Emerging markets calendar: Astana to sell eurobonds

WEEK OF MAY 28

JSC ASTANA FINANCE: Euro-denominated offering of three-year senior eurobonds (Ba1//BB+); Citigroup, Deutsche Bank; Regulation S; roadshow in Amsterdam on May 29, London on May 30, Frankfurt and Munich on May 31; first sale from issuer's euro medium-term notes program; non-bank financial institution with headquarters in Astana, Kazakhstan; City of Astana, which owns 25.5%, will provide a comfort letter for the program.

KUWAIT FINANCIAL CENTRE MARKAZ: $100 million 5-year floating-rate notes; Barclays Capital, National Bank of Abu Dhabi, National Bank of Kuwait (joint books); Safat, Kuwait-based asset management and investment bank; roadshow this week.

EMIRATES ISLAMIC BANK: $350 million 5-year sukuk; Standard Chartered; Regulation S; Dubai, UAE-based commercial and investment bank; talked at Libor plus 29 to 32 bps

WEEK OF JUNE 4

TRISTAN OIL LTD.: $120 million add-on to 10½% senior secured notes due Jan 1, 2012 (existing ratings B2/B+); Jefferies & Co.; Rule 144A/Regulation S; callable on Jan. 1, 2009 at 105.25; equity clawback until July 1, 2009 for 35% at 110.50; guaranteed on a senior secured basis by affiliates Kazpolmunay LLP (KPM) and Tolkynneftegaz LLP (TNG) for working capital and general corporate purposes of KPM and TNG, including future capital expenditures; original $300 million issue priced at par on Dec. 13, 2006; British Virgin Islands oil and gas exploration and production company operating primarily in Kazakhstan; investor call May 24; pricing June 4 week.

ALTO PARANA SA: $270 million offering of 10-year senior unsecured guaranteed notes (Baa2/BBB+/BBB+); JP Morgan (books); BBVA Securities, Banco Santander (co-managers); Rule 144A/Regulation S; for debt refinancing and for capital expenditures; roadshow in Buenos Aires on May 30, Los Angeles on June 1, Boston on June 4, in the New York area from June 5 to June 6; make-whole call option at Treasuries plus 20 basis points; for debt refinancing, capital expenditures; Buenos Aires-based forestry company; Chilean forestry enterprise Celulosa Arauco y Constitucion SA will guarantee; pricing on June 7.

BANCO SCHAHIN: $100 million senior unsecured notes due 2010 (Ba3); Merrill Lynch & Co.; Rule 144A/Regulation S; for general corporate purposes; Sao Paulo, Brazil-based commercial bank; roadshow May 30 in Singapore, May 31 in Hong Kong, June 1 in London, June 4 in Switzerland, June 5 in New York, June 6 in Boston; pricing expected week of June 4.

TARJETAS CUYANAS SA: Tarjetas Cuyanas $65 million peso-linked 5-year sinker notes due in 2012 (B); payable in dollars; Barclays Capital, Banco Galicia (joint books); Regulation S; investor roadshow week of June 4; Argentina-based credit card operator.

COMTECH: Bond issue; Trust Investment Bank; Regulation S; Moscow-based mining and metals manufacturer; roadshow through June 6.

DIFC INVESTMENTS: Intermediate maturity sukuk (A1); Deutsche Bank, Goldman Sachs (joint books); Regulation S; Dubai, UAE-based commercial and investment bank; roadshow through June 5.

WEEK OF JUNE 11

NUTRITEK: Fixed-rate notes due Dec. 11, 2008; to be issued via Winterhaven Finance BV; Regulation S; Russian agriculture and food manufacturer; talked at 9% to 9.25%

ALFA BANK: Benchmark-sized issue; Credit Suisse, UBS (joint books); Rule 144A/Regulation A; Moscow-based investment bank; roadshow through June 12.

SEVERSTALTRANS GROUP: dollar-denominated bond offering; ING; Regulation S; roadshow June 6 in Singapore, Hong Kong on June 7, Manila June 8, Zurich and Geneva June 11, London June 12-13; rail, port services and transportation company operating in Russia, CIS and Baltic states.

GOVERNMENT OF UKRAINE (B1/BB-/BB-): Benchmark-sized dollar-denominated eurobonds; Citigroup, Credit Suisse, Deutsche Bank, UBS; Rule 144A/Regulation S; Europe and U.S. roadshow starts June 4.

KAZKOMMERTS BANK: Lower tier II 10-year, non-confined, subordinated loan participation notes, uncallable 5-yrs; ING, UBS (joint books); Regulation S; Almaty, Kazakhstan-based investment and securities brokerage; roadshow June 5 in Geneva and Zurich, June 6 in London.

JUNE

PETROLEUM CO. OF TRINIDAD & TOBAGO LTD. (PETROTRIN): $750 million offering of 15-year amortizing notes (/BBB+/), Citigroup (books), Calyon (co-manager); to finance a large portion of estimated $800 million refinery upgrade program; state-owned oil company in Trinidad and Tobago.

PERU: $2.5 billion in 30-year bonds; domestic and international markets; proceeds partial payment of Paris Club debt.

JULY

SWIFT & CO./FRIBOI: $600 million notes due 2017, expected in two tranches; backed by bridge financing from Banco do Brasil, Citigroup, Santander, Rothschild, UBS; to help finance acquisition of Swift by J&F Participacoes SA, the 77% owner of JBS SA, parent of Sao Paulo, Brazil-based beef exporter Friboi; expected July business.

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.

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.

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

ROADSHOWS

May 29-31: JSC ASTANA FINANCE: Euro-denominated offering of three-year senior eurobonds; Citigroup, Deutsche Bank

MAY 30-JUNE 6: ALTO PARANA SA: $270 million offering of 10-year senior unsecured guaranteed notes; JP Morgan (books)

Week of June 4: TARJETAS CUYANAS SA: $65 million peso-linked notes due 2012; Barclays Capital, Banco Galicia (joint books)

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