We study a multimode semiconductor laser subject to a moderate optical feed
back. The steady state is destabilized by either a simple Hopf bifurcation
leading to in phase dynamics or by a degenerate Hopf bifurcation leading to
antiphase dynamics. The degenerate bifurcation is also a source of multipl
e coexisting attractors. We show that a simple interpretation of the low fr
equency fluctuations in the multimode regime is provided by a chaotic itine
rancy among the many coexisting unstable attractors produced by the degener
ate Hopf bifurcation.