SAP sells €1.3bn of unrated bonds with a flourish
SAP, the German software company, showed its mastery of the European bond market today, despite its lack of a credit rating, as it borrowed €1.3bn at tight spreads.
Most unrated borrowers are perceived as being in the triple-B category, but as a banker at one of the leads argued, SAP is a 60bn market cap company with about 4bn of free cashflow a year, which he said made it about mid-single-A.
That puts SAP in a very
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