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Financing

Strategy and targets of debt financing

OMV’s financing strategy focuses on cash flow and financial stability. Principal targets are a positive free cash flow after dividends and a strong investment-grade credit rating on the basis of a healthy balance sheet and a long-term gearing ratio below or equal to 30%.

OMV covers its financing needs on the international capital and loan markets, aiming at a broad diversification of its debt investor base. Corporate bonds are the key element of the well-balanced debt maturity profile, complemented by ample committed credit facilities and other types of bank funding. All financing and treasury services are managed at the OMV Group level.

  • Debt financing is principally raised on group level (only in specific and agreed cases external financing may be raised by group companies)
  • Affiliates cover their financial requirements via group treasury
  • Group liquidity and FX-operations are managed in group treasury
  • Financial planning is consolidated in group treasury
  • Risks are permanently monitored on group level and hedged, if economically sensible

OMV aims at a broad diversification of the debt investor base and funding sources and wants to establish a well balanced mix of debt maturities and fixed and floating interest rates. Maintaining the high credit quality is considered as a very important issue. OMV actively persues a strong relationship with its debt investors.

Credit ratings

OMV is rated by Moody’s “A3” and Fitch “A-”

Moody’s „A3“ Senior Unsecured Issuer Rating and Fitch’s “A-“ Issuer Default Rating once more underpin OMV Group’s strong financial position.

Maintaining an investment grade credit rating has been a crucial and strategic objective of OMV. The strong credit profile affirmed by Moody’s and Fitch reflects the successful implementation of OMV’s strategy while keeping a very close eye on financial targets.

The rating itself provides information about the assessment of a company’s credit and financial position and is an important decision-making basis for the evaluation of the solvency especially for the valuation of bonds. The major three international rating agencies that are specialized in monitoring the companies’ financial standing are Fitch, Moody’s and Standard and Poor’s. The rating categories (AAA highest, D lowest) thereby represent a certain default risk.

 

Date Report Rating Outlook
March 16, 2020 Moody's confirms rating with revised outlook (PDF, 109,8 KB) A3 Negative
June 28, 2019 Moody's Credit Opinion Report (PDF, 1,5 MB) A3 Stable

May 25, 2018

Moody's Issuer In-Depth Report (PDF, 1,3 MB)

   
Date Report

Rating

Outlook
March 13, 2020 Fitch confirms rating with revised outlook (PDF, 45,5 KB) A– Negative
December 19, 2019 Rating affirmation (PDF, 123,2 KB) A– Stable

June 12, 2018

BBB rating for hybrid bond assigned (PDF, 21,6 KB)

   

 OMV Debt Structure

Details about our principles of debt financing and the outstanding bonds can be found here:

Senior Bonds

Date of issue

Publicly traded bonds

Amount Coupon Maturity
July 2019 Eurobond (XS2022093434) EUR 500,000,000 0.00% fix 03/07/2025
July 2019 Eurobond (XS2022093517) EUR 500,000,000 1.00% fix 03/07/2034
December 2018 Eurobond (XS1917590876)  EUR 500,000,000 0.75% fix 04/12/2023
December 2018   Eurobond (XS1917590959) EUR 500,000,000 1.875% fix  04/12/2028
December 2017

Eurobond (XS1734689620)

EUR 1,000,000,000

1.00% fix

12/14/2026

September 2012

Eurobond (XS0834367863)

EUR 750,000,000

2.625% fix

27/09/2022

September 2012

Eurobond (XS0834371469)

EUR 750,000,000

3.50% fix

09/27/2027

October 2011

Eurobond (XS0690406243)

EUR 500,000,000

4.25% fix

12/10/2021

February 2010

Eurobond (XS0485316102)

EUR 500,000,000

4.375% fix

10/02/2020

As of November 26, 2019

Hybrid Bonds

On December 7, 2015, OMV issued subordinated hybrid notes in the amount of EUR 1.5 bn (two hybrid bonds, EUR 750 mn each). The EUR 750 mn hybrid bond issued in June 2011 was redeemed upon its first call date on April 26, 2018. In turn, on June 19, 2018, OMV issued new hybrid notes with a volume of EUR 500 mn and an attractive initial coupon of 2.875% compared to the 6.75% coupon rate of the 2011 hybrid notes. The hybrid bonds have no scheduled maturity date and bear a fixed interest rate until the first call date. All hybrid bonds have received a 50% equity credit from rating agencies Moody’s and Fitch. They are classified as 100% equity under International Financial Reporting Standards (IFRS) and are thus not included in OMV’s reported total bond liabilities and total debt figures.

Date of issue

Publicly traded bonds

Amount Coupon Maturity
June 2018

Hybrid bond (XS1713462403)

EUR 500,000,000

2.875% fix 1 Perp-NC6
December 2015

Hybrid bond (XS1294342792)

EUR 750,000,000

5.25% fix 1 Perp-NC6
December 2015

Hybrid bond (XS1294343337)

EUR 750,000,000

6.25% fix 1

Perp-NC10

1 Until first call date

More information on our hybrid bond 2018 

More information on our hybrid bond 2015