; ING, Trust Investment Bank

Oct. 3-13: PAPELES INDUSTRIALES DE MICHOACAN SA DE CV (PIMSA): $320 million offering of 10-year senior guaranteed notes (Ba3/BB-/BB-); Citigroup

Oct. 8-12: PROMSVYAZBANK (RUSSIA): Two tranche offering of senior and subordinated bonds (Ba3/B/B); Citigroup

Oct. 5-12: MAJAPAHIT HOLDING BV (PT PLN): Benchmark-sized offering of notes due 2016 (expected B1/confirmed BB-); UBS

Oct. 11-18: PETROL AD (BULGARIA): Euro-denominated offering of five-year bonds (B3//B-); ING

Week of Oct. 9: LAND BANK OF PHILIPPINES: $100 million offering of 10-year notes (//BB); Deutsche Bank

Oct. 10-11: CITY OF MOSCOW: Euro-denominated offering of loan participation notes (Baa2/BBB+/BBB+ issuer's rating); Citigroup, Deutsche Bank, Dresdner Kleinwort, JP Morgan

Oct. 11-18: CORPORACION NACIONAL DE COBRE DE CHILE (CODELCO): $500 million offering of 30-year fixed-rate bonds (Aa3/A); Deutsche Bank, HSBC

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