Porsche, the German luxury sports car maker that is a favourite among bankers and investors, enjoyed a rapturous reception for its first bond in five years.

Porsche is a rare visitor to the public debt markets and only borrows once every five years. The prestige of the company, as well as the rarity of its bonds, attracted strong demand from around Europe for the latest €300m ($276.3m) five-year bond, the proceeds of which will be used to refinance an old five-year bond launched in 1997.