4Q Oil & Gas Debt Databook

November 9, 2020

4Q Oil & Gas Debt Databook

Market Updates

4Q 2020 Oil & Gas Fixed Income Data Book

This data book provides a reference guide to the listed oil & gas fixed income securities, and their performance.

This quarter, the highlights are:

1. Issuance has slowed since the start of the Covid-19 pandemic.

2. Despite the Covid-19 pandemic, issuance has continued its upward trend in to 2020.

3. Capital discipline has kept the average non-default credit above Junk.

4. Yield/Coupon spreads show that below “Ba”, investors have significant concerns that the risk of default has been elevated.

5. The minor increased in yield associated with unrated bonds is believed to be associated with poor pricing liquidity.

6. The period 2021 to 2026 is going to be a testing time for the sector, as maturities start to significantly impact the sector.

7. Defaults have accelerated in to 2020 as the low oil price environment and Covid-19 pull-back in liquidity has seen a number of “usually” solvent companies forced in to creditor arrangements.

8. The full impact of Covid-19 is captured by the sharp increase in defaults from June 2020 onwards. Whether any of these defaulting issues will be cured remains to be seen and will reflect the purveying attitude towards oil & gas issues.

See the “Fixed Income Issue Tear Sheets” for a listing of the Issuers contained within this document.

The data book can be downloaded here.

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