The bonds will be firmer today on more clarity in the timeline for the sale of the Services business. Expansion reports that a
Read MoreOHLA’s desire to call the bonds places a floor at 100c/€ (the call price); the bonds should move higher on this news (they currently trade at 94%). The bonds are
Read MoreA small positive for the bonds, but we have heard of sale plans for Canalejas for a long time. We take some comfort from Luis Amodio’s
Read MoreThe sale has been expected, so any impact on the SSNs should be marginal. After failing to get traction in changing governance
Read MoreThe loss at arbitration should close the case over a road construction and maintenance contract in Kuwait. The
Read MoreThe signing of the Canalejas deal on time and without last-minute changes is a pleasant surprise from OHLA; although, when announced in
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The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within
Read MoreOHLA has requested that Moody’s cease covering it, leaving Fitch as the sole agency providing ratings on the company. The direct impact on
Read MoreThe contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at
Read MoreThe settlement of the Sidra litigation is a significant weight off OHLA. A potential liability of over €200 million has weighed heavily on OHLA since its
Read MoreGetting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
Read MoreThe banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the
Read MoreWe believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
Read MoreBoard rows at OHLA are inevitable, given the large egos that have now bought into the company. The board does not need to be friends, but they do need to let the managers
Read MoreIf OHLA has secured the full €80m sought in its Rights Issue, this will increase the bond redemptions from €91m to €140m. We have been
Read MoreThe proceeds from the CHUM sale form part of the lock-up agreement with creditors, so the arrival of the cash is another step in
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Over 50% of bondholders have already accepted the OHLA restructuring proposal. We expect bondholders to support the deal as the alternative is
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