Emerging markets calendar

WEEK OF APRIL 24:

RUSSIAN STANDARD BANK: Dollar-denominated offering of five-year notes; Deutsche Bank, Dresdner Kleinwort Wasserstein; Rule 144A/Regulation S; roadshow kicked off in New York April 24, hits London and Boston on April 25; drawn off the issuer's current euro medium-term notes program; price guidance set at 8 3/8% to 8 5/8%

JSCB SBERBANK: Dollar-denominated offering of senior loan participation notes (A2/BBB); Barclays Capital, JP Morgan; Regulation S; via SB Capital SA; roadshow startedApril 24 in Zurich and Seoul, April 25 in Germany and Hong Kong, April 26 in London and Singapore; tenor of seven to 10 years; commercial bank based in Moscow; price guidance set at mid-swaps plus 100 to 105 basis points; pricing Friday.

SAN MIGUEL CAPITAL FUNDING LTD.: Benchmark-sized offering of dollar-denominated perpetual non-cumulative non-voting preferred shares; (expected Ba3); Citigroup, Credit Suisse, Deutsche Bank; HSBC; Regulation S; roadshow started Manila on April 20, Hong Kong and Singapore on April 21, Zurich on April 24, and London on April 25; callable in the fifth year. The preferreds will be non-cumulative non-voting; Cayman Islands-registered special purpose unit of beverage and food conglomerate San Miguel Corp.; proceeds will be used by the parent company; price guidance at 9% area; pricing Friday.

NOMOS BANK (Ba3//B): Dollar-denominated offering of three-years senior notes; Citigroup, UBS; roadshow in London on April 24, Geneva and Zurich on April 25, Athens on April 26, Frankfurt on April 27; Moscow-based commercial bank.

JSC NATIONAL CO. KAZAKHSTAN TEMIRZHOLY: Debut offering of senior notes (/BB+/); ABN Amro, Citigroup; two-part dollar-denominated offering of five-year and 10-year senior notes; roadshow in London on April 20, Zurich and Geneva on April 21, Singapore on April 24, Hong Kong on April 25, and Frankfurt on April 26; Kazakhstan government-owned railway company; talk for five-year notes set at mid-swaps plus 125 basis points area or 6.69% area, 10-year notes talked at mid-swaps plus 165 basis points area or 7.23% area.

SC PAREX BANK: Euro-denominated offering of five-year fixed rate bonds (Ba1//BB+ issuer's ratings); HSBC; Regulation S; guidance at mid-swaps plus 175 basis points area or 5.68% area; third largest bank in Latvia in terms of assets.

ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN): Two-part dollar denominated offering; Credit Suisse, UBS; both issues Regulation S; $100 million to $150 million perpetual notes (B1); price talk at 9 3/8% to 9 5/8%; non-callable for 10 years; if not called, coupon steps up; second issuance is dollar denominated offering five- to seven-year senior notes (Ba2/BB-), tranche size to be determined; issuer is a Netherlands-based special purpose vehicle of JSC Alliance Bank of Kazakhstan; roadshow started April 4 in Hong Kong, April 5 in Singapore, April 6 in Germany and Austria, April 7 in Switzerland, April 10 in London.

WEEK OF MAY 1:

JSC HALYK BANK: Dollar-denominated fixed-rate senior notes with seven-year to 10-year maturity (Baa2/BB/BB+); HSBC, JP Morgan; Rule 144A/Regulation S; third largest bank in Kazakhstan; roadshow May 1 in New York, May 2 in Boston, May 3 in Hong Kong and London.

JSC ATF BANK: Dollar-denominated offering of 10-year bonds; Deutsche Bank, ING; Rule 144A/Regulation S; roadshow will run from April 25 through May 3; April 25 in Singapore, April 26 in Frankfurt and Hong Kong; Geneva, Zurich and Manila in April 27, London and Los Angeles in April 28, next Boston on May 1; and New York on May 2 and May 3; Almaty, Kazakhstan-based commercial bank; price guidance set at 9 1/8% area.

WEEK OF MAY 8:

TRANSTEL INTERMEDIA SA: $165 million of 10-year senior notes (/B-/CCC+); non-callable for five years; Morgan Stanley; Regulation S; price talk at 11% area; to refinance debt, including the tender for the company's 12½% senior notes, for other corporate purposes. roadshow runs April 24-May 5; stops in Asia, London, United States; privately-owned fixed-line telecommunications company in Colombia; expected during the week of May 8.

APRIL:

BIN BANK (via BIN Capital SA): $100 million loan participation notes due 2009 (//B-); Merrill Lynch; Regulation S; for general corporate purposes; Moscow-based commercial bank; expected April 2006 business.

MAY:

JSCB BANK OF MOSCOW (via special purpose vehicle KUZNTESKI CAPITAL S.A.): Benchmark-sized dollar-denominated senior loan participation notes (expected ratings Baa1//BBB-); Barclays Capital, JP Morgan; Rule 144A/Regulation S; possibly pricing in early May.

EMERGING MARKET OFFERINGS ON THE HORIZON:

VIMPEL-COMMUNICATIONS SA: $500 million in loan participation notes (Ba3/BB/); for development and expansion of network; Moscow-based mobile phone provider.

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.

SWIRE PACIFIC MTN FINANCING LTD. (SWIRE PACIFIC LTD.): HK$1.8 billion notes due 2013 (A3); HSBC; for general corporate funding requirements; Hong Kong-listed Swire Pacific has property, aviation, beverages, marine services and trading and industrial interests.

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:

April 4-10: ALB FINANCE BV (JSC ALLIANCE BANK OF KAZAKHSTAN): Dollar-denominated two part offering: five-year to seven-year senior notes (Ba2/BB) and $150 million tier I perpetual notes; Credit Suisse, UBS

April 24- RUSSIAN STANDARD BANK: Dollar-denominated offering of five-year notes; Deutsche Bank, Dresdner Kleinwort Wasserstein

April 20-26: JSC NATIONAL CO. KAZAKHSTAN TEMIRZHOLY: Debut offering of senior notes; ABN Amro, Citigroup

April 21-25: SAN MIGUEL CAPITAL FUNDING LTD.: Benchmark-sized offering of dollar-denominated perpetual non-cumulative non-voting preferred shares; (expected Ba3); Citigroup, Credit Suisse, Deutsche Bank; HSBC

April 24-27: NOMOS BANK (Ba3//B): Dollar-denominated offering of three-year senior notes; Citigroup, UBS

April 23-May 3: JSC ATF BANK: Dollar-denominated offering of 10-year bonds; Deutsche Bank, ING

April 24-26: JSCB SBERBANK: Dollar-denominated offering of senior loan participation notes (A2/BBB); Barclays Capital, JP Morgan

May 1-3: JSC HALYK BANK: Dollar-denominated fixed-rate senior notes with seven- to 10-year maturity (Baa2/BB/BB+); HSBC, JP Morgan

April 24-May 5: TRANSTEL INTERMEDIA SA: $165 million of 10-year senior notes (/B-/CCC+); Morgan Stanley

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