OHLA - comment

The 2025/26 bond coupons have stepped up 315bp (PIK). We do not see the bonds being called yet given the coupon that would be required. Once the CHUM/Services and Canalejas sales have progressed, the replacement cost of the debt should fall. Bond prices are 1.5 points higher at 91.25 (vs. mid-September). The cash coupon is still 5.1%, and the PIK is now 4.65%. Ignoring the PIK portion, the 25 yields >10% and the 26 c9%.