AMS Osram - All Good Things Come To An End - Model Update - Positioning

Having invested in AMS Osram since June 2023, we have revisited the whole capital structure to identify where further value remains. With the Mar-29 bonds at 105.5% and increasingly call-constrained, we have examined the scope for further deleveraging through asset sales and cash generation, and how this translates into returns across the curve. The credit story continues to improve, but the key question is how much of that upside is still available to bondholders at current prices.