Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition theme spans ten USDdenominated oil & gas, power and renewableslinked issuers, mostly from emerging and frontier markets, with yields ranging from roughly 38% to over 3,000%. The headline yields are extreme: PDVSA 6% 2026 (YTW 3,141.6% at 54.84) and PFCLN 9.75% 2026 (YTW 1,008.1% at 95.77) reflect distressed pricing and default risk rather than income. Further down, LUKOIL 2.8% 2027 (YTW 49.6% at 82.34) and CNECN 5.75% 2028 (YTW 60.3% at 40.33) show how sanctions exposure and credit quality drive wide dispersion, so relative value depends heavily on issuerlevel analysis.
| # | 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 | 16.72 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 95.77 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 71.52 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 35.46 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Canacol Energy Ltd. | …AC64 | 5.75 | 60.324 | 40.33 | 2028-11-24 | 2026-11-16 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 53.999 | 13.04 | 2032-05-17 | 2026-11-11 | High Yield 4 | USD | 217MM |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 49.585 | 82.34 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | PT Berau Coal | …AB18 | 2 | 45.521 | 47.65 | 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.