Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition universe currently presents extreme dislocations, where heightened geopolitical friction and distressed credits have pushed yields to astronomical levels across several emerging market oil and gas producers. For instance, select Russian exposures like the LUKOIL 4.75% 2026 notes trade with yields to worst ranging from tripledigit figures up to an anomalous 2,323.71%, reflecting intense sanctionrelated settlement frictions rather than fundamental operational insolvency. Meanwhile, ultrahighyielding situations extend beyond Eastern Europe into distressed sovereign and corporate debt, illustrated by the OROSGP 12% 2026 and PDVSA 6% 2026 instruments offering yields to worst of 897.37% and 329.62% respectively, demanding rigorous restructuring analysis and eventrisk assessment from fixedincome relative value desks.
| # | 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 | 87.76 | 2026-11-15 | NR | USD | 600MM | |
| 3 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 65.43 | 2026-12-20 | No Rating | USD | 318MM | |
| 4 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 87.48 | 2026-11-15 | NR | USD | 4.5BN | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.46 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 69.29 | 2027-04-12 | NR | USD | 3BN | |
| 7 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.77 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.52 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.22 | 2028-11-24 | 2026-11-05 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.02 | 2032-05-17 | 2026-10-31 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.