Fixed Income
Our financing strategy is based upon three pillars: Protecting liquidity, ensuring financial stability and flexibility.
Credit Rating
| Rating agency | Long-term Issuer Rating | Outlook |
Moody's
| A1 | Stable |
Standard & Poor's
| A+ | Stable |
| The following Eurobonds have received “A1” rating by Moody’s and/or “A+” rating by Standard & Poor’s: | ||
€ 850m Notes due 2024
€ 600m Notes due 2025 € 500m Notes due 2026 € 600m Notes due 2026
| € 1bn Notes due 2027
€ 1bn Notes due 2028
€ 800m Notes due 2029 | € 500m Notes due 2030
€ 1.25bn Notes due 2031
|
Outstanding Financial Debt as of September 30, 2024
U.S. Private Placements
Overview of our U.S. private placement notes which were issued through one of our subsidiaries that has the U.S. dollar as its functional currency.
| Instrument | Issue date
| Maturity
| Volume
(in million) | Issue
currency | Coupon
|
| US PP3 Tranche 4 - 2012 | Nov. 15, 2012
| Nov. 15, 2024
| 323
| USD
| 3.33% (fix)
|
| US PP3 Tranche 5 - 2012 | Nov. 15, 2012
| Nov. 15, 2027
| 100
| USD
| 3.53% (fix)
|
| Total U.S. Private Placements | 423 | USD | |||
| 378 | EUR |
Bonds
Bank Loans
In September 2024, SAP issued a short-term loan of €1,25 billion which can be repaid flexibly until September 2025.
Commercial Paper Programme
The Commercial Paper Programme enables SAP SE to issue short-term notes on the money market with a volume of up to € 2.5bn. As of September 30, 2024, no tranches have been issued under the programme.
| Issuer | SAP SE
| |
| Program amount | € 2.5bn
| |
| Arranger | Citigroup
| |
| Dealer | Barclays, BNP, Citigroup, Commerzbank, ING
| |
| Issuing and paying agent | Citibank
| |
| Term | 1 to 364 days
| |
For more details please see the Commercial Paper Programme documentation. | ||
Maturity Profile
Overview of SAP's maturity profile (according to contractual maturities for our outstanding bonds and U.S. Private Placements).
* Please note that SAP has converted a portion of its outstanding debt with fixed interest rate into variable via the use of interest rate swaps.