Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The latest Energy and Energy Transition screen highlights severe distress and geopolitical dislocation across emergingmarket oil and gas issuers, dominated by double and tripledigit yields to worst amid deep price bifurcation. Sanctioned and distressed credits present extreme return asymmetry, led by Petróleos de Venezuela (PDVSA) notes yielding between 138% and 330%, and select Russian corporates such as Lukoil trading close to par despite yields remaining above 60% to 108%. Beyond the highbeta restructuring plays, the screen features heavy discounting across international operators and independent producers, including Petron Capital (PFCLN) at a 1,008% YTW and Oro Negro Drilling (OROSGP) at 897%, offering aggressive distressed value for specialized credit investors.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 83.99 | 2026-11-15 | 2026-11-15 | NR | USD | 600MM |
| 2 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 65.42 | 2026-12-20 | No Rating | USD | 318MM | |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 83.64 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 33.93 | 2028-02-29 | No Rating | USD | 272MM | |
| 5 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.46 | 2027-04-12 | NR | USD | 3BN | |
| 6 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.51 | 2026-11-02 | NR | USD | 1BN | |
| 7 | Lukoil International Finance BV | …AL44 | 4.75 | 101.81 | 99.72 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.27 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.02 | 2028-11-24 | 2026-10-26 | NR | USD | 495MM |
| 10 | Gaz Finance plc | …1095 | 8.114 | 47.043 | 100.16 | 2170-10-26 | 2027-01-26 | NR | USD | 331MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.