Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy and energy transition theme screens ten USDdenominated bonds from oil & gas and renewables issuers across Venezuela, Russia, the UK, Singapore, China, Colombia and Indonesia, with no investmentgrade credits in the top ranks. Headline yields are extreme: PDVSA 6% 2026 shows a YTW of 20,145% at a 35.5 price, and PDVSA 5.5% 2037 shows 38.4% at 16.51. These levels point to distressed pricing or data anomalies rather than carry that can be underwritten. The most conventional profiles sit in the shortdated, nearpar names: PFCLN 9.75% 2026 at 96.45 and LUKOIL 2.8% 2027 at 82.42. Their YTW figures also need verification, so for this theme price and maturity, not the headline yield, should anchor the relativevalue discussion.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 20145.644 | 35.5 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 1176.135 | 16.79 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 96.45 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 72 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 35.54 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Canacol Energy Ltd. | …AC64 | 5.75 | 60.324 | 40.38 | 2028-11-24 | 2026-11-21 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 53.999 | 13.05 | 2032-05-17 | 2026-11-16 | High Yield 4 | USD | 217MM |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 49.585 | 82.42 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | PT Berau Coal | …AB18 | 2 | 45.922 | 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.