SAP ruffles feathers with syndication strategy

SAP, the German software company, has drawn criticism from some prospective lenders on its Eu1bn refinancing for the way it appeared to change its approach to the deal before it was launched last week. The appointment of three bookrunners to lead the transaction surprised some, who had thought the loan — much of which has already been pre-placed — would be a self-arranged club.

  • 12 Aug 2009
Bankers at two of SAP’s relationship lenders, which are expected to commit to the transaction, said they had been in discussions with the borrower since January about the refinancing, and had already got internal approval to come into the deal, which was presented to them as a club ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 79,222.71 230 11.49%
2 Bank of America Merrill Lynch 65,088.22 185 9.44%
3 Wells Fargo Securities 55,825.35 161 8.10%
4 JPMorgan 52,873.25 155 7.67%
5 Credit Suisse 44,197.08 113 6.41%