Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition theme screens ten USD bonds across oil and gas, power and renewables issuers in Venezuela, Russia, Colombia, Indonesia, China, Singapore and the UK, all unrated or subinvestmentgrade. Headline yields are dominated by stressed credits: PDVSA 6% 2026 shows a 3,141.6% YTW at a 54.84 price, and OROSGP 12% 2026 yields 897.4% at 70.10. These levels reflect market pricing of default and recovery outcomes rather than income carry. Dispersion favours issuerlevel work over screenlevel yield. LUKOIL 2.8% 2027 yields 49.6% at 82.08, and BRAUIJ 2% 2028 yields 45.5% at 47.50, so recovery analysis, sanctions exposure and liquidity will drive relative value across the group.
| # | 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 | 2026-11-16 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 53.999 | 13.02 | 2032-05-17 | 2026-11-11 | 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.