Porsche, which makes the investment banking community's favourite four-wheeled mode of transport, has mandated Barclays Capital and Dresdner Kleinwort Wasserstein to lead manage its long-awaited bond issue.

The mandate was one of the most hard-fought in the bond market and banks have been pursuing the luxury sports car maker for months. The car maker recently announced plans to produce what automotive pundits call a 'soft-roader', or hybrid between a performance car and an off-road vehicle, aimed at the sport utility vehicle (SUV) market. The model will be a first for Porsche, which tends to focus on sports cars such as its iconic 911 mdel range.