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* Lehman Brothers this week completed a $300m bought deal of Munich Re shares on behalf of Fortis, the Belgian-Dutch financial services group which is trying to take over Générale de Banque of Belgium. The US firm was invited to pitch for the block in a competitive bid. Although the firm is not disclosing its purchase price, it placed the shares at DM859 which represents a tight 2.7% discount to the DM865 closing price of Munich Re shares in Frankfurt.

THE REPUBLIC of Venezuela is looking to raise up to $1.5bn more than it expected to this year due to the slump in oil prices. "Given the current oil prices and what that implies in terms of the fiscal deficit, we're talking about between $1bn and $1.5bn in new debt," said planning minister Teodoro Petkoff this week.

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THE FRENCH new issue market continues to provide buyers with attractive offerings to soak up the still strong levels of institutional liquidity. In addition to the $3.7bn sale of stock in Alstom, this week saw the successful $1bn spin-off of Rhodia, the specialty chemicals business which is being sold off by Rhône-Poulenc. The deal was highly successful and bucked a recent trend where lead managers were forced to give up some of the indicated price range to investors on a lower issue price.

Finland Deutsche Bank, Enskilda Debt Capital Markets and Merita are to close general syndication of the DM450m multicurrency revolving credit for Rauma Corporation, Rauma USA and Rauma Asia-Pacific over the next couple of days. The arrangers are waiting for a couple of banks that have not yet committed, but intend to do so.

* ING Bank London Amount: Rb600m OFZ linked notes

LEAD MANAGERS Morgan Stanley Dean Witter, Deutsche Bank and Dresdner Kleinwort Benson have launched the flotation of Société Européenne des Satellites (SES). The company, which leases satellite capacity to broadcasters across Europe, started its roadshow this week -- giving investor presentations in the UK and Ireland in the early part of the week before moving on to continental European cities in the last two days.

MANNESMAN, the German industrial group, this week completed one of the most successful secondary offerings of the quarter. Deutsche Bank and Merrill Lynch executed the sale of stock, which took place via a DM3.3bn ($1.85bn) capital increase that was offered to retail and institutional shareholders. In common with many large, liquid secondary deals, the order book was a trim two times oversubscribed, although at an issue price of DM160, the market viewed the stock as well valued, and this fed through to the aftermarket.

WITH THREE of this year's jumbo privatisation sales completed, the Spanish market is to host a plethora of small to mid cap private companies coming to the market in the next two to six months. The Madrid bourse has been among the best performing of the continent's markets, and looks to be unaffected by the first signs of new issue fatigue which have been seen in other centres in recent weeks.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-865 1087

TWO more Slovak borrowers are planning to tap the Deutschmark Eurobond market following this week's successful DM200m increase to the DM tranche of the Republic of Slovakia's three currency deal in May. The first will be another sovereign credit, Vodohospodarska Vystavba, which has mandated Nomura for an expected DM175m three year issue at 400bp over Bunds.

ARRANGER Bayerische Vereinsbank has begun syndication of a £100m facility for London Electricity that was to have come for £275m. Despite the cut, launch of the five year deal puts an end to market speculation that the loan had been pulled or cancelled earlier this week. The dramatic reduction in facility size has bemused many market players. The original deal was to have been split between a £200m facility for Entergy -- London's parent -- to refinance part of its existing debt facilities and a £75m tranche that London Electricity was to use as a headroom facility.