Emerging markets calendar

WEEK OF FEB. 21:

COMPANHIA ENERGETICA DE SAO PAULO (CESP): $200 million notes due 2011 (B3); Banco Finantia, Standard Bank (joint); Rule 144A/Regulation S; off $800 million medium-term notes program; to refinance debt; Sao Paulo electricity generator; price talk 10¼%-10 3/8% (revised from 10½% area); pricing expected Wednesday or Thursday.

CENTERCREDIT INTERNATIONAL BV: $100 million tier 1 perpetual notes (expected Ba3); ING; Regulation S; non-callable for 10 years; floating-rate, then step up to of 150% of the launch spread; financing subsidiary of JSC Bank CenterCredit (senior debt ratings Ba1//BB-) the fifth-largest commercial bank in Kazakhstan; yield guidance 9½%.

SITRONICS FINANCE SA: $200 million notes due 2009 (B3//B-) (debut dollar-denominated offering); ABN Amro, Credit Suisse; Regulation S; Regulation S; for general corporate purposes, including refinancing short-term debt and capital expenditures; Moscow-based company is the technology arm of Sistema, a consumer services business in Russia and the Commonwealth of Independent States; price guidance 8%-8¼%; Asia, Europe roadshow began Feb. 15.

BANCO INDUSTRIAL E COMERCIAL SA (BICBANCO) (Ba3): $100 million tier 1 notes due 2016 (expected B2); Dresdner Kleinwort Wasserstein; non-callable for five years; coupon step-up after year five; expected to be listed on the Swiss Stock Exchange; privately owned niche Brazilian bank specializing in the short-term secured corporate lending; initial guidance 9¾% to 10¼%.

NTPC LTD.: Dollar-denominated 10-year bonds; Barclays Capital, Deutsche Bank; roadshow starts Feb. 18 in Dubai, Singapore, Hong Kong, London; off $1 billion euro medium-term note program; New Delhi-based government-owned NTPC was formerly known as National Thermal Power Corp.; activities are engineering, construction and operation of power generating plants.

SHINHAN FINANCIAL GROUP: Dollar-denominated upper tier 2 subordinated notes due 2016, size to be determined; Barclays Capital, BNP Paribas, HSBC; Regulation S-only; non-callable for five years; Seoul, Korea-based retail bank; roadshow Feb. 16 in Singapore, Feb. 17 in Hong Kong, Feb. 21 in London, pricing expected afterwards.

ESKOM HOLDINGS LTD.: €500 million offering of eurobonds (A2/BBB+); JP Morgan, Calyon; Regulation S; seven to 10 years maturity; roadshow started Feb. 20 in Frankfurt and Munich, Feb. 21 in Holland, Feb. 22 in Paris; Feb. 23 in London; Johannesburg, South Africa-based electricity company.

NURBANK JSC: $200 million eurobonds; also $200 million of syndicated loans; Almaty, Kazakhstan financial institution.

FEBRUARY:

GBP FINANCE PLC (GAZPROMBANK): $1 billion euro commercial paper; UBS; Regulation S; Gazprombank is the joint-stock bank of the Russian gas industry, with corporate headquarters in Moscow; marketing from late Feb. 13 week or early Feb. 21 week.

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:

INTER RAO UES: $150 million short-term notes; Citigroup; trading subsidiary of Russian state-controlled utility RAO UES (B+); to fund asset acquisitions.

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; 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

Started Feb. 14: JSC SITRONICS: $200 million bonds due 2009; ABN Amro, Credit Suisse

Feb. 16-21: SHINHAN FINANCIAL GROUP: Dollar-denominated upper tier 2 subordinated notes due 2016

Feb. 20-23: ESKOM HOLDINGS LTD.: €500 million offering of eurobonds (A2/BBB+); JP Morgan, Calyon

Feb. 18 onwards: NTPC LTD.: Dollar-denominated 10-year bonds; Barclays Capital, Deutsche Bank

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