Japan Tobacco Inc. bonds 2914.T
Who owns Japan Tobacco Inc.'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. 2914.T 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 |
|---|---|---|---|---|---|---|---|---|---|
| 471105AC0 | 4.85% fixed | 2028-05-15 | USD | 100.32 | 4.66% | 47 bp | 10 | $36.0M | Jul 2026 |
| JP372680AR49 | 1.293% fixed | 2030-04-10 | JPY | — | — | — | 1 | $609K | Jul 2026 |
| 471105AD8 | 5.25% fixed | 2030-06-15 | USD | 101.13 | 4.92% | 63 bp | 7 | $17.7M | Jul 2026 |
| 471105AE6 | 5.85% fixed | 2035-06-15 | USD | 103.09 | 5.41% | 86 bp | 5 | $24.2M | 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 | 4 | $78.5M | 101.13 | 4.92% | 63 bp | 10 |
| Jun 2026 | 3 | $283.7M | 101.85 | 4.73% | 55 bp | 17 |
| May 2026 | 3 | $210.3M | 102.31 | 4.62% | 52 bp | 18 |
| Apr 2026 | 4 | $57.4M | 102.48 | 4.58% | 70 bp | 7 |
| Mar 2026 | 3 | $296.4M | 102.50 | 4.59% | 79 bp | 18 |
| Feb 2026 | 3 | $219.2M | 104.47 | 4.10% | 48 bp | 18 |
| Jan 2026 | 3 | $57.4M | 103.33 | 4.40% | 68 bp | 7 |
| Dec 2025 | 3 | $301.2M | 103.76 | 4.31% | 65 bp | 17 |
| Nov 2025 | 3 | $236.4M | 104.14 | 4.24% | 59 bp | 21 |
| Oct 2025 | 3 | $57.3M | 103.78 | 4.34% | 71 bp | 7 |
| Sep 2025 | 3 | $297.9M | 103.54 | 4.41% | 76 bp | 19 |
| Aug 2025 | 3 | $270.7M | 103.88 | 4.34% | 56 bp | 24 |
| Jul 2025 | 3 | $60.0M | 102.64 | 4.64% | 70 bp | 7 |
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. 7 added, 10 cut, 8 new holders and 9 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Dodge & Cox Income Fund Dodge & Cox Funds | 2026-06-30 | $172.7M | $176.6M | $0 |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $62.3M | $63.7M | $0 |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $30.4M | $31.9M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $26.9M | $27.1M | $0 |
| JPMorgan Core Plus Bond Fund JPMorgan Trust II | 2026-05-31 | $22.7M | $23.3M | $0 |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $21.8M | $22.4M | -$960K |
| MFS Income Fund MFS Series Trust VIII | 2026-07-31 | $19.9M | $20.5M | $0 |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $15.4M | $15.5M | $0 |
| Dimensional Ultrashort Fixed Income ETF Dimensional ETF Trust | 2026-07-31 | $13.2M | $13.3M | new |
| T. Rowe Price Short-Term Bond Fund, Inc. T. ROWE PRICE SHORT-TERM BOND FUND, INC. | 2026-05-31 | $10.3M | $10.4M | $0 |
| Fidelity Intermediate Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $9.9M | $10.1M | $0 |
| Lord Abbett Core Fixed Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $9.8M | $10.0M | $1.9M |
| MFS Limited Maturity Fund MFS Series Trust IX | 2026-07-31 | $9.4M | $9.4M | $0 |
| Dodge & Cox Balanced Fund Dodge & Cox Funds | 2026-06-30 | $8.6M | $8.8M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $6.8M | $6.9M | -$10K |
| JPMorgan Core Plus Bond ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $6.6M | $6.8M | $0 |
| Dodge & Cox Global Bond Fund Dodge & Cox Funds | 2026-06-30 | $6.1M | $6.3M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $5.6M | $5.8M | $40K |
| Fidelity Advisor Limited Term Bond Fund Fidelity Advisor Series II | 2026-05-31 | $5.5M | $5.6M | $0 |
| Strategic Advisers Fidelity Short Duration Fund Fidelity Rutland Square Trust II | 2026-05-31 | $5.0M | $5.0M | $4.5M |
| DFA Short-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $4.4M | $4.5M | new |
| Lord Abbett Core Plus Bond Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $4.1M | $4.3M | $0 |
| SIIT CORE FIXED INCOME FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $4.1M | $4.2M | $0 |
| Lord Abbett Total Return Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $3.4M | $3.5M | -$742K |
| PIMCO Sector Fund Series - I PIMCO FUNDS | 2026-06-30 | $3.3M | $3.5M | -$1.9M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Fidelity SAI International Credit Fund ($7.4M), Fidelity Total Bond Fund ($3.0M), Fidelity SAI Total Bond Fund ($1.5M), Fidelity Total Bond ETF ($740K), Fidelity Series International Credit Fund ($360K), Fidelity Total Bond K6 Fund ($340K), LVIP Fidelity Institutional AM(R) Total Bond Fund ($325K), T. Rowe Price Short Duration Income Fund ($320K), Fidelity International Credit Central Fund ($290K).
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 |
|---|---|---|---|---|---|
| DUSB Dimensional Ultrashort Fixed Income ETF | 2026-07-31 | 1 | $13.2M | $13.3M | 0.60% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $6.8M | $6.9M | 0.03% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 2 | $6.6M | $6.8M | 0.05% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $5.6M | $5.8M | 0.03% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $2.6M | $2.6M | 0.02% |
| USTB VictoryShares Short-Term Bond ETF | 2026-06-30 | 1 | $2.0M | $2.0M | 0.09% |
| MFSB MFS Active Core Plus Bond ETF | 2026-05-31 | 1 | $1.7M | $1.8M | 0.42% |
| FCOR Fidelity Corporate Bond ETF | 2026-05-31 | 1 | $1.2M | $1.3M | 0.38% |
| CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $997K | $1.0M | 0.06% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 3 | $815K | $825K | 0.00% |
| CORB AB Core Bond ETF | 2026-05-31 | 1 | $708K | $742K | 0.07% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 1 | $100.0M | $609K | 0.00% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 2 | $525K | $528K | 0.01% |
| FLTB Fidelity Limited Term Bond ETF | 2026-05-31 | 2 | $509K | $516K | 0.13% |
| CPLS AB Core Plus Bond ETF | 2026-05-31 | 2 | $300K | $304K | 0.14% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.92: safer than 36% of companies (30th percentile in Consumer Defensive). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $83.26B |
| Debt barrier (short-term + ½ long-term debt) | $5.66B |
| Equity volatility (1 year) | 70.1% |
| Asset value / asset volatility (solved) | $88.69B / 65.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 63 bp spread prices in about 1.1% 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'' = 4.61 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in 2914.T'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 | 2 | $480K | 0 | — | 0 | — | 0 |
| 2026-06-30 | 6 | $663K | 0 | — | 0 | — | 0 |
| 2026-03-31 | 5 | $587K | 0 | — | 0 | — | 0 |
| 2025-12-31 | 5 | $443K | 0 | — | 0 | — | 0 |
| 2025-09-30 | 4 | $293K | 0 | — | 0 | — | 0 |
| 2025-06-30 | 6 | $198K | 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.