Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition universe currently presents an exceptionally highyielding yet structurally distressed segment, dominated by issuers grappling with severe geopolitical sanctions, macroeconomic headwinds, and localized debt restructurings. Deep value opportunities are concentrated in this cohort, evidenced by extreme double and tripledigit yields to worst across emerging market names such as PetroFenix Clean Energy (PFCLN 9.75% 2026) yielding over 1,000% and Orosur Mining (OROSGP 12% 2026) approaching 900%. Meanwhile, discounted sovereignlinked and sanctionimpacted credits—including PDVSA, Lukoil, and Gazprom—trade at distressed cash prices, offering sophisticated fixedincome investors opportunistic entry points with yields spanning from 47% to upwards of 329% for those willing to navigate complex event risks.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 85.56 | 2026-11-15 | NR | USD | 600MM | |
| 2 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 66.8 | 2026-12-20 | No Rating | USD | 318MM | |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 85.24 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.16 | 2028-02-29 | No Rating | USD | 272MM | |
| 5 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.81 | 2027-04-12 | NR | USD | 3BN | |
| 6 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.62 | 2026-11-02 | NR | USD | 1BN | |
| 7 | Lukoil International Finance BV | …AL44 | 4.75 | 101.81 | 99.79 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.38 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.11 | 2028-11-24 | 2026-10-31 | 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.