French car manufacturer Groupe PSA has raised €500m (£394.7m) in its first bond issue since 2013.

The company said the bond issue was timed to take advantage of favourable market conditions. Overall, the issue was 7.6 times oversubscribed.

The issue was driven by 10 banks: BNP Paribas, HSBC, CA CIB, Natixis, Santander, Société Générale, Banca IMI, Commerzbank, RBS and Unicredit.

Jean-Baptiste de Chatillon, chief financial officer of Groupe PSA, said: "This transaction has been a success. It illustrates the success of our ‘Back in the Race’ recovery plan and attests to investors confidence for ‘Push to Pass’, our new profitable growth plan, unveiled on April 5th."

The bond was issued shortly after the Group invested €18m in French peer-to-peer carsharing start-up Koolicar.

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