Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector presents compelling relative value for fixedincome investors seeking highsingledigit yields anchored by essentialservice cash flows. The current screening highlights longdated, dollardenominated issuance offering attractive term premiums across both North American and crossborder issuers. Yieldtoworst levels are hovering in the 7.50% to 7.95% range, led by select highcoupon outliers such as the BRKHEC 7.375% maturing in 2055, which screens with a 7.95% YTW at a price of 98.21. Crossborder regulated entities also offer strong income generation, evidenced by the CFELEC 6.264% of 2052 trading at an 7.80% YTW and the BIP 6.75% of 2055 offering a 7.66% YTW, providing portfolio managers with diversified duration and robust spread pickup within investmentgrade parameters.
| # | 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.