Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition screening cohort is currently dominated by distressed sovereignlinked credits and sanctioned entities trading at extreme discounts, presenting a highrisk, highdispersion opportunity set for opportunistic fixedincome investors. Yields across the screen reach astronomical territory due to geopolitical and restructuring overlays, exemplified by extreme distress in Russian and Venezuelan paper such as the LUKOIL 4.75% 2026 trading at a yieldtoworst exceeding 1,000% alongside multiple distressed PDVSA lines. Beyond the distressed tail, relative value emerges in select emerging market and specialized energy issues offering substantial doubledigit yields, such as the LUKOIL 2.8% 2027 at a 60.4% YTW and the CNECN 5.75% 2028 offering a 59.8% YTW.
| # | 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 | 41.86 | 2026-11-15 | NR | USD | 4.5BN | |
| 3 | Petroleos de Venezuela SA | …4954 | 5.375 | 1176.135 | 16.05 | 2027-04-12 | NR | USD | 3BN | |
| 4 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 90.07 | 2026-11-15 | NR | USD | 600MM | |
| 5 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 67.04 | 2026-12-20 | No Rating | USD | 318MM | |
| 6 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.77 | 2028-02-29 | No Rating | USD | 272MM | |
| 7 | Lukoil International Finance BV | …5886 | 4.75 | 108.367 | 99.92 | 2026-11-02 | NR | USD | 1BN | |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.65 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | Canacol Energy Ltd. | …AC64 | 5.75 | 59.776 | 40.24 | 2028-11-24 | 2026-11-08 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.05 | 2032-05-17 | 2026-11-03 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.