The infra300® Debt index is a representative market index that accurately reflects the monthly performance of recent senior debt from the 300 unlisted infrastructure companies that are also the constituents of the infra300 equity index.

Among the highlights of Q1 2026:

• The Infra300 Debt Index delivered weaker performance in Q1 2026 relative to the previous quarter, posting a -0.64% quarter-over-quarter total return. Performance was affected by a less supportive interest rate environment, as rising government bond yields across major markets put downward pressure on valuations. Higher underlying rates reduced price support for infrastructure debt during the quarter, and despite the income resilience of the asset class, negative price effects weighed on overall returns.

• In Q1 2026, yield increased by 43 bps to 5.23% compared with Q4 2025, continuing the upward movement seen in the previous quarter. The increase reflects a more demanding return environment for infrastructure debt, shaped by higher underlying rates and tighter valuation conditions across major markets during the quarter.

• In Q1 2026, the average senior infrastructure credit spread increased slightly by 6 bps, reaching 110, compared to Q4 2025.

• The top five performing debt instruments recorded an average quarter-over-quarter price decrease of 2%, primarily driven by wider credit spreads and a less supportive rate environment, which put downward pressure on valuations during the quarter.

• Cash returns of the infra300 Debt Index were 4.0% year-over-year, supported by the stable interest payments of private infrastructure debt instruments. Alongside price return, the income component reflects the predictable cash flows and strong debt servicing capacity of infrastructure borrowers.

• The Network Utilities sector featured as the strongest performer among the top five performing instruments, led by a 1.85% total return.

• In Q1 2026, merchant and regulated revenue companies were the largest contributors to the index decline, reducing returns by 0.13% and 0.41%, respectively, while contracted revenue companies contributed a smaller decline of 0.10%.

Read the full report.

Find out more about infraMetrics indices.