Emerging markets calendar

WEEK OF JULY 17:

JSC KAZKOMMERTSBANK: $200 million offering of 10-year subordinated loan participation notes (Baa3/BB-/BB); Dresdner Kleinwort Wasserstein; Regulation S; talk at 8¼% to 8½%; non-callable for five years, if not called, coupon step up; full-service bank with headquarters in Almaty, Kazakhstan.

DIGICEL LTD: $150 million add-on to 9¼% senior notes due Sept. 1, 2012 (B3//B); Citigroup, JP Morgan; Rule 144A/Regulation S; callable Sept. 1, 2009 at 104.625, 102.313, par on and after Sept. 1, 2011; equity clawback until Sept. 1, 2008 for 35% at 109.25; roadshow July 14 in London, July 17 in Boston, July 18 in New York; brings total size of deal to $450 million; original $300 million issue priced at par on July 21, 2005; Kingston, Jamaica-based wireless operator.

INTERNATIONAL INDUSTRIAL BANK: $100 million of senior unsecured loan participation notes; Barclay Capital, Vneshtorgbank; Regulation S; via IIB Luxembourg SA (B+/B1/B); tenor of up to three years, putable after 18 months; roadshow started July 17 in London; privately owned commercial banking group in Russia.

JULY:

PT MATAHARI PUTRA PRIMA TBK: $150 million of five-year bonds (B1); Credit Suisse, UBS; Indonesian retailer; price talk at 9% area.

INVESTCORP BANK (Baa2/BBB): Dollar-denominated tier I perpetual preferred notes (expected ratings Ba1/BB+); BNP Paribas, Credit Suisse, Deutsche Bank (joint lead managers); Regulation S-only; non-callable for 10 years; will contain coupon step-up; financial institution based in Manama, Bahrain; price talk 10-year mid-swaps plus 350 bps (9.05% area); roadshow concluded June 7; timing to be determined.

PUBLIC BANK BHD.: Dollar-denominated tier I securities maturing in 2036 via stock settlement; (Baa2/BBB); Barclays Capital; Regulation S; non-callable for 10 years (100 bps coupon step-up if not called); roadshow started June 1 in Singapore, Hong Kong and London.

COALCORP MINING INC.: Dollar-denominated units comprised of $1,000 senior unsecured note maturing in five years and one day and 190 common share purchase warrants, deal size to be determined; GMP Securities, Canaccord Capital, Sprott Securities; registered in Ontario, Manitoba, Alberta and British Columbia; to help fund investments in infrastructure projects in Colombia totaling $125 million; Toronto-based mining, exploration and development company with interests in the La Francia and La Caypa coal mines and related infrastructure projects and a number of coal exploration properties, all located in Colombia; roadshow started early June 26 week.

ON THE HORIZON:

REPUBLIC OF THE PHILIPPINES: Up to $1 billion global bonds to complete $3.1 billion 2006 financing target; expected Citigroup, Deutsche Bank, JP Morgan.

MEGAWORLD CORP.: Dollar-denominated bonds; to fund various projects; expected second half of the year; Makati city, Philippines-based property developer.

RIZAL COMMERCIAL BANKING CORP: $100 million in hybrid tier 1 debt; Citibank, Deutsche Bank; Makati City, Philippines-based private domestic commercial bank.

ARAB BANKING CORP: Benchmark-sized offering of senior floating-rate notes; (Baa2/BBB/BBB+ issuer); Barclays Capital, BNP Paribas; off $2.5 billion euro medium-term note deposit program; Bahrain-based bank.

FOSUN INTERNATIONAL LTD.: $500 million global bonds due 2013; Deutsche Bank, Citigroup; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors; launch thought to be imminent.

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.

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.

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.

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:

June 2-7: INVESTCORP BANK: Dollar-denominated tier I perpetual preferred notes (Ba1/BB+); BNP Paribas, Credit Suisse, Deutsche Bank (joint lead managers)

Started June 1: PUBLIC BANK BHD.: Dollar-denominated tier 1 securities maturing in 2036 via stock settlement; (Baa2/BBB); Barclays Capital

Started early June 26 week: COALCORP MINING INC. Dollar-denominated notes and warrants; GMP Securities

Started July 14-18: DIGICEL LTD: $150 million add-on to 9 ¼% senior notes due Sept. 1, 2012 (B3//B); Citigroup, JP Morgan

Started July 17: INTERNATIONAL INDUSTRIAL BANK: $100 million of senior unsecured loan participation notes; Barclay Capital, Vneshtorgbank

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