Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
Regulated utilities and infrastructure offer contracted, defensive cash flows, and this screen of ten USD bonds yields roughly 7.5% to 7.7%, a meaningful pickup for investors willing to accept longer maturities. Most of the list is investment grade, with the bulk rated BBB. Mexican utility paper dominates the ranking. CFE's 6.264% 2052s yield 7.578% and its 4.677% 2051s yield 7.533%, while IENOVA's 4.75% 2051s offer 7.499%, giving investors several tenors and coupon structures from a single sovereignlinked credit cluster. Canadian and UK names add diversification. Brookfield Infrastructure Partners' 6.75% 2055s yield 7.508% but are rated BBB, the lowest investmentgrade notch on the screen, so spread compensation there should be weighed carefully against its rating. VALIAE's 7.875% 2039s, quoted at 103.11, yield 7.478%. BRKHEC's 7.738% yield leads the list, but its BB rating sits below the theme's investmentgrade mandate, so it warrants separate credit scrutiny before being treated as a core holding.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.738 | 98.875 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.578 | 85.29713 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 3 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.533 | 68.385 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 4 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.524 | 86.1 | 2045-06-16 | BBB | USD | 602MM | |
| 5 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.508 | 97.4875 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 6 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.499 | 69.509 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
| 7 | Banco Actinver SA | …AA88 | 7.25 | 7.498 | 97.8366667 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 8 | Infraestructura Energetica Nova Sapi De CV | …AB40 | 4.875 | 7.494 | 72.3955 | 2048-01-14 | 2047-07-14 | BBB | USD | 539MM |
| 9 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.479 | 84.4 | 2042-02-14 | BBB | USD | 510MM | |
| 10 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.478 | 103.1075 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.