Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition screening universe currently highlights deep distress and extreme pricing dislocation, underscored by severe geopolitical friction, operational isolation, and restructuring risk across emerging market oil and gas issuers. Yieldtoworst profiles reach astronomical levels among the topranked constituents, exemplified by PetroFrontier’s 9.75% 2026 notes yielding 1,008% and Oro Negro’s 12% 2026 instruments trading near an 897% YTW at distressed cash prices. Meanwhile, sanctionsimpacted credits such as Lukoil’s 4.75% 2026 bonds and Gazprom’s highcoupon longdated paper offer tactical entry points for specialized distresseddebt managers willing to navigate complex crossborder payment architectures and sovereign risk overlays.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 84.51 | 2026-11-15 | NR | USD | 600MM | |
| 2 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 65.88 | 2026-12-20 | No Rating | USD | 318MM | |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 84.16 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.01 | 2028-02-29 | No Rating | USD | 272MM | |
| 5 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.57 | 2027-04-12 | NR | USD | 3BN | |
| 6 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.54 | 2026-11-02 | NR | USD | 1BN | |
| 7 | Lukoil International Finance BV | …AL44 | 4.75 | 101.81 | 99.74 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.31 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.05 | 2028-11-24 | 2026-10-29 | 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.