BMW sells 750 mln euro bond due 2011

Newswire

LONDON, March 23 (Reuters) - German luxury car maker BMW AG sold a 750 million euro bond due April 2011 on Tuesday, the banks managing the sale said. The bond pays a coupon of 3.875 percent and was priced at 99.681 percent of face value to give a spread of 31 basis points over mid-swaps, they said. BMW is rated A1 by Moody's Investors Service, the fifth highest rating in the investment-grade category. Barclays Capital, BNP Paribas, Commerzbank Securities and UBS managed the sale.

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