Emerging markets calendar

WEEK OF FEB. 27:

PT LIPPO KARAWACI TBK: Dollar-denominated fixed-rate bonds (provisional B2); UBS Investment Bank; Regulation S; Indonesia's largest listed property and urban developer; roadshow began Feb. 23, stops include Singapore, Hong Kong, London.

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.

INTER RAO UES: $150 million notes due 2009; Citigroup; subsidiary of Russian state-controlled utility RAO UES (B+); to fund asset acquisitions; price guidance 8% to 8¼%.

REPUBLIC OF INDONESIA: Benchmark-sized dollar-denominated fixed-rate bonds, structure to be determined (B2/B+); Barclays Capital, JP Morgan, UBS; Rule 144A/Regulation S; roadshow starts Feb. 27 week in Asia, London, United States.

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:

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

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

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

Starts week of Feb. 27: REPUBLIC OF INDONESIA: Benchmark-sized dollar-denominated bonds (B2/B+); Barclays Capital, JP Morgan, UBS

Started Fed. 23: PT LIPPO KARAWACI TBK: Dollar-denominated fixed-rate bonds (provisional B2); UBS Investment Bank

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