SAP sets new record for December deal with five trancher

German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.

  • By Nigel Owen
  • 06 Dec 2018

Before its deal in March, which was split into three €500m tranches and used to finance the $2.56bn acquisition of Callidus Software, SAP had not sold a public deal for 18 months and had gone three years without selling a benchmark-sized bond. 

But on Monday, it was back ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 7,804.66 23 9.52%
2 Deutsche Bank 6,018.47 14 7.34%
3 JPMorgan 5,096.36 17 6.22%
4 Barclays 4,950.16 12 6.04%
5 Goldman Sachs 4,862.50 14 5.93%

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2 BNP Paribas 1,118.03 6 6.51%
3 Barclays 1,100.14 4 6.41%
4 Commerzbank Group 1,054.99 6 6.15%
5 JPMorgan 1,009.92 4 5.88%

Bookrunners of European HY Bonds

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Bookrunners of Dollar Denominated HY Bonds

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2 Sumitomo Mitsui Financial Group 83.33 1 4.76%

Bookrunners of European Corporate IG Bonds

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1 Citi 2,636.08 6 8.44%
2 Barclays 2,499.67 4 8.00%
3 Bank of America Merrill Lynch 2,343.15 5 7.50%
4 JPMorgan 2,303.98 3 7.37%
5 MUFG 2,123.57 3 6.80%