Winner: BMW

This month's awards for the most innovative and mould-breaking deals in the credit market go to BMW for its EUR1 billion bond, Calyon's convertible and KfW's rouble issue


BMW's seven-year EUR1 billion fixed-rate issue provided some much-needed sustenance to an investor base hungry for corporate credit as the New Year got under way. Investment-grade corporate deals had been extremely thin on the ground in January, and BMW was the first non-financial issuer to hit the markets. As such, the German car maker set a strong precedent, with the deal coming in at tight pricing levels with an order book that was well diversified.

The bookrunners opened the order book on the

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