Emerging markets calendar: Shimao, Russian Standard ahead

WEEK OF NOV. 20:

KAZKOMMERTS INTERNATIONAL BV (JSC KAZKOMMERTSBANK): Benchmark dollar-denominated guaranteed senior notes due 2016 (Baa1/BB+/BB+); Credit Suisse; ING; Rule 144A/Regulation S; price talk 7¾% area; roadshow continues in London on Monday; pricing Nov. 20 week.

MYRONIVSKY HLIBOPRODUCT (MHP): Dollar-denominated five-year notes (B2), size to be determined; Morgan Stanley; Ukrainian poultry producer; pricing expected Nov. 20 week

RUSSIAN STANDARD FINANCE SA (CJSC RUSSIAN STANDARD BANK): Dollar-denominated fixed-rate loan participation notes due 2016 (expected ratings Ba3/B-); Citigroup, ING; Regulation S; non-callable in five years, if not called, coupon steps up by 150 basis points; Moscow-based consumer finance institution; price talk 9½% to 9¾%; pricing expected Nov. 20 week.

SHIMAO PROPERTY HOLDINGS LTD.: $500 million senior notes (Baa3/BB+) in two parts: five-year fixed-rate notes, price talk Libor plus 200-225 bps, and 10-year fixed-rate notes, price talk 8¼% area; Morgan Stanley, Goldman Sachs & Co.; to finance the development of new projects, including the acquisition of new land bank, repay certain existing loans and finance existing projects; Shanghai-based developer; U.S. roadshow concluded Nov. 17.

ON THE HORIZON

CLARENDON ALUMINA PRODUCTION LTD. (CAP): $200 million of 15-year senior unsecured notes (Ba2/B+); Rule 144/Regulation S; average life of 10 years; state-owned alumina producer; government of Jamaica will guarantee.

IMCOPA INTERNATIONAL SA: $100 million three-year bullet notes (/B/); ING; Regulation S; to refinance debt; family-owned company based in Parana state that produces non-genetically modified soybeans.

MARFRIG OVERSEAS LTD.: $250 million of 10-year unsecured senior notes (B1/B+); Merrill Lynch; Rule 144A/Regulation S; Sao Paolo-based beef exporter.

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).

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.

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

Nov. 15-20: JSC KAZKOMMERTSBANK: Dollar-denominated offering of 10-year bonds (Baa2/BB+/BB+); Credit Suisse; ING

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