Dresdner Kleinwort Wasserstein has beaten three other banks to lead its first Spanish equity-linked deal, a €200m ($257m) issue from Jazztel, the broadband telecoms company.

The deal is Spain's first equity-linked deal since December 2003, when Goldman Sachs and Morgan Stanley led a convertible bond from Grupo Prisa, the Spanish publisher, according to Dealogic, the investment banking research provider.