Alcoa Corporation bonds AA
Who owns Alcoa Corporation'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. AA 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 |
|---|---|---|---|---|---|---|---|---|---|
| 013822AC5 | 6.125% fixed | 2028-05-15 | USD | 100.02 | 6.11% | 231 bp | 7 | $13.0M | Apr 2026 |
| 013822AG6 | 4.125% fixed | 2029-03-31 | USD | 96.58 | 5.52% | 127 bp | 17 | $41.5M | Jul 2026 |
| 02220AAA5 | 6.125% fixed | 2030-03-15 | USD | 100.83 | 5.86% | 158 bp | 29 | $90.1M | Jul 2026 |
| 013822AH4 | 7.125% fixed | 2031-03-15 | USD | 102.88 | 6.39% | 208 bp | 28 | $82.7M | Jul 2026 |
| 02220AAB3 | 6.375% fixed | 2032-09-15 | USD | 100.68 | 6.24% | 183 bp | 23 | $80.6M | 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 | $294.9M | 100.76 | 6.05% | 171 bp | 29 |
| Jun 2026 | 4 | $282.1M | 101.66 | 5.84% | 162 bp | 40 |
| May 2026 | 4 | $170.1M | 102.41 | 5.67% | 150 bp | 30 |
| Apr 2026 | 5 | $300.7M | 102.25 | 5.84% | 178 bp | 31 |
| Mar 2026 | 5 | $300.1M | 102.09 | 5.89% | 190 bp | 38 |
| Feb 2026 | 4 | $180.9M | 103.72 | 5.39% | 167 bp | 32 |
| Jan 2026 | 5 | $315.7M | 103.21 | 5.65% | 170 bp | 35 |
| Dec 2025 | 5 | $319.7M | 103.35 | 5.68% | 181 bp | 40 |
| Nov 2025 | 5 | $171.2M | 103.06 | 5.50% | 180 bp | 32 |
| Oct 2025 | 6 | $334.7M | 101.30 | 5.81% | 206 bp | 34 |
| Sep 2025 | 6 | $332.0M | 101.28 | 5.84% | 213 bp | 43 |
| Aug 2025 | 4 | $173.6M | 101.87 | 5.82% | 197 bp | 31 |
| Jul 2025 | 6 | $316.3M | 100.72 | 5.99% | 204 bp | 34 |
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. 33 added, 40 cut, 10 new holders and 28 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $101.5M | $99.0M | $0 |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $46.8M | $47.3M | $10.3M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $44.3M | $44.6M | $3.0M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $43.5M | $44.2M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $27.9M | $28.5M | -$4.5M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $20.7M | $21.4M | $0 |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $20.3M | $20.5M | -$2.0M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $19.4M | $19.6M | $2.4M |
| iShares Fallen Angels USD Bond ETF iShares Trust | 2026-07-31 | $17.0M | $16.4M | -$10.7M |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $15.9M | $16.2M | -$2.8M |
| Fidelity High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $15.8M | $16.2M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $15.7M | $15.8M | $775K |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $12.8M | $13.2M | $0 |
| Fidelity SAI High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $12.3M | $12.6M | $715K |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $11.5M | $11.8M | $500K |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $11.2M | $11.6M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.0M | $11.2M | -$6.3M |
| Loomis Sayles Core Plus Bond Fund Natixis Funds Trust I | 2026-06-30 | $10.9M | $11.1M | -$1.0M |
| AB HIGH INCOME FUND INC | 2026-07-31 | $10.8M | $10.9M | $0 |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $10.4M | $10.8M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.5M | $10.6M | $2.5M |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $10.0M | $10.4M | $200K |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $8.4M | $8.8M | $1.3M |
| Franklin Income VIP Fund Franklin Templeton Variable Insurance Products Trust | 2026-06-30 | $8.5M | $8.3M | $0 |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $7.7M | $7.8M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Bond Fund ($3.3M), DWS High Income Fund ($2.2M), VANGUARD HIGH-YIELD ACTIVE ETF ($1.7M), CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND ($950K), CALAMOS STRATEGIC TOTAL RETURN FUND ($900K), CALAMOS CONVERTIBLE & HIGH INCOME FUND ($830K), DWS Global High Income Fund ($688K), Columbia Variable Portfolio - Income Opportunities Fund ($490K), High-Yield Fund ($321K), John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio ($311K).
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 |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 4 | $44.3M | $44.6M | 0.16% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 4 | $27.9M | $28.5M | 0.18% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 4 | $19.4M | $19.6M | 0.17% |
| FALN iShares Fallen Angels USD Bond ETF | 2026-07-31 | 1 | $17.0M | $16.4M | 1.01% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 3 | $15.7M | $15.8M | 0.21% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 3 | $11.0M | $11.2M | 0.15% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 2 | $10.5M | $10.6M | 0.22% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $8.4M | $8.8M | 1.03% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 4 | $6.8M | $7.0M | 0.20% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 2 | $6.5M | $6.8M | 0.03% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 3 | $5.8M | $5.9M | 0.66% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 3 | $5.0M | $5.1M | 0.06% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 4 | $4.6M | $4.7M | 0.19% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $4.2M | $4.1M | 0.19% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 4 | $3.8M | $3.9M | 0.15% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.61: safer than 33% of companies (37th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-09-30.
| Equity value | $10.98B |
| Debt barrier (short-term + ½ long-term debt) | $2.41B |
| Equity volatility (1 year) | 55.2% |
| Asset value / asset volatility (solved) | $13.29B / 45.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 171 bp spread prices in about 2.9% 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 = 1.90 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in AA'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 | 65 | $88.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 702 | $10.43B | 34 | $609.5M | 38 | $681.8M | 0 |
| 2026-03-31 | 742 | $11.01B | 31 | $741.2M | 34 | $710.1M | 0 |
| 2025-12-31 | 624 | $10.36B | 37 | $801.8M | 37 | $740.6M | 0 |
| 2025-09-30 | 504 | $6.10B | 35 | $479.6M | 33 | $482.4M | 0 |
| 2025-06-30 | 461 | $5.39B | 30 | $384.0M | 32 | $297.7M | 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.