Emerging markets calendar

WEEK OF FEB. 6:

VTB CAPITAL SA (JSC VNESHTORGBANK): EUR500 million (maximum) eurobonds due 2016 (A2/BBB); Deutsche Bank; Regulation S-only; VTB is 99.9%-owned by the Russian state through the Federal Property Agency (VTB Group, of which VTB is the parent company and main entity, owns several other banks in Russia); price guidance 10-year euro mid-swap rate plus 90-95 basis points (4.53%-4.58% area).

ASTANA FINANCE BV: Three-year dollar denominated notes (Ba1//BB+); JP Morgan (books), TuranAlem Securities (co-lead); roadshow runs from Jan. 31 to Feb. 7, stops in Europe and Asia; JSC Astana Finance will guarantee; financial institution headquartered in Astana, Kazakhstan; price guidance set at 8% area; pricing Wednesday.

CENTRAIS ELETRICAS MATOGROSSENSES SA (CEMAT) and CENTRAIS ELETRICAS DO PARA SA (CELPA): Each plan to sell $50 million in six-year amortizing unsecured senior notes (/B-/); Unibanco Securities Inc, Merrill Lynch; Rule 144A/Regulation S transaction; equal amortizations in 4th, 5th and 6th year; notes will not trade separately; Brazilian utility companies, CEMAT serves the state of Mato Gross, CELPA serves entire state of Para; guidance set at 9½%.

METROPOLITAN AND TRUST CO. (METROBANK): Dollar-denominated perpetual Tier I securities (B2); UBS; Regulation S; non-callable for 10-years; step-up of 50% of the credit spread added to the base rate; Philippines financial institution; roadshow Feb. 6 in Singapore, Feb. 7 in Hong Kong, Feb. 8 in Manila, pricing afterwards.

PJSC AZOVSTAL: Debut offering of dollar-denominated eurobonds; ING (books), Moscow Narodny Bank (joint lead); Regulation S; roadshow starts in Manila on Feb. 8, Hong Kong on Feb. 9, Zurich and Geneva on Feb. 13 and Frankfurt and London on Feb. 14; to price after roadshow; steel producer based in Mariupol in Ukraine's Donetsk region.

FEDERATION TOWER MANAGEMENT JSC (MIRAX GROUP LLC): $100 million eurobonds due 2008; Bank Zenit (books), Alfa Bank (co); putable in 12 months; residential and commercial real estate development company based in Moscow and St. Petersburg; initial guidance 9½%-9 5/8%; roadshow Feb. 2-9; pricing expected middle of Feb. 6 week.

MDM BANK (Ba2/B+/BB-): $200 million one-year notes; Goldman Sachs & Co.; provider of corporate, investment and retail banking services; expected to price Feb. 6 week.

FEBRUARY:

DOMINICAN REPUBLIC: $300 million in bonds; to repay debt owed to Spanish electricity company Union Fenosa.

REPUBLIC OF COLOMBIA: ¥22.5 billion Samurai bonds; Mizuho Corporate Bank; private placement; Japan Bank for International Cooperation will provide a guarantee on the principal and a part of the interest; to finance government projects, increase direct investment from overseas, including investments aimed at developing transport infrastructure, small- and medium-sized enterprises and supporting industries, and to improve domestic security.

FIRST QUARTER 2006:

REPUBLIC OF INDONESIA: Expected $1 billion global bonds (sovereign rated B2/B+) with a maturity of 10 years or greater; syndicate expected to include Barclays Capital, JP Morgan, Morgan Stanley and UBS; expected to launch after Chinese New Year (Jan. 29).

EMERGING MARKET OFFERINGS ON THE HORIZON:

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼% to 10½%).

BAOSHAN IRON AND STEEL CO. LTD. (BAOSTEEL): Dollar-denominated offshore bond (issuer rating BBB+); Morgan Stanley; Shanghai-based steel company.

COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA (TRANSENER): $350 million of bonds; Buenos Aires-based electric company.

PT ENERGI MEGA PERSADA TBK: $500 million in bonds; to finance expansion and to repay debt; Jakarta-based oil and gas company.

PT INTERNATIONAL NICKEL INDONESIA: $300 million global bonds with five-year to 10-year maturity; Morgan Stanley, JP Morgan; to fund capital expenditures and general corporate purposes; Jakarta, Indonesia-based nickel mining and smelting company.

PT INDOFOOD SUKSES MAKMUR: $250 to $300 million bonds; to refinance company's bond due 2007; world's largest instant noodle maker; based in Jakarta, Indonesia.

LAND BANK OF THE PHILIPPINES: Up to $200 million of five- to seven-year international bonds; Deutsche Bank Securities; Philippines fourth largest lender.

MOBILE TELECOMMUNICATIONS CO.: May issue bonds for its $3.36 billion acquisition of mobile phone businesses in Africa; telecommunications company in Kuwait.

TÜRKIYE VAKIFLAR BANKASI TAO (VAKIFBANK): Dollar-denominated senior unsecured bonds (Baa2 expected); ABN Amro, Citigroup, JP Morgan; Rule 144A/Regulation S; through the issuer's Cayman Islands special-purpose vehicle; political risk insurance; letter of credit from ABN Amro

TATFONDBANK: $50 million two-year credit-linked senior unsecured notes (issuer rating B3); Trust Investment Bank; Regulation S-only; one-year put option at par; regional bank related to the government of the Tatarstan republic.

PT BANK MANDIRI: $300 million global bonds maturing in three-to-five years; Credit Suisse First Boston; medium term notes program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS

Jan. 31-Feb. 7: ASTANA FINANCE BV: Three-year dollar denominated notes (Ba1//BB+); JP Morgan

Feb. 8-14: PJSC AZOVSTAL: Debut offering of dollar-denominated eurobonds; ING (books), Moscow Narodny Bank (joint lead)

Feb. 6-8: METROPOLITAN AND TRUST CO. (METROBANK): Dollar-denominated perpetual Tier I securities (B2); UBS

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