Meituan bonds 3690.HK
Who owns Meituan'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. 3690.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 |
|---|---|---|---|---|---|---|---|---|---|
| 58533EAE3 | 4.5% fixed | 2028-04-02 | USD | 99.38 | 4.89% | 72 bp | 2 | $8.5M | Jul 2026 |
| YU0186319 | 4.5% fixed | 2028-04-02 | USD | 99.35 | 4.90% | 74 bp | 3 | $2.2M | Jul 2026 |
| 58533EAF0 | 4.625% fixed | 2029-10-02 | USD | 98.62 | 5.10% | 83 bp | 3 | $4.7M | Jul 2026 |
| G59669AF1 | 4.625% fixed | 2029-10-02 | USD | 98.67 | 5.08% | 82 bp | 4 | $5.0M | Jul 2026 |
| G59669AC8 | 3.05% fixed | 2030-10-28 | USD | 91.91 | 5.20% | 89 bp | 4 | $8.5M | Jul 2026 |
| 58533EAC7 | 3.05% fixed | 2030-10-28 | USD | 92.54 | 4.99% | 80 bp | 3 | $893K | Jun 2026 |
| G59669AG9 | 4.5% fixed | 2031-05-05 | USD | 96.49 | 5.34% | 102 bp | 3 | $1.2M | Jul 2026 |
| 58533EAG8 | 4.5% fixed | 2031-05-05 | USD | 96.46 | 5.35% | 103 bp | 2 | $3.5M | Jul 2026 |
| 58533EAH6 | 4.75% fixed | 2032-11-05 | USD | 96.93 | 5.32% | 103 bp | 3 | $14.2M | Jun 2026 |
| G59669AH7 | 4.75% fixed | 2032-11-05 | USD | 96.05 | 5.50% | 109 bp | 2 | $961K | Jul 2026 |
| 58533EAJ2 | 5.125% fixed | 2035-11-05 | USD | 94.66 | 5.88% | 131 bp | 2 | $2.7M | Jul 2026 |
| G59669AJ3 | 5.125% fixed | 2035-11-05 | USD | 94.70 | 5.87% | 131 bp | 2 | $1.1M | 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 | 10 | $38.5M | 96.47 | 5.27% | 96 bp | 4 |
| Jun 2026 | 11 | $116.2M | 97.60 | 4.99% | 80 bp | 4 |
| May 2026 | 8 | $45.9M | 97.60 | 4.98% | 85 bp | 3 |
| Apr 2026 | 10 | $55.0M | 97.45 | 5.03% | 110 bp | 4 |
| Mar 2026 | 11 | $122.1M | 97.30 | 4.99% | 117 bp | 4 |
| Feb 2026 | 8 | $45.3M | 99.81 | 4.47% | 79 bp | 3 |
| Jan 2026 | 11 | $58.3M | 99.41 | 4.65% | 85 bp | 6 |
| Dec 2025 | 10 | $121.2M | 99.33 | 4.62% | 93 bp | 7 |
| Nov 2025 | 5 | $26.5M | 99.30 | 4.53% | 86 bp | 3 |
| Oct 2025 | 8 | $46.0M | 100.09 | 4.55% | 92 bp | 6 |
| Sep 2025 | 8 | $96.1M | 99.82 | 4.56% | 89 bp | 12 |
| Aug 2025 | 5 | $28.5M | 99.64 | 4.53% | 74 bp | 8 |
| Jul 2025 | 6 | $39.8M | 99.62 | 4.69% | 79 bp | 6 |
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. 6 added, 1 cut, 0 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Bond Fund of America | 2026-06-30 | $52.7M | $50.3M | $0 |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $32.4M | $32.2M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $22.1M | $21.5M | $95K |
| Thornburg Strategic Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $14.6M | $14.5M | $0 |
| MFS Limited Maturity Fund MFS Series Trust IX | 2026-07-31 | $13.8M | $13.6M | $0 |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | $11.7M | $11.2M | $3.3M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.5M | $9.3M | $91K |
| New World Fund Inc | 2026-07-31 | $9.8M | $9.2M | $0 |
| Lord Abbett Core Fixed Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $7.5M | $7.3M | $0 |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $7.4M | $7.1M | $1.2M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $6.3M | $6.1M | $1.5M |
| MFS Commodity Strategy Fund MFS SERIES TRUST XV | 2026-07-31 | $3.1M | $3.0M | $0 |
| ABRDN ASIA-PACIFIC INCOME FUND, INC. | 2026-07-31 | $2.5M | $2.4M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $2.2M | $2.1M | $0 |
| Bond-Debenture Portfolio LORD ABBETT SERIES FUND INC | 2026-06-30 | $1.7M | $1.7M | $0 |
| Capital World Bond Fund | 2026-06-30 | $1.5M | $1.4M | $0 |
| iShares Core 1-5 Year USD Bond ETF iShares Trust | 2026-07-31 | $1.4M | $1.4M | $400K |
| MFS Limited Maturity Portfolio MFS VARIABLE INSURANCE TRUST III | 2026-06-30 | $1.4M | $1.4M | $0 |
| iShares J.P. Morgan EM Corporate Bond ETF iShares, Inc. | 2026-07-31 | $1.4M | $1.4M | $0 |
| MFS Diversified Income Fund MFS Series Trust XIII | 2026-05-31 | $786K | $768K | $0 |
| New World Fund AMERICAN FUNDS INSURANCE SERIES | 2026-06-30 | $600K | $555K | $0 |
| BlackRock Income Fund BlackRock Funds V | 2026-06-30 | $500K | $495K | $0 |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | $460K | $453K | $0 |
| iShares ESG Advanced Universal USD Bond ETF iShares Trust | 2026-05-31 | $400K | $380K | $0 |
| Core Bond Fund VALIC Co I | 2026-05-31 | $400K | $370K | -$224K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): MFS Emerging Markets Debt Fund ($18.2M), BlackRock Strategic Income Opportunities Portfolio ($6.0M), JPMorgan Global Active Allocation Portfolio ($2.9M).
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 |
|---|---|---|---|---|---|
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $22.1M | $21.5M | 0.10% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $9.5M | $9.3M | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 6 | $7.4M | $7.1M | 0.02% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $6.3M | $6.1M | 0.04% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 4 | $1.4M | $1.4M | 0.03% |
| CEMB iShares J.P. Morgan EM Corporate Bond ETF | 2026-07-31 | 6 | $1.4M | $1.4M | 0.33% |
| EUSB iShares ESG Advanced Universal USD Bond ETF | 2026-05-31 | 2 | $400K | $380K | 0.05% |
| UNIY WisdomTree VOYA Yield Enhanced USD Universal Bond Fund | 2026-05-31 | 1 | $200K | $185K | 0.01% |
| BNDP VANGUARD CORE-PLUS BOND INDEX ETF | 2026-06-30 | 1 | $5K | $5K | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.67: safer than 33% of companies (32th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $55.55B |
| Debt barrier (short-term + ½ long-term debt) | $7.62B |
| Equity volatility (1 year) | 61.7% |
| Asset value / asset volatility (solved) | $62.84B / 54.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 96 bp spread prices in about 1.6% 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'' = 0.45 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in 3690.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 | $426K | 0 | — | 0 | — | 0 |
| 2026-06-30 | 7 | $2.6M | 0 | — | 0 | — | 0 |
| 2026-03-31 | 6 | $2.4M | 0 | — | 0 | — | 0 |
| 2025-12-31 | 6 | $2.2M | 0 | — | 0 | — | 0 |
| 2025-09-30 | 7 | $2.0M | 0 | — | 0 | — | 0 |
| 2025-06-30 | 9 | $1.8M | 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.