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THE FLOOD of euro issuance touted as the defining trend of the final third of the year broke earlier than expected this week, as borrowers and lead managers alike responded to pressure to launch their deals before the September rush.

THE FLOOD of euro issuance touted as the defining trend of the final third of the year broke earlier than expected this week, as borrowers and lead managers alike responded to pressure to launch their deals before the September rush.

* Japan Development Bank Guarantor: Japan

THE UK government's second £1bn sale of student loans has attracted a strong response, officials at NM Rothschild & Sons said this week. The bank, which is administering the sale, invited over 200 financial institutions to participate, and interested bidders have until Monday to submit indications of interest and pay a £10,000 deposit.

FIRST USA Bank garnered an enthusiastic response from investors and applause from syndicate banks this week when it chose the five year floating rate sector for its fifth credit card securitisation of 1998. Merrill Lynch launched $650m of senior notes at 10bp over one month Libor and $58.74m of single-A rated 'B' notes with a 28bp spread.

THE IRISH government has reached an agreement with the EU Commission on the future of Dublin's low tax International Financial Services Centre. Under the new agreement, the IFSC's tax rate will change to 12.5% on January 1, 2003. Previously, certified corporates operating from the IFSC paid corporate tax at a rate of 10%.

* Pamuk Bank of Turkey this week issued a $70m securitisation of remittances from Turkish workers in Germany, lead managed by Credit Suisse First Boston. Pamuk 1998-A Remittances Trust issued a single tranche of bonds with an average life of 1.6 years and three year final maturity. Rated BBB- by Duff & Phelps, the deal priced at 350bp over one month Libor. The transaction was structured by CSFB's London based securitisation team, but was sold from New York in the 144A market. The remittances will be collected at Pamuk Bank's branches in Germany.

This article will provide an introduction to target-oriented risk measures in portfolio construction and optimization.

* A ¥39.9bn dual-currency issue has been launched by New South Wales Treasury Corp. Led by Nikko Europe, the one year deal for the Aa2/AA-rated credit has an issue price of par and a semi-annual coupon of 4% payable in yen. Redemption is in US dollars at $3,477.78 per ¥500,000 face value bond at maturity in either yen or US dollars. Fees total 125bp.

Australia Warburg Dillon Read has underwritten a A$60m placement for Advance Property Trust as part funding in the acquisition of the Riverside Centre in Melbourne. Units in the placement were priced at A$1.49.

THE STATE Development Bank of China is finalising internal procedures for the launch of a new benchmark bond which officials said could be launched towards the beginning of the autumn, should spreads stabilise. The BBB+/A3 rated bank has a funding requirement of between $500m and $750m.

BANKERS fear that financial reforms to be announced today (Friday) in Thailand may not be enough to rescue the country's battered financial sector. Although the measures have not been revealed, a number of senior equity capital markets figures expressed doubt that they would rectify the current situation as the government hopes. The news follows a week of confusion after Bank of Thailand deputy governor Kitti Patpongpibul announced a plan offering a five year money-back guarantee to investors in Thai banks.