Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy screening universe highlights extreme distress across geopolitically isolated and structurally distressed issuers, led by Lukoil notes trading at staggering yieldstoworst up to 2323% alongside heavily impaired Venezuelan sovereignbacked PDVSA paper offering yields exceeding 300%. Yield dispersion remains exceptionally wide as market participants price in profound sanction risks, restructuring uncertainty, and execution hurdles, creating asymmetric riskreward profiles for eventdriven fixedincome portfolios. Relative value opportunities extend across developing markets and distressed energy operators, featuring deepdiscount situations like MIE Holdings zerocoupon bonds at 158% YTW and highcoupon structures like Petrofac's 9.75% 2026 notes yielding over 1000%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lukoil International Finance BV | …AL44 | 4.75 | 2323.714 | 62.5 | 2026-11-02 | NR | USD | 1BN | |
| 2 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 86.1 | 2026-11-15 | NR | USD | 600MM | |
| 3 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 67.27 | 2026-12-20 | No Rating | USD | 318MM | |
| 4 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 85.79 | 2026-11-15 | NR | USD | 4.5BN | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.23 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.93 | 2027-04-12 | NR | USD | 3BN | |
| 7 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.66 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.41 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.13 | 2028-11-24 | 2026-11-01 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13 | 2032-05-17 | 2026-10-27 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.