Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and transition screen covers ten USD bonds across oil and gas, power and renewables, with yieldstoworst from about 45% to over 3,000%. That dispersion reflects stressed pricing rather than conventional carry. The top of the ranking is dominated by unrated, distressed credits: PDVSA's 2026 bond (3,141.6% YTW at 49.74) and 2027 bond (1,176.1% at 16.34), alongside PFCLN 9.75% 2026 (1,008.1%) and OROSGP 12% 2026 (897.4%). For these, price moves will matter more than coupon. Relative value is more differentiated lower down the list: LUKOIL 2.8% 2027 yields 60.4% at 93.78, CNECN 5.75% 2028 yields 59.8% at 40.43, and BRAUIJ 2% 2028 yields 45.4% at 47.50. These sit across different credit and sanctions profiles, so the yields need to be read against each issuer's specific risk.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 49.74 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 1176.135 | 16.34 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 92.51 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 69.2 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 35.08 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 60.409 | 93.78 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 7 | Canacol Energy Ltd. | …AC64 | 5.75 | 59.776 | 40.43 | 2028-11-24 | 2026-11-14 | NR | USD | 495MM |
| 8 | SCC Power PLC | …AC20 | 4 | 53.999 | 13 | 2032-05-17 | 2026-11-09 | 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 | 45.389 | 47.5 | 2028-10-15 | No Rating | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.