Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
Regulated utilities and infrastructure issuers generate predictable, contracted cash flows that appeal to investors seeking income with defensive characteristics. This tenbond screen offers yields from roughly 7.5% to 8.4%, with most of the list anchored in longdated paper that carries significant term premium. Mexican issuers dominate the upper ranks and offer compelling carry. CFE's 2051 bond yields 7.533% and its 2045 bond 7.524%, while FIEMEX's 2041 bond yields 7.562% at a BBB rating. IENOVA's 2051 bond, at 7.482%, completes a strong regional cluster that compares well with US peers on a relativevalue basis. US and Canadian names add diversification and a range of credit quality. Sempra's 2052 bond (SRE) yields 7.533% at BBB, and Brookfield Infrastructure's 2055 paper (BIP) yields 7.515%. BRKHEC's 7.72% BBrated 2055 bond extends the curve further for investors comfortable with a lower rating.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Guangzhou Development District Holding Group Co Ltd. | …8466 | 2.85 | 8.421 | 98.875 | 2027-01-19 | Inv Grade 4 | USD | 490MM | |
| 2 | PacifiCorp. | …DF26 | 7.375 | 7.72 | 98.93 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 3 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.578 | 85.29713 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 4 | Banco Actinver SA | …AA88 | 7.25 | 7.562 | 97.2916667 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 5 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.533 | 68.385 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 6 | Sempra | …BM02 | 4.125 | 7.533 | 99.5083334 | 2052-04-01 | 2027-01-01 | BBB- | USD | 1BN |
| 7 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.524 | 86.1 | 2045-06-16 | BBB | USD | 602MM | |
| 8 | Brookfield Infrastructure Finance ULC | …AA70 | 6.75 | 7.515 | 97.405 | 2055-03-15 | 2029-12-15 | BBB- | USD | 300MM |
| 9 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.482 | 69.655 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
| 10 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.479 | 84.4 | 2042-02-14 | BBB | USD | 510MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.