Highlighting the luxury gap
|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, Swiss and Italian investors, with even a showing from Asia.