Emerging markets calendar: NACF to sell $500 million 10-year notes

WEEK OF APRIL 16

NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: Expected offering of $500 million in 10-year lower tier 2 notes; Citigroup, ABN Amro, BNP Paribas, HSBC; Regulation S; roadshow in Singapore on April 16, Hong Kong on April 17, London on April 18; non-callable for five years; Seoul-based umbrella organization for Korea's regional cooperatives.

PEERMONT GLOBAL: ZAR 5.866 billion euro-denominated bonds: PEERMONT GLOBAL ZAR 4.979 billion equivalent in euro-denominated (approximately €520 million) senior secured notes due 2014 (B3/B), non-callable for three years, and PEERMONT GLOBAL II (PTY) LTD.: ZAR 887 million senior PIK notes due 2015, callable in three years at 102, 101, par (not rated); Citigroup; Rule 144A/Regulation S; to fund acquisition of Peermont by a consortium led by the Mineworker's Investment Co. (a black economic empowerment company); Peermont is a Johannesburg, South Africa-based lodging and gaming company; roadshow April 12-13 on the European continent, April 16-17 in London.

GS CALTEX CORP.: Dollar-denominated offering of 10-year bonds (Baa1); Barclays Capital, Deutsche Bank, Citigroup, Goldman Sachs; Regulation S; Seoul, Korea-based oil refining company.

TAM CAPITAL INC. (TAM SA): $200 million senior notes due 2017 (/BB-/BB); Citigroup, UBS (joint books), Calyon Securities (joint lead); Rule 144A with registration rights/Regulation S; non-callable with make-whole provision; to finance fleet renewal and expansion, and for general corporate purposes; Brazilian air carrier headquartered in Sao Paulo; roadshow U.S. West Coast on April 16, London and Los Angeles on April 17, Zürich and Boston on April 18, New York area on April 19.

APRIL

WOORI BANK: Benchmark-sized offering of dollar-denominated hybrid bonds; Credit Suisse, Merrill Lynch, HSBC, ABN Amro, Deutsche Bank; 30-year tenor; non-callable for 10 years; to price towards the end of the month; financial institution based in Seoul, Korea.

SUHYUP BANK: Dollar-denominated five-year notes (A3/A-); Deutsche Bank, Standard Chartered Bank; part of the National Federation of Fisheries Cooperatives of Korea.

MALAYAN BANKING BHD. (MAYBANK): $300 million offering of Islamic subordinated Sukuk bonds (Baa1/BBB+/BBB+), Aseambankers Malaysia Bhd, HSBC, UBS; non-callable for five years; to be issued via MBB Sukuk Inc., a special purpose company established by Maybank to issue subordinated trust certificates; to fund Maybank's Islamic banking operations, general Islamic purposes; Kuala Lumpur-based bank.

COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS SA (CLISA): Up to $100 million in five-year bullet bonds (B-); BCP Securities; Rule 144A; guaranteed by Clisa's subsidiaries, Benito Roggio e Hijos SA and Cliba Ingenieria Ambiental SA; to refinance existing debt, to cancel other obligations; roadshow in Miami, New York and possibly Boston; Buenos Aires-based issuer is a holding company for passenger transport, construction, road maintenance and environmental engineering businesses.

GLOBO COMUNICACAO E PARTICIPACOES: $200 million offering of 15-year senior notes (Ba1/BB), Deutsche Bank; Rule 144A/Regulation S; non-callable for five years; roadshow expected in London and the United States; Rio de Janeiro-based media company.

ON THE HORIZON

AMTEL VREDESTEIN NV: Euro-denominated offering of three-year fixed rate unsecured bonds; Nomura International plc; company's debut offering of eurobonds; Enschede, Netherlands-based tire manufacturer and retailer.

HUNGARIAN TELEPHONE AND CABLE CORP. (HTTC): €200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities; in connection with HTTC's acquisition of Invitel; HTTC, 62% owned by Danish telecom, TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle; expected in second quarter of 2007.

ISPAT INDUSTRIES LTD.: Up to $500 million in foreign currency-denominated notes for infrastructure improvements in some of the company's plants, including its hot rolled coil steel plant at Dolvi in Raigad district of Maharashtra and its pellet plant, located at Vishakapatnam in Andhra Pradesh; steelmaker based in Mumbai, India.

KAZTRANSOIL: Up to $1 billion in new bonds; to fund the construction of two pipelines; Kazakhstan-based state-run oil firm.

ROADSHOWS:

April 12-17: PEERMONT GLOBAL: ZAR 5.866 billion euro-denominated bonds; Citigroup

April 16-18: NATIONAL AGRICULTURAL COOPERATIVE FEDERATION: $500 million in 10-year lower tier 2 notes; Citigroup, ABN Amro, BNP Paribas, HSBC

April 16-19: TAM CAPITAL INC. (TAM SA): $200 million senior notes due 2017; Citigroup, UBS (joint books)

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