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THE STREAM of Italian regional banks heading for the Euro-MTN market continued this week when, following Banca Popolare di Bergamo's recent signing of a Euro-MTN programme, two more Italian regional banks have established issuance facilities. Banca Popolare di Brescia has signed a $1.5bn programme arranged by Morgan Stanley Dean Witter. It is one of the strongest regional banks in Italy, and was one of the first to obtain a rating, two years ago. It has recently been upgraded and is now rated Baa1/BBB+.

NEXT YEAR'S new issue calendar for international equities is growing rapidly with companies from central Europe representing a large proportion of the potential supply. The region's stockmarkets are recovering -- although more slowly than their continental European counterparts -- as investor confidence gradually returns.

Market commentary: Compiled by Jim Webber, TD Securities, London. Tel: +44 171 282 8216

BANCO Santander launched what may be the last Eurobond in pesetas with its eighth residential mortgage securitisation, lead managed by Morgan Stanley Dean Witter. Unlike many recent Spanish MBS, which the issuers have largely retained to use as repo collateral, Santander intends to sell the whole of Hipotebansa VIII.

THE SUPERVISORY board of Westdeutsche Landesbank met on Tuesday to consider whether to buy a large slice of Formula 1 Finance, the hybrid corporate bond/securitisation that Morgan Stanley Dean Witter has structured for motor racing company Formula One. WestLB would not comment, but market participants said the bank may buy up to $1bn of the bond, provided it receives a rating from Standard & Poor's. S&P had earlier said it would only rate $1.4bn of the intended $2bn of debt single-A. The Financial Times reported on Tuesday that Bernie Ecclestone, owner of Formula One, had accepted that the deal be shrunk to $1.4bn.