Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector offers compelling entry points for institutional portfolios, with our topscreened USDdenominated universe delivering yields to worst ranging from roughly 7.57% to 7.94%. Highbeta and longduration opportunities are currently leading the screen, highlighted by the BRKHEC 7.375% maturing in 2055 at a 7.939% YTW and Electricité de France (EDF) paper yielding around 7.73% to 7.77%. Crossborder relative value remains exceptionally rich in investmentgrade emerging market infrastructure, with key Mexican utility issues such as CFELEC 6.264% maturing in 2052 and FIEMEX 7.25% offering robust yields near 7.74% and 7.59% respectively.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.939 | 98.25 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Electricite de France SA | …AA51 | 9.125 | 7.769 | 106.71875 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 3 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.741 | 83.7 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 4 | Electricite de France SA | …AA81 | 9.125 | 7.727 | 106.9375 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 5 | Cox Asset Mexico S.A. de C.V. | …AA45 | 7.125 | 7.71 | 97.5 | 2032-01-08 | 2031-12-08 | Inv Grade 4 | USD | 1BN |
| 6 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.651 | 67.4 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 7 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.607 | 85.35 | 2045-06-16 | BBB | USD | 602MM | |
| 8 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.606 | 96.3416667 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 9 | Banco Actinver SA | …AA88 | 7.25 | 7.592 | 97.035 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 10 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.572 | 102.36 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.