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Expected international debt issues - CIS countries

January 11, 2005 | Reuters

Following is a summary of expected new issues from borrowers in CIS countries in the international debt market.

The list was compiled from information provided by borrowers, banks mandated to lead manage the issues and other primary market sources. All terms and conditions are indicative.

------- AZERBAIJAN -------------------------------

AZERBAIJAN - Chairman of state securities committee Heydar Babayev said the state could issue its first Eurobond in the first half of 2005. Babayev said this was in his opinion but the decision would be made by a committee that was to have met in late December. (OFFICIAL)

------- KAZAKHSTAN -------------------------------

ATF BANK - Kazakhstan's fourth largest bank ATF could issue its third Eurobond with a maturity of 7-10 years in the first half of 2005, Russian news agency Interfax said on Nov. 10. The decision will depend on market conditions, the report said, citing ATF's chief executive officer Timur Isatayev. ATF said on July 14 that it planned a Eurobond issue of more than $150 million with a tenor of five years or more. Lead managers on the deal were to be Credit Suisse First Boston and HSBC.

BANK TURANALEM - Kazakhstan's second largest bank is believed to have mandated ING and JP Morgan for $200 million seven-year Eurobond, sources told Reuters on Jan. 4.

- On Dec. 23, 2004 the Kazakh Stock Exchange said TuranAlem may borrow up to $3.0 billion on foreign markets in 2005, including up to $500 million in Russia.

- On Dec. 16 TuranAlem said it will issue a total of $1.5 billion in 2005, including the bond issue. Earlier in December it said it planned to raise about $350 million via a rouble bond issue in Russia in 2005. The offering will be launched by a bank subsidiary. (OFFICIAL)

HALYK SAVINGS BANK - Kazakhstan's third largest bank said on Oct. 27 it plans to pursue "conservative" expansion plans and boost dollar-denominated borrowing. Chairwoman Asiya Syrgabekova said that by the end of 2004 Halyk might add up to another $100 million to the five-year, debut $200 million Eurobond launched earlier this month.

KAZAKHSTAN - Energy Minister Vladimir Shkolnik said on Nov. 5 that Kazakhstan agreed with a group of Western oil companies that it would take a stake in the giant Kashagan oil field, as its Senate approved a law giving the state new rights to buy such stakes. On June 21 the government said it might borrow on financial markets to finance a possible $1 billion purchase of BG's stake in the Kashagan Caspian Sea oil consortium.

KAZTRANSGAZ - Kazakh state oil and gas firm KazMunaiGaz's Managing Director Aidan Karibzhanov said on July 28 that its gas transportation arm hoped to issue a $250 million Eurobond this autumn, with ABN AMRO and JP Morgan selected as lead managers.

Karibzhanov also said oil transportation arm KazTransOil plans to refinance its $150 million five-year Eurobond, launched in June 2001. (OFFICIAL)

------- RUSSIA -----------------------------------

AK BARS - Kazan-based bank Ak Bars plans a $100-$150 million loan in either Eurobonds or euro notes for 2005, the chairman of the bank's supervisory board, Robert Musin, said according to Russian news agency Interfax.

ALFA BANK - Russia's top private bank said on Sept. 23, 2004 it hopes to sell another $150 million worth of debt in the first quarter of 2005.

ALROSA - Russia's diamond monopoly said on Nov. 25, 2004 it plans to sell $300 million worth of euro commercial paper with a tenor of up to a year in 2005 to fund supplies to its operations in northern Russia, Vice President Dmitry Novikov said. (OFFICIAL)

GAZPROMBANK - Russian news agency Interfax said on Nov. 10, 2004 the bank plans to issue Eurobonds and raise a syndicated loan in 2005, citing deputy executive board chief Alexander Sobol. The size of the Eurobond will be confirmed in December, the story said. Sobol said it had planned to place a Eurobond this fall, but decided to wait for more favourable market conditions.

LUKOIL - Russian news agency Interfax said on Sept. 29, 2004 in an interview with vice president Leonid Fedun that the company would be better off waiting for a full investment grade rating, which he believed it was on the threshold of receiving, before issuing a Eurobond.

- Interfax reported on July 27, 2004 that Russian oil company LUKOIL planned to launch a roadshow for a $500 million Eurobond after the government sells its 7.6 percent stake in the firm. At the time, Fedun told Interfax: "From a marketing point of view, it would be right to do it in that timeframe."

- On Nov. 23, 2004 LUKOIL placed a benchmark 6 billion rouble five year bond at an annual rate of 7.25 percent, a lead manager of the deal, Renaissance Capital, said.

MOSCOW CITY GOVERNMENT - Interfax says on Nov. 17 that Moscow will not be issuing Eurobonds in 2005 according to an interview with the city's deputy chief of the state borrowing committee Moskomzaim, Alexander Kovalenko. Kovalenko said the city has nothing to refinance nor anything to pay back in 2005 besides interest payments.

PEREKRIOSTOK - Russian retail chain said on Oct. 20, 2004 that it may issue at least $100 million in Eurobonds by the end of 2005, Vitaly Podolsky, financial director of Perekriostok Trading House said according to Russian news agency Interfax. Podolsky said the proceeds would be used to refinance a bank loan of $75 million taken out in 2004, Interfax said.

- Interfax reported on Nov. 16 that Perekriostok designated HSBC and Vneshtorgbank to organize the 1.5 billion rouble debut bond. Alfa Bank is said to be a co-organizer of the placement of the three-year bonds which are expected to price in the first quarter of 2005.

PIPE METALLURGICAL COMPANY (TMK) - Alexander Shiryayev, TMK's general director says on Sept. 7, 2004 says the company could issue Eurobonds worth up to $300 million before its planned initial public stock offering, but gave no timeline for the debt issue. TMK is the world's second-biggest pipe producer, controls more than 42 percent of the Russian pipe market and is Russia's biggest steel consumer. (OFFICIAL)

- Russian news agency Interfax said on Oct. 28, 2004 the company plans to place three billion roubles worth of four-year bonds at the end of 2004 or early 2005. Interfax cited deputy general director Sergei Panin.

RAZGULYAI-UKRROS - Russian agricultural group Deputy Chief Executive Dmitry Tyukhtenko said on Dec. 1, 2004 the company plans to issue a $150-200 million bond within the next 12 to 18 months. The money would be used to help fund purchases. The company is in talks with two unnamed banks about raising the financing. (OFFICIAL)

RUSSIA - Russian Finance Minister Alexei Kudrin said on Nov. 29 it could repay early $7-$10 billion in foreign debts in 2005, primarily to the Paris Club of sovereign lenders. Kudrin said the Paris Club would prefer Russia paid down its roughly $46-billion-plus debts in cash, rather than take up a Russian proposal to securitise the debts. (OFFICIAL)

- Germany said on Dec. 21 it expected Russia to may early repayments in 2005 of debt owed to it but did not give the size of the payments that are likely to be made. (OFFICIAL)

- German sources have said Moscow could repay as much as $5-$6 billion in 2005.

- Kudrin said on Nov. 4 that Russia's stabilisation fund, set up to collect windfall oil gains, will be used exclusively to pay down foreign debt from 2006. Russia owes $40 billion-plus in debt to the Paris Club of sovereign lenders inherited from the Soviet Union. Russia is in talks with the Paris Club on swapping its debt into Eurobond ore making early cash repayments. (OFFICIAL)

- Russian Government says on July 15 that the Finance Ministry could place up to $2.5 billion in Eurobonds in 2005, but cautioned against issuing the debt if oil prices remain high.

- Since 2000 Russia has been budgeting for and then not proceeding with Eurobond issues. Finance ministry plans published in April 2003 suggest Russia might borrow $4.0 billion in 2005. (OFFICIAL)

RUSSIAN ALUMINIUM - RUSAL, the world's third largest aluminium producer, said on Oct. 13, 2004 that it plans to issue $200-$300 million worth of securitized export notes in the first half of 2005, Russian news agency Interfax said.

- Chief Executive Alexander Bulygin said in January that RUSAL may borrow via an international bond sometime from 2005 onwards. (OFFICIAL)

RUSSIA STATE RAILWAY CO (RZhD) - Russian state railways (RZhD) said on Dec. 3 it decided against issuing a $500 million to $1 billion eurobond in 2005 as it could easily raise the money at home. The company had planned to issue the bond in the first half of 2005 as it needs billions of dollars to upgrade its ageing rail network and expand it to boost oil, metals and container movements on routes to major ports as well as to China. (OFFICIAL)

- On De. 22, Interfax reported RZhD plans no bonds in foreign markets during 2005.

- The world's second largest rail system operator has said it needs to borrow at least $2.5 billion on foreign markets every year until 2010 to implement its ambitious investment plans.

- RZhD sold 12 billion roubles ($429 million) of bonds in a debut issue on Dec. 8. JP Morgan and Web-Invest were lead managers of the deal. (OFFICIAL)

SEVERSTAL - The Russian press said the steel giant may issue a further $300 million in bonds of more than seven years maturity following up a $325 million issue earlier in the year.

SUAL - Chairman Viktor Vekselberg said on July 17, 2004 that the company, Russia's second biggest aluminium company, would not entertain the question of issuing a Eurobond until at least the fall of 2004, saying market conditions were not favourable. "I am not convinced that we would issue Eurobonds in the near future," Vekselberg told Reporters. On July 7, 2004 SUAL first vice president Iosif Bakaleinik said the company might issue more than $300 million in Eurobonds as soon as 2005.

- Russian news agency Interfax reported on Sept. 24, 24 that Vekselberg said SUAL will make a final decision whether to issue an IPO or to issue Eurobonds in 2005.

TATARSTAN - Russian agency Interfax quoted the republic's Finance Minister saying a decision would be made in June on the volume of Eurobonds it will place before the end of 2004.

- Premier Rustam Minnikhanov said on March 29, 2004 that the region may sell 100 million to 300 million euros worth of international bonds to finance construction of new homes and invest in local small and medium companies. (OFFICIAL)

URALSVYAZINFORM - Russian regional telecom said on Oct. 27, 2004 it plans to issue $150-200 million in Eurobonds in the early summer of 2005, Deputy Chief Executive Sergei Kuzyayev told Reuters. He said the company would prefer a five-year maturity but a three-year maturity "wouldn't be bad either." Uralsvyazinform plans to invest 8 billion roubles in 2005. To fund that, it plans to issue 2 billion roubles in domestic bonds and cover the rest with the Eurobonds and other short-term credits. The Eurobond proceeds will be used to restructure short-term debt. (OFFICIAL)

- Russian news agency Interfax reported on Nov. 24, 2004 that the Russian Federal Property Fund will hold an auction for 4.638 percent of Uralsvyazinform on Jan. 13, 2005.

URALVAGONZAVOD - Russian tank maker intends to place Eurobonds in two or three years from now, UVZ general director Nikolai Malykh told Russian news agency Interfax on Oct. 4.

VNESHTORGBANK (VTB) - VTB said on Nov. 11, 2004 it has borrowing plans worth more than $1 billion. This figure includes a $500 million Eurobond issue in 2005, according to Deputy Chief Executive Vadim Levin. (OFFICIAL)

- Russian news agency Interfax says on Nov. 22, 2004 VTB will issue a 10-year Eurobond under U.S. regulations 144-a in 2005, citing a bank executive.

- Interfax reports on Dec. 21, 2004 that VTB signed a cooperation and credit agreement with German bank KfW-IPEX-Bank for 100 million euros.

------- UKRAINE ----------------------------------

CITY OF KIEV - The city of Kiev may issue its next Eurobond before the end of 2006 worth around $200 million, Victor Padalka, deputy mayor of the city said on Sept. 24, 2004. (OFFICIAL)

KHARKIV CITY - A city official told Reuters on Aug. 2, 2004 that it had started talks with foreign investors to place a debut Eurobond. Officials had previously said they were looking to borrow up to $70 million on international markets to fund infrastructure works. (OFFICIAL)

NAFTOGAZ UKRAINY - Ukrainian oil and gas company plans to borrow at least $250 million on international markets in 2005. (OFFICIAL)

UKRAINE - Finance ministry official in charge of government debt Galina Pakhachuk said on Sept. 8. 2004 that Ukraine plans to place $800 million in Eurobonds in 2005. (OFFICIAL).

UKRSOTSBANK - Interfax said on Nov. 15, 2004 Ukrsotsbank will take a $45 million credit from a syndicate of foreign banks headed by Deutsche Bank and ING. CEO Boris Timonkin said the credit is for one year with a possible one-year extension at an annual rate of LIBOR plus 3.8 percent.

- Interfax said on Nov. 11, 2004 that Ukrsotsbank plans to place a $100 million Eurobond offering in April 2005, citing senior bank executive Boris Timonkin. An additional $50 million placement is expected a few months after that, Timonkin told Interfax. ABN AMRO was named the lead manager for the deal, the story said.

UKRTELEKOM - Ukraine's national telecom monopoly said on Nov. 10 it plans to issue a $350 million debut Eurobond next year, chairman Georgy Dzekon said. The company mandated Citibank and Standard Bank London to issue the bonds. (OFFICIAL)

- Finance Minister Mykola Azarov said on Sept. 24, 2004 that the privatisation of Ukrtelekom would be completed in 2005.


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