Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The Utilities and Regulated Infrastructure screen highlights a compelling cohort of longduration, investmentgrade, and crossover USD issues offering attractive yieldtoworst profiles between 7.50% and 7.86% in a volatile macroeconomic environment. Crossborder relative value is heavily concentrated in Mexican stateowned and private power providers, with the CFELEC 6.264% of 2052 and FIEMEX 7.25% of 2041 yielding 7.79% and 7.54% respectively, presenting strong riskadjusted carry relative to domestic peers. Longend and discounted paper—such as the BRKHEC 7.375% of 2055 trading at 98.50 with a 7.86% YTW and the deeply discounted CFELEC 4.677% of 2051—provide fixedincome allocators with an opportunity to lock in substantial structural yield and capital appreciation potential.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.858 | 98.5 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.793 | 83.2 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.688 | 67.1 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 4 | Electricite de France SA | …AA81 | 9.125 | 7.634 | 107.4151786 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 5 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.629 | 83.2 | 2042-02-14 | BBB | USD | 510MM | |
| 6 | Electricite de France SA | …AA51 | 9.125 | 7.626 | 107.4560185 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 7 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.591 | 85.5 | 2045-06-16 | BBB | USD | 602MM | |
| 8 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.555 | 96.9333334 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 9 | Banco Actinver SA | …AA88 | 7.25 | 7.54 | 97.4775 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 10 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.525 | 102.73 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.