Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy sector screen is currently dominated by distressed emergingmarket credits and sanctionsimpacted issuers offering extreme nominal yields, exemplified by the Lukoil 4.75% 2026 trading at a staggering 2,323.7% yield to worst alongside multiple distressed Venezuelan PDVSA maturities. Beyond these severe tailrisk situations, the cohort features highcoupon instruments from offshore drillers and midstream operators like the Orosur/Perencolinked complex—such as the OROSGP 12% 2026—capturing attention with yields approaching 900% in a volatile commodity price environment. For institutional fixedincome desks hunting for asymmetric, highbeta recovery plays, the theme presents a concentrated basket of deeply discounted assets, though liquidity fragmentation and severe geopolitical overlays demand rigorous credit triage across names like the MIEHOL zerocoupon 2028.
| # | 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.