The debt offer will raise $3.75 billion, but the appetite of investors who want in on the deal is an indication that the world's largest software company could raise more capital with ease.

Because of Microsoft's triple-A rating, the company will only have to pay a very small premium over Treasuries, a sign that the market still believes that the company's huge cash flow is safe for years to come.

A buy-out of SAP may be an ideal business transaction, but it would raise antitrust hurdles that the companies could not overcome. Microsoft server and office software is already widely used by corporations. The E.U. and U.S. authorities might make the case that adding SAP would give Microsoft too much pricing leverage in the enterprise software world. Given Microsoft's experience with antitrust regulators, the chances that a transaction to buy SAP would close are probably remote.

Douglas A. McIntyre is an editor at 24/7 Wall St.