Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy sector screen is currently dominated by distressed geopolitical and sanctionheavy credits offering astronomical nominal yields to maturity, driven by severe pricing dislocations across Russian, Venezuelan, and emerging market operators. Extreme distress is most visible in names like LUKOIL and PDVSA, where yields on select maturities span from tripledigit figures up to fourdigit anomalies like the LUKOIL 4.75% 2026 trading alongside deeply discounted PDVSA paper. While headline yields for issues such as the OROSGP 12% 2026 and MIEHOL zerocoupon notes reflect immense structural and execution risk, they present unique eventdriven deepvalue plays for sophisticated fixedincome desks navigating global energy sector repricing.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lukoil International Finance BV | …AL44 | 4.75 | 10416.183 | 62.5 | 2026-11-02 | NR | USD | 1BN | |
| 2 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 40.25 | 2026-11-15 | NR | USD | 4.5BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 89.48 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 66.63 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.69 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 69.65 | 2027-04-12 | NR | USD | 3BN | |
| 7 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.89 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.62 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 59.776 | 40.1943366 | 2028-11-24 | 2026-11-08 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.05 | 2032-05-17 | 2026-11-02 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.