Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy screen highlights severe pricing dislocations across emerging market oil and gas issuers, dominated by distressed credits trading at extraordinary nominal yields due to geopolitical sanctions, sovereign default, and restructuring risks. Headline distress is concentrated in Russian and Venezuelan names, exemplified by the LUKOIL 4.75% maturing in late 2026 displaying yields ranging from tripledigit figures up to over 2,300%, alongside PDVSA paper offering yields above 300%. Beyond the deeply impaired sanctionsbound tier, professional fixedincome investors will find higherbeta emerging market energy opportunities further down the curve, such as the OROSGP 12% 2026 at an 897% YTW and the MIEHOL zerocoupon 2028 yielding 158%.
| # | 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 | 2026-11-02 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13 | 2032-05-17 | 2026-10-28 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.