Energy & Energy Transition

Energy, oil & gas and renewables issuers.

The Energy & Energy Transition theme screens ten USDdenominated oil, gas and renewables issuers across Venezuela, Russia, Indonesia, China, Colombia and the UK. Most are unrated or deeply discounted, so the group skews heavily toward high yield and distress. Headline yields are extreme: PDVSA's 6% 2026 notes show a 3,141.6% yieldtoworst at a 54.84 price, while CNECN 5.75% 2028 yields 60.3% and LUKOIL 2.8% 2027 yields 49.6%. These levels price in severe credit, sanctions and liquidity risk rather than offering conventional carry. The opportunity is relative value, not income. Discounts such as SCCPWR 4% 2032 at 13.02 and PDVSA 5.5% 2037 at 16.51 show how wide dispersion has become, rewarding investors who can underwrite recovery scenarios and issuerspecific risk.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.