Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and transition screen highlights extreme distress and pricing dislocations across emergingmarket oil and gas credits, driven by geopolitical sanctions and sovereign defaults rather than fundamental operational failure. Yieldtoworst metrics expose massive divergence within the same corporate complex, such as Lukoil's US549876AL44 quoting at a staggering 10,416% YTW while its Euroclearcleared peer trades down at a more normalized 108% YTW. Deepvalue opportunities also dominate distressed Venezuelan sovereignlinked paper like PDVSA's 2026 and 2027 maturities yielding well into the quadruple digits, offering highbeta speculators asymmetric riskreward profiles amid shifting sanctions landscapes.
| # | 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 | 2026-11-09 | NR | USD | 495MM |
| 10 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.05 | 2032-05-17 | 2026-11-04 | High Yield 4 | USD | 217MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.