Omnicom Completes $550 Mil. Offering

Omnicom Group last week said it completed the sale of $550 million of convertible notes, due 2033, and will net $537 million from the initiative. The New York-based company is using proceeds of the zero-coupon, zero-accretion notes to repay debt, among other purposes.

Bears Stearns Cuts Ad-Sector Rating

Bear Stearns last week said it cut its investment rating for the advertising and marketing sector to “market weight” from “overweight” because industry stocks have soared from March lows. The securities firm said sector shares on average have risen 34 percent, versus a 23 percent rise in the S&P Index since the market hit its year’s low on March 11.