Emerging markets calendar

WEEK OF MARCH 20:

ABSOLUT CAPITAL (LUXEMBOURG) SA: $150 million eurobonds due 2009 (B1//B); inaugural eurobond offering; Merrill Lynch International; Regulation S; debut eurobond; financing unit of Moscow-based Absolut Bank; price talk 9% area (revised from 8¼%-8½%); expected to price Friday or Monday.

WEEK OF MARCH 27:

GOL LINHAS AEREAS INTELIGENTES: $250 million offering of perpetual senior unsecured bonds; Morgan Stanley, JP Morgan; Rule 144A/Regulation S; fixed-rate bonds; callable after five years at par in whole or in part with a minimum $150 million remaining after a partial call; roadshow to start in Hong Kong on March 22, Singapore on March 23, March 27 in Zurich and Geneva; expected to price week of March 27; to finance the acquisition of aircrafts, equipment and supply materials; issue via Gol Finance; Gol and its subsidiary, Gol Transportes Aereos SA, will guarantee; low cost Brazilian airline

HUNGARY: Benchmark-sized sterling global bonds due 2016 (A1/B-/BBB+); Barclays Capital, Deutsche Bank, Lehman Brothers; for general funding purposes; price guidance Gilts plus 65-70 bps.

IMPERIAL MOBILITY FINANCE BV (IMPERIAL HOLDINGS LTD.): €300 million eurobonds with seven-year to 10-year maturity (Baa1); ABN Amro, Barclays Capital; inaugural eurobond issue; for general corporate purposes including recently announced acquisitions and the reduction of short-term debt; diversified South African holding company, headquartered in Johannesburg; roadshow begins March 27 week in Europe.

REPUBLIC OF SOUTH AFRICA: Benchmark-sized euro-denominated global bonds; Deutsche Bank, Standard Bank (joint); investor presentation March 27 in London, March 28 in Munich and Frankfurt, March 29 in the Netherlands, pricing afterwards.

SWIRE PACIFIC MTN FINANCING LTD. (SWIRE PACIFIC LTD.): $350 million notes due 2016 (A3/A-); HSBC, Morgan Stanley (books); Regulation S; expected to price March 20 week following roadshow presentations in Asia and Europe; company also in the market with HK$1.8 billion notes due 2013 (A3) via HSBC; proceeds from both issues for general corporate funding requirements; Hong Kong-listed Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.

TURANALEM FINANCE BV: $200 million equivalent Polish zloty-denominated notes due 2011 (Baa2/BB/BB+); Standard Bank (books); Regulation S; financing subsidiary of Kazakhstan's Bank Turanalem; expected yield 6.20%-6.25%.

GRUPO GIGANTE SA DE CV: $250 million in 10-year senior unsecured bonds (/BB/BB); ABN Amro; Rule 144A/Regulation S; non-callable for five years; high yield covenant package; Mexico City-based retailer.

KREMIKOVTZI STEEL AD: €300 to €350 million senior secured notes due 2013; Merrill Lynch; Regulation S; non-callable for four years; to fund capital expenditures and planned investments for making the company environmental friendly, repay debt and for general operational and business purposes; Bulgaria's largest steel company, headquartered in Sofia; roadshow imminent, expected to run through week of March 27

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.

EMERGING MARKET OFFERINGS ON THE HORIZON:

BANK BPH SA: maximum offering of €500 million in 10-year floating-rate eurobonds; third issue off euro medium-term note program; to be sold by end of May; Krakow-based financial institution.

PETROL AD (Bulgaria): €125 million fixed-rate global bonds due 2011; former state-owned monopoly fuel retailer, owns approximately 450 filling stations in Bulgaria, headquartered in Sofia; pending shareholder approval at meeting set for May 8.

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

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; off medium-term note program; to refinance debt; Indonesian state-owned lender, based in Jakarta.

ROADSHOWS:

Week of March 13: ABSOLUT CAPITAL (LUXEMBOURG) SA: Eurobonds (B1), size and maturity to be determined; Merrill Lynch International

March 22-27: GOL LINHAS AEREAS INTELIGENTES: $250 million offering of perpetual senior unsecured bonds; Morgan Stanley, JP Morgan

Starts March 27: IMPERIAL MOBILITY FINANCE BV (IMPERIAL HOLDINGS LTD.): €300 million eurobonds with seven- to 10-year maturity (Baa1); ABN Amro, Barclays Capital

Week of March 27: KREMIKOVTZI STEEL AD: €300-€350 million senior secured notes due 2013; Merrill Lynch

March 27-29: REPUBLIC OF SOUTH AFRICA: Benchmark-sized euro-denominated global bonds; Deutsche Bank, Standard Bank (joint)

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