Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy screen highlights a bifurcated credit universe defined by acute geopolitical distress and deep financial distress, where extreme distressed yields like PDVSA's 3,141.6% and Petrofac's (PFCLN) 1,008.1% reflect severe default pricing and restructuring risk rather than traditional fundamental value. Amid this highbeta cohort, sanctionimpacted Russian exposures such as Lukoil's 2027 maturity yielding 60.4% and Gazprom's yielding 47.0% trade at significant discounts that command rigorous crossborder sanctions analysis and liquidity assessment. Meanwhile, emerging market energy credits including MIE Holdings (MIEHOL) at a 158.5% yield and Canacol Energy (CNECN) at 59.8% offer highoctane carry opportunities for institutional desks willing to navigate localized regulatory and operational headwinds.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 45.47 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 1176.135 | 16.19 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 91.27 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 68.32 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 34.92 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.71 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 7 | Canacol Energy Ltd. | …AC64 | 5.75 | 59.776 | 40.33 | 2028-11-24 | 2026-11-09 | NR | USD | 495MM |
| 8 | SCC Power PLC | …AC20 | 4 | 53.785 | 13.07 | 2032-05-17 | 2026-11-07 | High Yield 4 | USD | 217MM |
| 9 | Gaz Finance plc | …1095 | 8.114 | 47.043 | 100.13 | 2170-10-26 | 2027-01-26 | NR | USD | 331MM |
| 10 | PT Berau Coal | …AB18 | 2 | 45.257 | 47.5 | 2028-10-15 | No Rating | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.