Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energytransition sector currently screens a distinct tier of highly distressed debt, dominated by geopolitical sanctions, sovereign defaults, and operational distress across emerging market issuers. Yieldtoworst metrics across the basket reflect extreme idiosyncratic tail risks, ranging from the LUKOIL 4.75% 2026 trading at astronomical yield levels due to Russian sanctions compliance to distressed Venezuelan sovereignlinked paper like the PDVSA 6% 2026 offering a 329.6% YTW. For institutional distresseddebt specialists, these instruments present complex specialsituation opportunities where deepvalue entry prices—such as the MIEHOL zerocoupon 2028 at 34.54 or SCCPWR 4% 2032 at 13.03—hinge entirely on structural restructuring outcomes, sanctions relief, and ultimate asset recovery rather than traditional credit fundamentals.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lukoil International Finance BV | …AL44 | 4.75 | 4173.416 | 62.5 | 2026-11-02 | NR | USD | 1BN | |
| 2 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 88.32 | 2026-11-15 | NR | USD | 600MM | |
| 3 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 65.82 | 2026-12-20 | No Rating | USD | 318MM | |
| 4 | Petroleos de Venezuela SA | …AR68 | 6 | 329.624 | 88.06 | 2026-11-15 | NR | USD | 4.5BN | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.54 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 69.41 | 2027-04-12 | NR | USD | 3BN | |
| 7 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.81 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.55 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 56.965 | 72.25 | 2028-11-24 | 2026-11-06 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.03 | 2032-05-17 | 2026-11-01 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.