SAP proves that a lack of credit rating is no handicap to successful bond issuance

Joerg Wiemer, SAP

joerg-wiemer-sap
Joerg Wiemer, SAP

Investors got a rare chance to add German business software provider SAP to their portfolios during 2010, as the company tapped the bond markets to part-finance its takeover of US rival, Sybase.

SAP is unusual for such a large company (it had a market capitalisation of €40 billion at the end of last year), in that it has no public credit rating, although it does benefit from a strong implicit investment grade rating. But it successfully utilised its brand recognition and credit story to attract b

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: