Please find our updated analysis on OHLA here.
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Liquidity and cash flow remain the key issue in the construction industry - OHLA is not an exception to this. Combine this with concerns around access to guarantee lines and expensive SSNs, and you get a recipe that leaves many with their heads scratching - us included. There will be a lot going on in the next 6-9 months, and we will be watching closely.
Read MoreOHLA announced that it has now obtained approval from bondholders representing more than 50% in aggregate principal amount
Read MoreBondholders will obviously waive the covenants. Resolving the entire matter for €26m is expensive, but worth it. Still, OHLA seem intent on
Read MoreBig positive news this morning from where we are sitting, even if largely priced in and for a long time already. The Court of Cassation of
Read MoreNet positive news for bondholders: The Amodio brothers have increased their shareholding in OHLA to approximately 29% following the
Read MoreThe Spanish Supreme Court’s ruling in favour of OHLA on the M12 highway leading to Madrid’s airport is a major win for the company. Far from
Read MoreThe 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 MoreDisputes over contracts are part of OHLA’s business, and Peru has a long history of cancelling contracts for flimsy reasons. Any settlement
Read MoreThe loss at arbitration should close the case over a road construction and maintenance contract in Kuwait. The
Read MoreOHLA needs to refinance its (€45m) share of the Canalejas gallery; we would have thought the existing lenders (Santander and CaixaBank) would be
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 decision to split the Canalejas assets paves the way for OHLA to dispose of its share. We estimate the on-site 4 Seasons Hotel to be worth
Read MoreFitch’s B- corporate rating will help OHLA, as Moody’s Caa1 family rating excludes some investors from participation in the
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