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.: $150 million seven-year senior notes; ING; Regulation S; non-callable for four years; 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; for capital expenditures and general corporate purposes; Stepnogorsk, Kazahkstan-based KazakhGold is the holding company of gold miner Kazakhaltyn; price guidance set at 9¾% area.

WEEK OF OCT. 30:

BANCO DE CREDITO DEL PERU: $120 million issue of 15-year subordinated tier II notes (Ba2//BB+), Citigroup; roadshow in the West Coast on Oct. 25, Boston and New Jersey on Oct. 26, New York on Oct. 27, London on Oct. 30; callable in 2016 at par, if not called the coupon steps up to the new issue spread versus swaps plus 100 basis points; turns into a floating-rate note; for regulatory capital, general corporate purposes; Lima, Peru, financial company.

PAKISTAN MOBILE COMMUNICATIONS LTD. (PMCL): $250 million offering of senior unsecured bonds (B3/B+); ABN Amro, Deutsche Bank; Rule 144A/Regulation S; intermediate tenor; make-whole call option and equity clawback provision; roadshow in Singapore on Oct. 26, Hong Kong on Oct. 27; London on Oct. 30, and United States from Oct. 31 through Nov. 2; to refinance bank loans and to fund ongoing capital expenditures; Islamabad, Pakistan-based telecommunications provider.

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.

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.

NATIONAL POWER CORP. (NAPOCOR): Bond issue; Citigroup, Deutsche Bank; Republic of the Philippines will guarantee; state-run power company, based in Quezon City, Philippines.

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

Oct. 10-25: KAZAKHGOLD GROUP LTD.: $150 million seven-year notes; 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

Oct 25-30: BANCO DE CREDITO DEL PERU: $120 million issue of 15-year subordinated tier II notes (Ba2//BB+), Citigroup

Oct. 26-Nov.2: PAKISTAN MOBILE COMMUNICATIONS LIMITED (PMCL): $250 million offering of senior unsecured bonds (B3/B+); ABN Amro, Deutsche Bank

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