Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The regulated utilities and infrastructure sector currently offers compelling riskadjusted entry points in USDdenominated paper, driven by wide risk premiums and deepdiscount pricing across several longdated tranches. Notable relative value is present in crossborder sovereignbacked issuers, with Comisión Federal de Electricidad (CFELEC) curves offering yields to worst between 7.55% and 7.74% on maturities spanning the 2042 to 2052 horizon. Highcoupon longduration assets further up the risk spectrum—such as the Berkshire Hathaway Energy (BRKHEC) 7.375% maturing in 2055 at a 7.86% YTW and Brookfield Infrastructure (BIP) 6.75% lines—provide strong income lockin for portfolios targeting longterm yield generation.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.867 | 98.475 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.741 | 83.7 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.639 | 67.5 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 4 | Electricite de France SA | …AA81 | 9.125 | 7.635 | 107.4080883 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 5 | Electricite de France SA | …AA51 | 9.125 | 7.616 | 107.5054167 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 6 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.602 | 85.4 | 2045-06-16 | BBB | USD | 602MM | |
| 7 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.553 | 83.8 | 2042-02-14 | BBB | USD | 510MM | |
| 8 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.544 | 97.0625 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 9 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.509 | 102.86 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
| 10 | Banco Actinver SA | …AA88 | 7.25 | 7.504 | 97.7825 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.