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HIGH-YIELD BOND - Setting New Precedents

Jan 19, 2012

OGX’s $2.6bn 8.5% 2017

Bankers either loved or hated OGX Bankers either loved or hated OGX Petróleo e Gás Participações’s $2.563 billion bond, the debut of the Eike Batista family of companies in the international bond markets.

Some viewed it as a landmark financing for an issuer that had yet to generate any cash flows. Others saw it as a brash new credit going into the bond markets too aggressively and having to retract its demands after serious investor pushback. Either way, it is not a transaction to be ignored.

The $2.563 billion...

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There is performance risk that the market is going to have to evaluate and assess. I think that is very healthy for the market because that will enable us to finance a much wider range of projects.

Luis Fernando Andrade, Colombian National Infrastructure Agency


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