Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector is currently offering compelling entry points in the USDdenominated space, driven by longdated paper trading at attractive discount prices and robust nominal yields. Relative value opportunities are concentrated across crossborder issuers offering generous risk premiums, highlighted by highyielding longduration profiles such as Berkshire Hathaway Energy's 2055 maturity offering a 7.867% YTW and various longdated issues from Comisión Federal de Electricity (CFELEC) delivering yields in the mid7% range. Credit quality remains supported by essentialservice demand and predictable regulatory frameworks, with investmentgrade and crossover names like Brookfield Infrastructure Partners (BIP) providing reliable income alongside yields approaching 7.544%.
| # | 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.