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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

June 5, 2018

Moody's Credit Opinion Report (PDF, 1,3 MB) A3

Stable

May 25, 2018

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

   

May 21, 2018

Moody's Credit Rating Upgrade (PDF, 115,1 KB) A3

Stable

Date Report

Rating

Outlook

June 12, 2018

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

   

June 7, 2018

Rating affirmation (PDF, 20,1 KB)   A- Stable

Feb. 12, 2018

Fitchs Rating report (PDF, 624,1 KB) A-

Stable

 OVM Debt Structure

Details about our principles of debt financing and the outstanding bonds, as of December 18, 2017, can be found here.

Senior Bonds

Date of issue

Publicly traded bonds

Amount Coupon Maturity
November 2014

Eurobond (XS1138423774)

EUR 750,000,000

0.60% fix

11/19/2018

November 2013

Eurobond (XS0996734868)

EUR 500,000,000

1.75% fix

11/25/2019

February 2010

Eurobond (XS0485316102)

EUR 500,000,000

4.375% fix

02/10/2020

October 2011

Eurobond (XS0690406243)

EUR 500,000,000

4.25% fix

10/12/2021

September 2012

Eurobond (XS0834367863)

EUR 750,000,000

2.625% fix

09/27/2022

December 2017

Eurobond (XS1734689620)

EUR 1,000,000,000

1.00% fix

12/14/2026

September 2012

Eurobond (XS0834371469)

EUR 750,000,000

3.50% fix

09/27/2027

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
December 2015

Hybrid bond (XS1294342792)

EUR 750,000,000

5.25% fix 1 Perp-NC6
June 2018

Hybrid bond (XS1713462403)

EUR 500,000,000

2.875% 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