Covenants drive success of debut OHL benchmark
- From: Vol 8, Issue 5 (May 2007)
- Category: General
- Region: Europe
- Related Companies: Calyon, Fitch, Inima, Moody’s, OHL Group, Royal Bank of Scotland and Société Générale
The inaugural Eurobond from Inima’s parent OHL suffered from poor timing. It required quick thinking from the lead managers to push the deal through.
Fixed-income investors got their first chance to gain liquid exposure to Spanish desalination specialist Inima in late April, when parent company Obrascón Huarte Lain (OHL) issued a €700 million five-year bond, its debut in the international market.
Feedback during the roadshow was tempered by investor resistance to the low ratings (OHL is rated Baa3/BBB- by Moody’s and Fitch ...
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