Newly rated SAP gets €11bn book

SAP AG Walldorf HQ 230x150
By Richard Metcalf
13 Nov 2014

German IT company SAP today priced €2.75bn of the €4bn bonds it said it would issue to fund its acquisition of US expenses software firm Concur. The deal generated huge demand, with order books across the three tranches bulging to €11bn.

It was SAP’s first bond issue since it obtained its first credit ratings, A2/A from Moody’s and Standard and Poor’s.

“It couldn’t have gone better,” said a banker at one of the bookrunners, Barclays, Citi, Deutsche Bank and Goldman Sachs.

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