Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy screening highlights a highbeta segment dominated by distressed pricing, geopolitical sanctions, and severe credit friction, creating extreme yield dispersion for opportunistic fixedincome portfolios. Deepvalue opportunities are heavily concentrated in distressed sovereign and corporate debt, led by the PFCLN 9.75% 2026 trading at a staggering 1,008% YTW alongside OROSGP 12% 2026 at 897% YTW. Meanwhile, sanctioned Russian credits like LUKOIL 4.75% 2026 offer yields exceeding 100% near par, while select emergingmarket names such as CNECN 5.75% 2028 provide doubledigit yields near 57% YTW for investors willing to navigate crossborder complexity.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 82.48 | 2026-11-15 | 2026-11-15 | NR | USD | 600MM |
| 2 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 64.07 | 2026-12-20 | No Rating | USD | 318MM | |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 82.1 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 33.71 | 2028-02-29 | No Rating | USD | 272MM | |
| 5 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.11 | 2027-04-12 | NR | USD | 3BN | |
| 6 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.39 | 2026-11-02 | NR | USD | 1BN | |
| 7 | Lukoil International Finance BV | …AL44 | 4.75 | 101.81 | 99.66 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.17 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 71.93 | 2028-11-24 | 2026-10-25 | NR | USD | 495MM |
| 10 | Gaz Finance plc | …1095 | 8.114 | 47.043 | 100.17 | 2170-10-26 | 2027-01-26 | NR | USD | 331MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.