Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector offers compelling durationlocking opportunities in the current yield environment, with topscreened longdated USD issues providing highsingledigit yields to worst ranging from approximately 7.50% to nearly 8.00%. Credit profiles across the screen remain predominantly investmentgrade—anchored by crossborder Mexican and Latin American quasisovereigns and assetbacked Canadian infrastructure—offering robust defensive cash flows alongside attractive riskadjusted spreads. Standout relative value includes the longend BRKHEC 7.375% of 2055 offering a 7.95% YTW, alongside deeply discounted Mexican utility issues like CFELEC 6.264% of 2052 at a 7.80% YTW and IENOVA 4.875% of 2048 trading at a significant cash price discount with a 7.51% YTW.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.95 | 98.2053572 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.802 | 83.10772 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.714 | 84.4 | 2045-06-16 | BBB | USD | 602MM | |
| 4 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.706 | 66.9378773 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 5 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.67 | 82.85 | 2042-02-14 | BBB | USD | 510MM | |
| 6 | National Gas Co of Trinidad and Tobago Ltd. | …AB71 | 6.05 | 7.668 | 89.4065 | 2036-01-15 | BBB- | USD | 340MM | |
| 7 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.657 | 95.75 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 8 | Banco Actinver SA | …AA88 | 7.25 | 7.511 | 97.71875 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 9 | Infraestructura Energetica Nova Sapi De CV | …AB40 | 4.875 | 7.508 | 72.25 | 2048-01-14 | 2047-07-14 | BBB | USD | 540MM |
| 10 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.49 | 103.015 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.