Emerging markets calendar

WEEK OF MAY 15:

SK CORP: Maximum $300 million in five-year senior eurobonds (Baa3/BBB-/BBB-); Korea Development Bank, Morgan Stanley, UBS; Regulation S; talk set at set at mid-swaps plus mid-to-high 60 basis points; pricing Tuesday.

BANCO DE CHILE: $200 million subordinated lower tier II notes due 2016 (/BBB+/A-); Deutsche Bank; Rule 144A/Regulation S; non-callable; to fund export financing; issue size will not grow; Banco de Chile is headquartered in Santiago; roadshow started May 15 in New York, May 16 in Boston, pricing afterwards.

KOREA SOUTH EAST POWER CO. LTD.: Dollar-denominated 10-year dollar bonds (A2/A-); Barclays Capital, Citigroup. Credit Suisse; expected size at $300 million; unit of Korea Electric Power Corp.

QATAR PETROLEUM: Dollar-denominated benchmark-sized debut offering of five-year fixed rate bonds (A1/A+); Citigroup; Credit Suisse; Rule 144A/Regulation S; roadshow May 11 in Doha, Qatar, London on May 15, West Coast on May 16, Boston on May 17 and New York on May 18; three-year average life; for general capital purposes; national company responsible for all oil and gas industry processes in Qatar and abroad.

GTL TRADE FINANCE (GERDAU SA): $400 million notes due 2016 (Ba1/BB+/BB+); JP Morgan; Rule 144A/Regulation S; for general management purposes for Gerdau and its subsidiaries; steel manufacturer headquartered in Pôrto Alegre, Rio Grande do Sul, Brazil; roadshow started May 15 in London, May 16-18 in the U.S.; pricing expected May 19.

ENERGISA SA: $250 million of perpetual bonds (/B+); Merrill Lynch; callable in five years in whole or in part, subject to a minimum outstanding amount of $100 million after partial call; Energipe SA, Saelpa SA and Celb SA will issue; Energisa will guarantee; to repay short-term debt; roadshow started on May 11 in Singapore, May 12 in Hong Kong, and in Europe from May 15 to 17; Brazilian holding company of three electricity distribution company in Brazil.

ON THE HORIZON:

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 (postponed on April 28)

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.

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.

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:

May 11-18: QATAR PETROLEUM: Dollar-denominated benchmark-sized debut offering of five-year fixed rate bonds (A1/A+); Citigroup; Credit Suisse

May 15-18: GTL TRADE FINANCE (GERDAU SA): $400 million notes due 2016 (Ba1/BB+/BB+); JP Morgan

May 15-16: BANCO DE CHILE: $200 million subordinated lower tier II notes due 2016 (/BBB+/A-); Deutsche Bank

May 11-17: ENERGISA SA: $250 million of perpetual bonds (/B+); Merrill Lynch

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