Emerging markets calendar: VTB Capital to sell floating-rate notes

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.

CAP CANA SA: $200 million amortizing senior secured notes due 2013 (B3//B); Bear Stearns & Co.; Rule 144A/Regulation S; 5.25-year average life; issue size will not grow beyond $250 million; master planned resort community in the Dominican Republic; expected to price week of Oct. 23.

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.

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.

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.

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.

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. 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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