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ARRANGER Warburg Dillon Read has successfully concluded the first stage in the syndication of its £180m facility supporting the acquisition by JJB Sports of Sports Division. Warburg Dillon Read fully underwrote the entire debt to allow the borrower to acquire its nearest competitor -- Sports Division.

Belgium Potential co-arranging banks will be approached next week by arrangers Dresdner Kleinwort Benson and JP Morgan for the project financing for the KPN-Orange Belgium NV mobile telecoms project.

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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.