Energy & Energy Transition

Energy, oil & gas and renewables issuers.

The energy sector screening highlights extreme yield dispersion driven by geopolitical sanctions, macroeconomic dislocation, and severe distress across emerging market oil and gas issuers. Professional investors navigating this space will find eyewatering nominal returns, exemplified by Petrofac’s 9.75% 2026 maturity yielding over 1,000% and Orosur Mining’s 12% 2026 paper trading at a YTW near 897%. Geopolitical risk premiums dominate the upper tiers of the screen, with Russian energy heavyweights like Lukoil and Gazprom offering deeply dislocated pricing alongside Venezuelan sovereignlinked PDVSA debt. For instance, Lukoil's 4.75% 2026 notes and Gazprom's highcoupon structure present unique eventdriven entry points for desks with specialized sanctions expertise and highrisk appetite. Beyond distressed situations, the screen captures idiosyncratic credit stories across developing markets, such as Canacol Energy’s 5.75% 2028 bonds offering a robust 56.9% yield to worst at a discounted cash price of 71.93. These valuations present tactical relativevalue opportunities for dedicated fixedincome portfolios willing to absorb high volatility for outsized carry.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.