Emerging markets calendar: China Fishery to sell $200 million seven-year notes

WEEK OF DEC 11:

CHINA FISHERY GROUP LTD: $200 million senior notes due 2013 (B1); HSBC, Rule 144A/Regulation S; non-callable for four years; to refinance a loan facility drawn down for the acquisition of Alexandra SAC in Peru, to repay loans, for general corporate purposes and to fund potential strategic investments; Hong Kong-based company manages and operates fishing vessels for coastal and deep sea industrial fishing; price talk 9 3/8% area.

CEMEX SAB DE CV: Benchmark-sized two-part offering of dollar-denominated perpetual callable bonds (/BBB-/BBB); Barclays Capital, JP Morgan; Rule 144A/Regulation S; roadshow is scheduled to run from Dec. 5-Dec. 8, making stops in Los Angeles, New York, Boston, London; also be structured as fixed- to floating-rate securities: one tranche callable on Dec. 31, 2011 while the other tranche will be callable on Dec. 31, 2016; a step-up for both tranches; coupon will remain fixed until the call date, then the coupon will change to floating rate and step up to three-month Libor plus the sum of the Libor equivalent spread at the time of pricing plus 300 basis points; cement company based in Garza Garcia, Mexico.

SLAVINVESTBANK LLC (RUSSIA) (B1//B-): Dollar-denominated issue of three-year bonds; ABN Amro; Regulation S; roadshow started Dec. 4 in Hong Kong; Singapore on Dec. 5, London on Dec. 6, Switzerland on Dec. 7, Germany on Dec. 8; Kazakhstan's Bank TuranAlem directly owns 15% of Slavinvest; initial price guidance set at 9¾% to 10%.

COMPAÑÍA DE TRANSPORTE DE ENERGÍA ELÉCTRICA EN ALTA TENSIÓN SA (TRANSENER): $220 million offering of amortizing notes due 2016 (B//B); Deutsche Bank (Books); Citigroup; Rule 144A/Regulation S; average life of 8 ½ years; non-callable for five-years; roadshow will start in Singapore on Dec. 7, Hong Kong on Dec. 8, off to London Dec. 11, United States from Dec. 12 through Dec. 15; for the company's current cash tender offer; Buenos Aires-based electric company.

TRISTAN OIL LTD.: $300 million of senior secured notes due 2011; Jefferies & Co; Rule 144A (no U.S. registration rights; roadshow from Dec. 1-Dec. 12; 2.5 years of call protection; to repay the existing debt of its affiliate, Tolkynneftegaz LLP (TNG), to make a distribution to company shareholders, and for working capital, for general corporate purposes of TNG and another Tristan affiliate, Kazpolmunay LLP (KPM); an oil and gas exploration and production company based in the British Virgin Islands - operates primarily in the former Soviet republic of Kazakhstan; guaranteed on a senior secured basis by TNG, KPM, and all future restricted subsidiaries of TNG and KPM; price talk 10¾% to 11%, deal to price on Wednesday.

MAXCOM TELECOMUNICACIONES, SA de CV: $175 million senior unsecured notes due 2016 (B3/B); Morgan Stanley (books), IXE Securities, Merrill Lynch & Co. (co's); Rule 144A/Regulation S; non-callable for five years; three-year 35% equity clawback; to refinance debt and fund capital expenditures; Mexico City-based fixed line telecommunications company operating in the local exchange carrier market in Mexico; roadshow continues Dec. 7 in Boston, Dec. 8 in Los Angeles; pricing expected Dec. 11 week.

AES PANAMA SA: $300 million in 10-year senior notes (/BBB-/BBB-), Credit Suisse (books); UBS (co-manager); Rule 144A / Regulation S; for the repayment of existing debt, dividend payments to shareholders, general corporate purposes; subsidiary of global power company AES Corp.

ON THE HORIZON:

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).

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

Dec. 1-12: TRISTAN OIL LTD.: $300 million of senior secured notes due 2011; Jefferies & Co.

Dec. 5-8: CEMEX SAB DE CV: Benchmark-sized two-part offering of dollar-denominated perpetual callable bonds (/BBB-/BBB); Barclays Capital, JP Morgan.

Dec. 7-15: COMPAÑÍA DE TRANSPORTE DE ENERGÍA ELÉCTRICA EN ALTA TENSIÓN SA (TRANSENER): $220 million offering of amortizing notes due 2016 (B//B); Deutsche Bank

Dec. 7-8: MAXCOM TELECOMUNICACIONES, SA de CV: $175 million senior unsecured notes due 2016 (B3/B); Morgan Stanley

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