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, led by unrated and subinvestmentgrade issuers in Venezuela, Russia, Colombia, Indonesia and the UK. Screened yields are extreme: PDVSA 5.375% 2027 (price 16.13, YTW 1,253.8%) and SCCPWR 4% 2032 (price 13.01, YTW 54.2%) reflect distressed pricing, so recovery and restructuring outcomes will drive returns more than coupon carry. LUKOIL 2.8% 2027 (price 82, YTW 51.8%) and BRAUIJ 2% 2028 (price 47.55, YTW 45.9%) offer shorterdated exposure, though sanctions, liquidity and sovereign risk make them relativevalue candidates rather than core holdings. The 1,008% YTW on PFCLN 9.75% 2026, priced at 98.55, is implausible for a nearpar bond and should be verified against market data before any comparison is drawn.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 30197.574 | 35.5 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 1253.825 | 16.13 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Petrofac Ltd. | …AF87 | 9.75 | 1008.131 | 98.55 | 2026-11-15 | NR | USD | 600MM | |
| 4 | Oro Sg Pte Ltd | …1505 | 12 | 897.366 | 73.5 | 2026-12-20 | No Rating | USD | 318MM | |
| 5 | MIE Holdings Corporation | …3636 | 0 | 158.464 | 35.78 | 2028-02-29 | No Rating | USD | 272MM | |
| 6 | Canacol Energy Ltd. | …AC64 | 5.75 | 60.324 | 40.52 | 2028-11-24 | 2026-11-22 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 54.158 | 13.01 | 2032-05-17 | 2026-11-17 | High Yield 4 | USD | 217MM |
| 8 | Lukoil Capital Designated Activity Company | …1448 | 2.8 | 51.812 | 82 | 2027-04-26 | 2027-01-26 | No Rating | USD | 1.15BN |
| 9 | PT Berau Coal | …AB18 | 2 | 45.922 | 47.55 | 2028-10-15 | No Rating | USD | 800MM | |
| 10 | Petroleos de Venezuela SA | …7205 | 5.5 | 38.394 | 16.5 | 2037-04-12 | NR | USD | 1.5BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.