BMW, the German car manufacturer, launched the year's first corporate bond issue to an enthusiastic reception, despite antipathy among investors towards much of the auto sector.

BMW's €750m ($670m) seven-year deal, the first European corporate bond issue of 2002, was announced and sold in a few hours. Investors from Germany and elsewhere in Europe were keen to obtain exposure to a car company outside the beleaguered 'Big Three' of DaimlerChrysler, General Motors and Ford and, while BMW's deal is dwarfed by the multi-billion dollar transactions of its larger competitors, it offered enough rarity value to compensate.