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Market commentary: Compiled by Glenn Blackley,

Morgan Stanley Dean Witter launched a Eu600m convertible bond for BBV targeted at both convertible and dedicated fixed income investors keen to buy substantial holdings of equity linked debt from one of Spain's best regarded banking groups. The convertible markets have been inundated with paper in the last few months and many investors are showing signs of fatigue.

The supply of primary equity from central Europe is set to pick up in the coming weeks, despite the corrections throughout the emerging stockmarkets of Europe, Asia and Latin America, as deals from issuers such as OTP, Netia and Mol prepare to hit the market. Concerns that the Republic of Argentina may struggle to meet its debt service obligations and news that one of the country's leading presidential candidates intended to seek a renegotiation of its outstanding debt sent emerging stockmarkets into a tail-spin this week.

The Slovak Republic this week brought a keenly anticipated second increase to its successful debut euro offering, adding Eu100m to the outstanding Eu400m five year issue. The 7.5% June 23, 2004 transaction was originally launched for Eu350m on June 9 at a spread of 420bp over Bunds, then upped by Eu50m at 415bp over on June 18.

Morgan Stanley Dean Witter will shortly complete the sale of stock in Sogecable, the Spanish programming company operating Spain's leading digital TV network.

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