Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energytransition screen highlights a highbeta segment dominated by distressed valuations, geopolitical risk, and severe refinancing hurdles, offering extraordinary nominal yields for opportunistic portfolios. Extreme distress is concentrated in select names facing structural isolation or payment impediments, pushing yields to tripledigit territory, such as the PFCLN 9.75% 2026 at a YTW exceeding 1,000% and OROSGP 12% 2026 yielding nearly 900%. Even amidst sanctiondriven market distortions and emergingmarket volatility, certain issuers trade at tighter spreads relative to their nearterm maturities, illustrated by LUKOIL’s 2027 notes offering a 60.4% YTW at deepdiscount cash prices near 93.17.
| # | 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 | 2026-10-26 | 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.