Dresdner Kleinwort Wasserstein (DrKW) sold a €130m ($161m) exchangeable bond from the city of Gelsenkirchen, a German municipality, in its first European equity-linked deal as sole bookrunner since it started building up its equity capital markets team.

Last June Joe Dryer hired John St John from Commerzbank Securities as global head of ECM to build up the team following the reorganisation of DrKW's global origination business. Dryer leads the unified capital markets origination business formed from the combination of DrKW's debt and equity capital markets and leverage teams.