Energy & Energy Transition
Energy, oil & gas and renewables issuers.
The energy theme spans oil and gas producers, power developers and renewables issuers across emerging and developed markets, with headline yields ranging from about 38% to above 1,000%. The most extreme yields sit in distressed credits. PDVSA's 2026 notes (YTW c.30,198%, price 35.5) and its 2027 bond (YTW c.1,254%, price 16.13) reflect deep price dislocation and unrated, stressed credit rather than usable carry. Shorterdated, nearpar paper offers a different profile. PFCLN 9.75% 2026 (price 98.55, YTW c.1,008%) and OROSGP 12% 2026 (price 73.5, YTW c.897%) have brief remaining lives, so their yields are highly sensitive to refinancing and recovery outcomes. Relatively less distressed names include BRAUIJ 2% 2028 (Indonesia, YTW 45.9%) and CNECN 5.75% 2028 (Colombia, YTW 60.3%), where price levels suggest the market is pricing elevated, but not terminal, risk.
| # | 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 | 2026-11-23 | NR | USD | 495MM |
| 7 | SCC Power PLC | …AC20 | 4 | 54.158 | 13.01 | 2032-05-17 | 2026-11-18 | 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.