ams OSRAM : Focus Emission
ams OSRAM plans to issue € 800m equivalent of new 5NC2 unsecured notes in EUR and in USD. The proposed bond issuance is part of the comprehensive € 2.25bn refinancing plan that was announced in September 2023 to address the funding requirements until 2025-26. The IPT for the new notes is ~11% for the EUR tranche and ~12.5% for the USD tranche. The IPT is very large and more in line with the average yield of 5-year ‘B-‘ rated bonds (10.4%) according to our internal yield matrix. I...AMS provides advanced sensor and analog solutions for high value and emerging markets. Co.'s markets include Consumer and Communications and Industrial, Medical, Automotive. Co. delivers a broad range of innovative technology solutions for consumer electronics and communication device manufacturers including intelligent light sensors, MEMS microphone ICs, NFC solutions, active noise-cancelling ICs and ultra-low power management solutions. Co. offers customized, application-specific integrated circuits and standard solutions for a broad range of industrial applications including automation and control, position sensors, building automation, security and high-resolution seismic analysis.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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