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SAP ruffles lenders’ 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.

  • 14 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 ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 91,105.19 257 10.97%
2 Bank of America Merrill Lynch 78,286.59 217 9.43%
3 JPMorgan 68,975.82 196 8.31%
4 Wells Fargo Securities 67,736.13 189 8.16%
5 Credit Suisse 55,269.48 140 6.66%