Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition theme screens ten USDdenominated bonds across oil & gas, power and renewables issuers in emerging and developed markets, with sovereignlinked and distressed names making up much of the list. Headline yields are extreme: PDVSA's 6% 2026 notes show a 3,141.6% YTW at a price of 54.84, and PFCLN 9.75% 2026 shows 1,008.1%. These levels reflect deep distress and default risk rather than usable carry, so they should be read as signals of stressed pricing, not as opportunities. More conventional relative value sits in LUKOIL 2.8% 2027, priced at 82.08 with a 49.6% YTW, and BRAUIJ 2% 2028, priced at 47.5 with a 45.5% YTW. Both still carry elevated yields, but most of the screened universe is unrated, so issuerlevel credit analysis, sanctions and jurisdictional exposure, and liquidity assessment are essential before any position is considered.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 54.84 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 1176.135 | 16.49 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 93.79 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 70.1 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 35.23 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Canacol Energy Ltd. | …AC64 | 5.75 | 60.324 | 40.1943366 | 2028-11-24 | 2026-11-15 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 53.999 | 13.02 | 2032-05-17 | 2026-11-10 | High Yield 4 | USD | 217MM |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 49.585 | 82.08 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | PT Berau Coal | …AB18 | 2 | 45.521 | 47.5 | 2028-10-15 | No Rating | USD | 800MM | |
| 10 | Petroleos de Venezuela SA | …7205 | 5.5 | 38.369 | 16.51 | 2037-04-12 | NR | USD | 1.5BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.