Emerging markets calendar: Sabesp to sell 10-year bonds

WEEK OF OCT. 16

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; price guidance set at 7¾% area.

OAO GAZPROM: Benchmark-sized offering of euro-denominated seven-year notes (Baa1/BBB-/BBB-); Citigroup, Dresdner Kleinwort, Goldman Sachs, Morgan Stanley; Rule 144A/Regulation S; senior unsecured fixed-rate bullet notes; via Gaz Capital SA; roadshow from Oct. 17 through Oct 19; Moscow-based oil company; price guidance set at mid-swaps plus 105 bps area; 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.

PT FAJAR SURYA WIDESA TBK: $100 million offering of five-year senior secured notes (B/B+); Deutsche Bank (books), United Overseas Bank (co); Regulation S; talk at 11 ½%; an Indonesian paper-company; pricing Friday.

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.

RIZAL COMMERCIAL BANKING CORP.: $100 million in perpetual hybrid tier 1 debt; Citigroup, Credit Suisse; Regulation S; callable after 10 years, if not called, the coupon becomes floating-rate and steps up by 150% times the initial credit spread; roadshow in Singapore on Oct. 17, Hong Kong on Oct. 18, London on Oct. 19. Makati City, Philippines-based private domestic commercial bank; price guidance set at 10% area

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.

WEEK OF OCT. 23

VTB CAPITAL SA (JSC VNESHTORGBANK): Dollar-denominated offering of senior floating-rate notes (A2/BBB); Barclays Capital, Deutsche Bank, JP Morgan; Rule 144A/Regulation S; roadshow in Los Angeles on Oct. 23, New York on Oct. 24; Boston and Philadelphia on Oct. 25, London on Oct. 26.; VTB is 99.9%-owned by the Russian state through the Federal Property Agency.

OCTOBER

Renaissance Securities Trading LTD: dollar-denominated issue of three-year guaranteed notes (Ba3/B+/BB-); Citigroup, Credit Suisse (books), Renaissance Capital (co); Regulation S; guidance at 8¾% to 9%, for working capital needs, for general corporate purposes; investment bank operating on the Russian financial market.

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

Started 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

Oct. 18-19: OAO GAZPROM: Benchmark-sized offering of euro-denominated seven-year notes (Baa1/BBB-/BBB-); Citigroup, Dresdner Kleinwort, Goldman Sachs, Morgan Stanley

Oct. 23-26: VTB CAPITAL SA (JSC VNESHTORGBANK): Dollar-denominated offering of senior floating rate notes (A2/BBB); Barclays Capital, Deutsche Bank, JP Morgan

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