Emerging markets calendar

WEEK OF FEB. 13:

AZOVSTAL IRON AND STEEL WORKS: $150 million to $200 million fixed-rate notes due 2011 (B3/B-); ING (books), MNB Capital Markets (joint lead); Regulation S; non-callable for two years; steel producer based in Mariupol in Ukraine's Donetsk region; price guidance 9%-9¼%; roadshow ends in Frankfurt and London on Feb. 14, to price after that.

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.

FEBRUARY:

JSC SITRONICS: Debut offering of dollar-denominated bonds; ABN Amro, Credit Suisse; Regulation S; short to medium tenor; for general corporate purposes, including refinancing short-term debt and capital expenditures; roadshow to begin Feb. 14; stops in Asia and Europe; Sitronics Finance SA will issue; Moscow-based company is the technology arm of Sistema, a consumer services business in Russia and the Commonwealth of Independent States.

SHINHAN BANK: $300 million 10-year upper tier II subordinated bonds; Barclays Capital, BNP Paribas, HSBC; non-callable for five years; Seoul, Korea-based retail bank.

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.

MARCH:

REPUBLIC OF HUNGARY: ¥25 billion of seven-year Samurai bonds; Daiwa Securities SMBC Co. Ltd., Nikko Citigroup Ltd.; to refinance public debt maturing in 2006; first half of March.

REPUBLIC OF INDONESIA: Expected $1 billion to $2 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; off medium-term note program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS

Feb. 8-14: PJSC AZOVSTAL: $150 million to $200 million fixed rate notes due 2011; ING

Starts Feb. 14: JSC SITRONICS: Debut offering of dollar-denominated bonds; ABN Amro, Credit Suisse

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