Utilities & Regulated Infrastructure
Investment-grade utilities and infrastructure issuers.
Regulated utilities and infrastructure issuers offer predictable, rateregulated cash flows, and this screen of ten USD bonds yields roughly 7.4% to 7.8% to worst, a substantial pickup for the sector's credit profile. Mexican issuers dominate the list, with CFE's 6.125% 2045s at 7.626% and 5.75% 2042s at 7.543%, both rated BBB, offering high yields for investmentgrade paper. IENOVA's 4.75% 2051s, priced at 69.52, yield 7.499% and show how discounted longdated bonds can enhance income. At the lowerrated end, BRKHEC's 7.375% 2055s yield 7.769%, the highest on the list, reflecting the BB rating. EDF's 9.125% issue at 7.455% YTW, with a BB rating, looks rich against BBB names such as CFE's 2042s, so relative value depends heavily on the rating and maturity tradeoff.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PacifiCorp. | …DF26 | 7.375 | 7.769 | 98.7833333 | 2055-09-15 | 2030-06-17 | BB | USD | 850MM |
| 2 | Comision Federal de Electricidad | …AR95 | 6.125 | 7.626 | 85.2 | 2045-06-16 | BBB | USD | 602MM | |
| 3 | Comision Federal de Electricidad | …BR86 | 6.264 | 7.604 | 85.0428 | 2052-02-15 | 2051-08-15 | BBB | USD | 473MM |
| 4 | Empresas Publicas de Medellin | …BC09 | 4.375 | 7.543 | 88.63782 | 2031-02-15 | 2030-11-15 | Inv Grade 4 | USD | 575MM |
| 5 | Comision Federal de Electricidad | …AK43 | 5.75 | 7.543 | 83.9 | 2042-02-14 | BBB | USD | 510MM | |
| 6 | Banco Actinver SA | …AA88 | 7.25 | 7.511 | 97.724 | 2041-01-31 | 2040-07-31 | BBB | USD | 1.46BN |
| 7 | Buffalo Energy Mexico Holding S A De C V | …AA09 | 7.875 | 7.508 | 102.8575 | 2039-02-15 | 2038-11-15 | BBB *- | USD | 521MM |
| 8 | Infraestructura Energetica Nova Sapi De CV | …AC23 | 4.75 | 7.499 | 69.5185 | 2051-01-15 | 2050-07-15 | BBB | USD | 800MM |
| 9 | Comision Federal de Electricidad | …AE80 | 4.677 | 7.494 | 68.715 | 2051-02-09 | 2050-08-09 | BBB | USD | 613MM |
| 10 | Electricite de France SA | …AA51 | 9.125 | 7.455 | 108.3143 | 2173-06-15 | 2033-03-15 | BB- | USD | 1.5BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.