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With car manufacturers far popular issuer, a question mark hung over BMW's quarterly round of private placements. Like some of its rivals' emissions test results, deals this week showed rather higher numbers than earlier in the year.
Despite the cloud of unfiltered nitrogen oxide surrounding the car manufacturing industry, BMW printed a trio of floaters in euro, another in sterling, and a fifth in dollars.
While bankers close to the deals were satisfied with the result, the coupons are all around 10bp-15bp...