EFTA01378325.pdf

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > Europe Investment Grade ASML HOLDING NV Updated: Oct 2, 2015 Trade Idea: Buy Investment Rationale: Despite having outperformed the rest of the market again in June , the level of Z+ 78 (offer) for a 8 yr BBB+ / Baal is still attractive, especially when taking into account that the company hold a global monopoly in the lithographic equipment which is indispensable in the production of current and next generation chips - furthermore the company is owned by its customers. (Intel, Samsung etc) Since no other company in the world can produce the lithographic machines ASML only real threat is an alternative to semiconductor chips is invented — unlikely There are no new material developments since last update, despite the tightening the bond still offers good value compared to similar rated tech names in Euro's We met the CEO on the 26th of February: they announced that no issuance should be expected, at least in the mid term. Next maturity is in June 2017 From a credit perspective ASMLs half year earnings gives no cause to change the buy recommendation Recommendation(s): Coupon Maturity S&P Moody! Analyft 1St Mitt In Yield GOvt spread Tar et RBA Lend casliPtite mei Cap. MEOC r Spraad 3.375 19.09.2023 WA I 6aa2 Rosen& Ide 750 1,70 I 122 70 I 140 113.65 I X50972530561 senior • Levels as of 08/03/2015 Deutsche Asset 27 & Wealth Managernere CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0075494 CONFIDENTIAL SDNY_GM_00221678 EFTA01378325