Sands China Ltd. bonds 1928.HK
Who owns Sands China Ltd.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. 1928.HK stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 80007RAN5 | 2.3% fixed | 2027-03-08 | USD | 98.49 | 4.85% | 97 bp | 6 | $14.0M | Jul 2026 |
| 80007RAE5 | 5.4% fixed | 2028-08-08 | USD | 100.57 | 5.10% | 88 bp | 18 | $44.6M | Jul 2026 |
| 80007RAQ8 | 2.85% fixed | 2029-03-08 | USD | 94.45 | 5.15% | 91 bp | 14 | $33.0M | Jul 2026 |
| 80007RAL9 | 4.375% fixed | 2030-06-18 | USD | 96.35 | 5.43% | 114 bp | 16 | $18.1M | Jul 2026 |
| G7801RAD1 | 4.375% variable | 2030-06-18 | USD | 97.00 | — | — | 1 | $844K | Jun 2026 |
| 80007RAS4 | 3.25% fixed | 2031-08-08 | USD | 90.38 | 5.47% | 114 bp | 10 | $9.8M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 5 | $119.6M | 96.35 | 5.29% | 102 bp | 18 |
| Jun 2026 | 6 | $540.3M | 96.98 | 5.13% | 98 bp | 57 |
| May 2026 | 5 | $152.7M | 97.71 | 4.91% | 85 bp | 23 |
| Apr 2026 | 5 | $132.7M | 97.83 | 4.90% | 106 bp | 20 |
| Mar 2026 | 6 | $525.8M | 96.54 | 5.19% | 140 bp | 58 |
| Feb 2026 | 5 | $159.2M | 98.19 | 4.48% | 98 bp | 23 |
| Jan 2026 | 5 | $134.3M | 97.77 | 4.56% | 97 bp | 20 |
| Dec 2025 | 8 | $603.5M | 98.72 | 4.61% | 104 bp | 55 |
| Nov 2025 | 6 | $160.2M | 97.61 | 4.77% | 121 bp | 22 |
| Oct 2025 | 6 | $160.6M | 97.82 | 4.58% | 105 bp | 20 |
| Sep 2025 | 8 | $610.0M | 98.38 | 4.71% | 107 bp | 59 |
| Aug 2025 | 6 | $158.8M | 97.16 | 4.86% | 116 bp | 21 |
| Jul 2025 | 6 | $152.5M | 96.45 | 5.11% | 124 bp | 25 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 28 added, 19 cut, 1 new holders and 9 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $117.9M | $114.0M | $0 |
| Bond Fund of America | 2026-06-30 | $110.7M | $108.8M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $54.6M | $54.1M | $2.6M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $52.2M | $50.9M | $2.2M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $42.4M | $41.3M | $0 |
| American Funds Global Balanced Fund | 2026-07-31 | $25.2M | $24.6M | $0 |
| Capital World Bond Fund | 2026-06-30 | $23.1M | $23.2M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $21.2M | $20.8M | $855K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $17.9M | $17.7M | -$5.4M |
| Western Asset Core Plus Bond Fund Western Asset Funds Inc | 2026-06-30 | $16.4M | $16.0M | $0 |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $15.4M | $15.4M | $4.2M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | $15.7M | $14.9M | $6.6M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $16.1M | $14.8M | -$1.3M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $14.4M | $14.0M | -$2.2M |
| Western Asset Core Bond Fund Western Asset Funds Inc | 2026-06-30 | $14.4M | $14.0M | $0 |
| iShares iBonds Dec 2028 Term Corporate ETF iShares Trust | 2026-07-31 | $12.4M | $12.5M | $744K |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $11.4M | $10.8M | -$3.9M |
| Capital Income Builder | 2026-07-31 | $10.0M | $9.5M | $0 |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) PIMCO FUNDS | 2026-06-30 | $9.2M | $9.3M | $0 |
| American Balanced Fund | 2026-06-30 | $8.6M | $8.5M | $0 |
| Intermediate Bond Fund of America | 2026-05-31 | $8.0M | $7.9M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $8.0M | $7.7M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $7.4M | $7.3M | -$560K |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.4M | $7.2M | -$415K |
| State Street(R) My2028 Corporate Bond ETF SSGA Active Trust | 2026-05-31 | $6.0M | $6.1M | $3.8M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Lord Abbett Short Duration High Yield Fund ($9.3M), Nuveen Emerging Markets Debt Fund ($2.0M), PIMCO Emerging Markets Corporate Bond Fund ($550K), BlackRock Systematic Multi-Strategy Fund ($420K), JPMorgan BetaBuilders U.S. Aggregate Bond ETF ($358K), Western Asset Income Fund ($300K), FlexShares ESG & Climate Investment Grade Corporate Core Index Fund ($200K), Core Fixed Income Fund ($200K), Fixed Income Fund ($100).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $54.6M | $54.1M | 0.11% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $52.2M | $50.9M | 0.01% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $21.2M | $20.8M | 0.03% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $17.9M | $17.7M | 0.08% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $15.4M | $15.4M | 0.15% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $16.1M | $14.8M | 0.02% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 4 | $14.4M | $14.0M | 0.01% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 1 | $12.4M | $12.5M | 0.31% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $7.4M | $7.3M | 0.04% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 4 | $7.4M | $7.2M | 0.06% |
| MYCH State Street(R) My2028 Corporate Bond ETF | 2026-05-31 | 1 | $6.0M | $6.1M | 1.10% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 1 | $4.8M | $4.7M | 0.12% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 4 | $4.6M | $4.4M | 0.01% |
| IBDU iShares iBonds Dec 2029 Term Corporate ETF | 2026-07-31 | 1 | $4.5M | $4.2M | 0.10% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 1 | $4.5M | $4.0M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 1.48: safer than 10% of companies (8th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $12.22B |
| Debt barrier (short-term + ½ long-term debt) | $3.52B |
| Equity volatility (1 year) | 102.0% |
| Asset value / asset volatility (solved) | $15.53B / 81.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 102 bp spread prices in about 1.7% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z'' = 0.37 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in 1928.HK's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 1 | $62K | 0 | — | 0 | — | 0 |
| 2026-06-30 | 3 | $101K | 0 | — | 0 | — | 0 |
| 2026-03-31 | 2 | $89K | 0 | — | 0 | — | 0 |
| 2025-12-31 | 2 | $90K | 0 | — | 0 | — | 0 |
| 2025-09-30 | 2 | $74K | 0 | — | 0 | — | 0 |
| 2025-06-30 | 4 | $58K | 0 | — | 0 | — | 0 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.