Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
The utilities and regulated infrastructure sector offers professional fixedincome investors compelling longduration entry points, with the topscreened USDdenominated cohort delivering yieldstoworst consistently clustering between 7.50% and 7.90%. Highcoupon issuance dominates the upper tiers of the opportunity set, highlighted by Berkshire Hathaway Energy’s 7.375% 2055 maturing paper trading near par at a 7.871% YTW alongside deeply discounted Mexican quasisovereign names like Comisión Federal de Electricidad (CFELEC) locking in YTWs above 7.55% across multiple longdated maturities. Global diversification across investmentgrade and crossover credits further enhances the relative value proposition, featuring strong absolute yields from crossborder issuers such as Canadiananchored Brookfield Infrastructure (BIP 6.75% 2055 at 7.523% YTW) and select European utility structures trading at attractive relative spreads.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.871 | 98.4625 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.637 | 84.71566 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.627 | 67.6 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 4 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.618 | 83.29 | 2042-02-14 | BBB | USD | 510MM | |
| 5 | Electricite de France SA | …AA81 | 9.125 | 7.617 | 107.4914 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 6 | Electricite de France SA | …AA51 | 9.125 | 7.592 | 107.625 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
| 7 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.58 | 85.6 | 2045-06-16 | BBB | USD | 602MM | |
| 8 | Guangzhou Development District Holding Group Co Ltd. | …8466 | 2.85 | 7.576 | 99.005 | 2027-01-19 | Inv Grade 4 | USD | 490MM | |
| 9 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.523 | 97.3125 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 10 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.522 | 69.3125 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.