AUTOMOTIVE: Robert Bosch (RBOSGR NR/A/A): Financing

We can expect refinancing issuance down the line.

• Bosch has upsized its RCF and taken a €4bn bridge loan. It has the $8bn HVAC transaction with Johnson Controls to fund.
• Previously management were vague on issuance, citing funding from “own resources”. It does have ample resources on the balance sheet; cash and equivalents €7.4bn, €3.3bn term deposits and €14.3bn in securities at FY23.