February 2002
Highlighting the luxury gap
AUTO DEALS
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| Porsche: everyone wants a piece of the
action |
Dresdner Kleinwort Wasserstein is quite pleased with the
quality of the auto deals it has done to date this year, so much so
that it is thinking of raising the stakes when it comes to issuer
freebies. BMW gave the syndicate team nice paper flags sporting its
famous logo before its January issue; Volkswagen pushed the boat
out and provided company mugs. The debt team is now hoping for
great things when Porsche comes to market - perhaps a scale model
of the soon to be released Carrera GT at least.
The BMW deal, the first corporate issue of the year, set a
positive tone for the auto sector. Dresdner closed its own book on
BMW's e750 million ($670 million) seven-year deal in one-and-a-half
hours. It was also three times oversubscribed, with most of the 70
orders coming from Germany but a fair number from UK,...
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