Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
Regulated utilities and infrastructure offer defensive, predictable cash flows, supported by ratebase regulation and essentialservice demand. This theme screens ten USDdenominated issues, led by GZGETH's 8.42% yield to its January 2027 maturity. Mexican issuers dominate the list on relative value. CFE's 2045 and 2052 bonds yield roughly 7.56% and 7.64% at BBB ratings, while IENOVA's 2051 bond offers about 7.45% at a price near 70. The yield pickup over US utility peers largely reflects the emergingmarket and sovereignlinked risk premium that investors are being paid to hold. Much of that premium is absorbed by the BBBrated core, which keeps credit quality firmly investment grade. BRKHEC's 7.69% 2055 bond is the clear exception, as the only BBrated name and the highest longdated yield in the set. Its lower rating marks a meaningful step down in credit quality, so it warrants closer scrutiny than the rest of the group.
| # | 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 | 98.92 | 2027-01-19 | Inv Grade 4 | USD | 490MM | |
| 2 | PacifiCorp. | …DF26 | 7.375 | 7.69 | 99.025 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 3 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.638 | 84.7 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 4 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.558 | 85.8 | 2045-06-16 | BBB | USD | 602MM | |
| 5 | Banco Actinver SA | …AA88 | 7.25 | 7.542 | 97.465 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 6 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.517 | 84.1 | 2042-02-14 | BBB | USD | 510MM | |
| 7 | Infraestructura Energetica Nova Sapi De CV | …AB40 | 4.875 | 7.513 | 72.2455 | 2048-01-14 | 2047-07-14 | BBB | USD | 539MM |
| 8 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.489 | 103.01 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
| 9 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.458 | 69.0148753 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 10 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.452 | 69.91 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.