Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector presents compelling relative value for fixedincome portfolios, driven by robust cashflow visibility and defensive demand characteristics across developed and emerging markets. Yields across this screened universe are notably elevated, offering professional investors attractive income generation through longduration assets like the BRKHEC 7.375% maturing in 2055 at a 7.95% yieldtoworst. Additional yield enhancement is available further down the credit spectrum and in crossborder issuances, highlighted by investmentgrade Mexican utility paper such as the CFELEC 6.264% due 2052 yielding 7.71%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Enel Americas SA | …AF18 | 4 | 18.358 | 99.9183 | 2026-10-25 | BB+ | USD | 600MM | |
| 2 | PacifiCorp. | …DF26 | 7.375 | 7.95 | 98.2109375 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 3 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.71 | 84 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 4 | Electricite de France SA | …AA81 | 9.125 | 7.686 | 107.1597223 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 5 | Electricite de France SA | …AA51 | 9.125 | 7.682 | 107.1805556 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 6 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.678 | 95.52 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 7 | National Gas Co of Trinidad and Tobago Ltd. | …AB71 | 6.05 | 7.672 | 89.4005 | 2036-01-15 | BBB- | USD | 340MM | |
| 8 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.65 | 67.4 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 9 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.579 | 85.6 | 2045-06-16 | BBB | USD | 602MM | |
| 10 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.577 | 83.6 | 2042-02-14 | BBB | USD | 510MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.