Emerging markets calendar: Petrol AD (Bulgaria) to sell five-year bonds

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.

COMPANHIA DE SANEAMENTO BÁSICO DO ESTADO DE SÃO PAULO (SABESP): Dollar-denominated offering of 10-year bonds; Deutsche Bank; Rule 144A/Regulation S; size will depend on the results of tender offer for $225 million 12% notes due 2008; Sao Paulo, Brazil, water and sewage service provider; pricing Friday.

ZENIT CAPITAL PLC (OJSC BANK ZENIT): $200 million loan participation notes due 2009 (B1//B); Citigroup; Regulation S; financial institution based in Moscow; price guidance 8 5/8%-9%, roadshow began Tuesday in London; pricing expected before end of Oct. 16 week.

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.

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 and 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; price guidance set at Treasuries plus the low 130 basis point range.

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.

BANK FORUM: minimum issue of $100 million in three-year eurobonds (B2/B-); Citigroup, Standard Bank; Regulation S; price talk at 9.85% to 10 1/8%; financial institution, based in Kiev, Ukraine.

RIZAL COMMERCIAL BANKING CORP.: $100 million in perpetual hybrid tier 1 debt; Citigroup, Credit Suisse; Regulation S; roadshow in Singapore on Oct. 17, Hong Kong on Oct. 18, London on Oct. 19. Makati City, Philippines-based private domestic commercial bank.

PROVINCE OF BUENOS AIRES: Dollar-denominated offering of bonds with intermediate maturity; Merrill Lynch; Rule 144A/Regulation S; roadshow starts in London on Oct. 18.

EMPRESA BRASILEIRA DE AERONÁUTICA SA (EMBRAER): $300 million in guaranteed notes due 2017; JP Morgan, Citigroup (books), Barclays (Co); Rule 144A/Regulation S; $280 million to repay existing indebtedness, remaining for general corporate purposes; issued via subsidiary Embraer Overseas Ltd; Sao Paulo, Brazil-based aircraft manufacturer.

OCTOBER

KAZAKHGOLD GROUP LTD.: Dollar-denominated offering of eurobonds; ING; Regulation S; Asian leg of the roadshow in Manila on Oct. 18, Singapore on Oct. 19, Hong Kong on Oct. 20, European leg Zurich and Geneva on Oct. 23, Frankfurt and Vienna on Oct. 24, London on Oct. 25; Stepnogorsk, Kazahkstan-based KazakhGold is the holding company of gold miner Kazakhaltyn.

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.

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).

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.

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

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

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

Starts Oct. 18: PROVINCE OF BUENOS AIRES: Dollar-denominated offering of bonds with intermediate maturity; Merrill Lynch

Oct. 10-25: KAZAKHGOLD GROUP LTD.: Dollar-denominated offering of eurobonds; ING

Oct. 17-19: RIZAL COMMERCIAL BANKING CORP.: $100 million in perpetual hybrid tier 1 debt; Citigroup, Credit Suisse

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