Dresdner Kleinwort Wasserstein (DrKW) has boosted its non-German business by selling an exchangeable bond for a French media group in the bank's first lead role on an equity-linked issue since the Orange flotation back in February.

DrKW was the sole bookrunner of a €174m ($157m) equity-linked bond from Publicis Groupe which is exchangeable into shares in Interpublic Group of Companies, a US advertising group.