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                Credit Rating

                Rating agency
                Long-term Issuer Rating
                Outlook
                Moody's
                A2
                Stable
                Standard & Poor's
                A
                Stable
                ? ? ?
                The following Eurobonds have received “A2” rating by Moody’s and “A” rating by Standard & Poor’s:
                € 1bn Notes due 2023
                € 1bn Notes due 2027
                € 650m Notes due 2020
                € 600m Notes due 2025
                € 500m Notes due 2021
                € 500m Notes due 2026
                € 500m Notes due 2030
                € 500m Notes due 2020? ? ? ? ??
                € 900m Notes due 2022
                € 850m Notes due 2024?????????
                € 1bn Notes due 2028????????????
                € 1.25bn Notes due 2031

                Outstanding Financial Debt

                as of December 31, 2019

                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 2 - 2012
                Nov. 15, 2012
                Nov. 15, 2020
                290
                USD
                2.82% (fix)
                US PP3 Tranche 3 - 2012
                Nov. 15, 2012
                Nov. 15, 2022
                444.5
                USD
                3.18% (fix)
                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
                ?
                1,158
                USD
                ?
                ?
                ?
                ?
                1,030
                EUR
                ?

                Bonds

                Instrument
                Issue date
                Maturity
                Volume
                (in million)
                Issue
                currency
                Coupon
                Security code
                (WKN)
                ISIN No.
                Eurobond 4 - 2014
                Nov. 20, 2014
                Feb. 20, 2023
                1,000
                EUR
                1.125% (fix)
                A13SL2
                DE000A13SL26
                Eurobond 4 - 2014
                Nov. 20, 2014
                Feb. 22, 2027
                1,000
                EUR
                1.750% (fix)
                A13SL3
                DE000A13SL34
                Eurobond 5 - 2015
                Apr. 1, 2015
                Apr. 1, 2020
                650
                EUR
                3m Euribor + 30 bps (var.)
                A14KJE
                DE000A14KJE8
                Eurobond 5 - 2015
                Apr. 1, 2015
                Apr. 1, 2025
                600
                EUR
                1.000% (fix)
                A14KJF
                DE000A14KJF5
                Eurobond 7 - 2018 Mar. 13, 2018 Mar. 13, 2021 500 EUR 3m Euribor + 15 bps (var.) A2G8VS DE000A2G8VS7?
                Eurobond 7 - 2018 Mar. 13, 2018 Mar. 13, 2026 500 EUR 1.000% (fix) A2G8VT DE000A2G8VT5?
                Eurobond 7 - 2018 Mar. 13, 2018 Mar. 13, 2030 500 EUR 1.375% (fix) A2G8VU? ?DE000A2G8VU3
                US Dollar Bond - 2018 Sep. 28, 2018 Sep. 28, 2025 300 USD 3m Libor + 50.3 bps (var.) A2RSD4 DE000A2RSD40
                Eurobond 8 - 2018 Dec 10, 2018 Dec 10, 2020 500 EUR 3m Euribor + 23 bps (var.) A2TSTC DE000A2TSTC2
                Eurobond 8 - 2018 Dec 10, 2018 Mar 10, 2022 900 EUR 0,25% A2TSTD DE000A2TSTD0
                Eurobond 8 - 2018 Dec 10, 2018 Dec 10, 2024 850 EUR 0,75% A2TSTE DE000A2TSTE8
                Eurobond 8 - 2018 Dec 10, 2018 Mar 10, 2028 1.000 EUR 1,25% A2TSTF DE000A2TSTF5
                Eurobond 8 - 2018 Dec 10, 2018 Mar 10, 2031 1.250 EUR 1,75% A2TSTG DE000A2TSTG3
                Total outstanding Bonds in EUR ? 9,517
                ?
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                ?


                For more details please see the Bond Documentation

                Bank Loans

                Acquisition Term Loan of €2.5bn which can be flexibly repaid over the term of 3 years, latest until Jan., 2022. As of December 31, 2019 €2.0bn were outstanding.

                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 December 31, 2019 €1.1bn 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.
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                Maturity Profile

                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.

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