Please find our updated analysis on AMS Osram here. 

AMS Osram has been a very successful investment for us. We first bought the 2025 HY bonds and convertibles in June 2023, before adding the 2029 bonds in May 2024. With the Mar-29 bonds now at 105.5%, we have captured substantial upside and are taking profits as the bonds are call-constrained. We continue to see a strong deleveraging story, but at current prices the remaining upside no longer meets our return targets. This is an exit after a successful investment, not a change in our credit view.

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We expect no material impact on bond prices, as the use of asset sale proceeds for debt repayment was already expected. The company has

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AMS Osram’s H1 results were broadly in line with our expectations and should have little impact on bond prices. In our view, following the

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AMS Osram has completed the sale of its non-optical analog and mixed-signal sensor business to Infineon for €570m in cash. Together with

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Bankers continue to outdo each other with ever-more adjustments and pro-forma metrics for new issuers, and ams OSRAM is no

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AMS Osram has agreed to sell its CMOS Image Sensor business, a strategic divestment that will have no impact on current trading

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AMS Osram delivered a decent Q1 print, but the more important takeaway was management’s commentary on improving order momentum and

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Moody’s has revised the outlook on AMS Osram’s B3 rating to positive, reflecting the company’s improving credit profile. The announced asset disposal, together with

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AMS Osram completed the sale of the Entertainment and Industry Lamps business announced in July 2025. Proceeds is

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Please find our updated analysis of AMS Osram following the announced asset sale and the Q4 results, here.

AMS Osram’s credit profile has materially improved. Following the announced asset sale to Infineon, which the company expects to

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Following last week’s divestment announcement, the Q&A was largely forward-looking, with analysts focused on understanding the shape and

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AMS Osram has delivered on its promise, deleveraging the business substantially. Infineon are buying the non-Optical Analog/Mixed-Signal Sensor Business for

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AMS Osram has extended its long-term brand licensing agreement with Traxon Lighting, securing continued use of the OSRAM brand in

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AMS Osram is targeting approximately €500m of asset disposals as part of its deleveraging strategy. Against this backdrop, it is unsurprising that

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AMS Osram announced the tender of its convertible bonds, with approximately €200m tendered at 96%. While the tendered amount was

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Our key takeaway from AMS Osram’s statement is the reaffirmation of its asset disposal strategy and, notably, the absence of any

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We exited our convertible bond position in AMS Osram at 95% in July, as we did not believe the Company would pursue a tender for

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Please find our updated model on AMS Osram following the Q3 results here.

With AMS Osram shares down c.20%, the bonds have moved lower in sympathy. In our view, the equity reaction is excessive, and bondholders should

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