Air Canada bonds AC.TO
Who owns Air Canada'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. AC.TO 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 |
|---|---|---|---|---|---|---|---|---|---|
| BQ7237127 | 3.875% fixed | 2026-08-15 | USD | 99.88 | 6.74% | 301 bp | 1 | $562K | Jul 2026 |
| 008911BK4 | 3.875% fixed | 2026-08-15 | USD | 99.95 | 5.09% | 136 bp | 23 | $125.8M | Jul 2026 |
| 009090AA9 | 3.6% fixed | 2027-03-15 | USD | 99.26 | 4.81% | 92 bp | 2 | $5.2M | Jul 2026 |
| 008911BJ7 | 4.625% fixed | 2029-08-15 | CAD | 100.34 | 4.50% | — | 1 | $331K | Jul 2026 |
| 008911BL2 | 4.625% fixed | 2029-08-15 | CAD | 100.72 | 4.37% | — | 1 | $345K | 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 | $132.3M | 99.95 | — | — | 23 |
| Jun 2026 | 5 | $198.1M | 100.03 | — | — | 46 |
| May 2026 | 4 | $116.8M | 99.98 | — | — | 10 |
| Apr 2026 | 6 | $154.8M | 99.28 | — | — | 26 |
| Mar 2026 | 5 | $187.0M | 99.12 | — | — | 47 |
| Feb 2026 | 4 | $117.8M | 100.33 | 4.55% | 107 bp | 10 |
| Jan 2026 | 6 | $151.8M | 99.64 | 4.61% | 110 bp | 34 |
| Dec 2025 | 4 | $137.2M | 99.65 | 4.54% | 101 bp | 56 |
| Nov 2025 | 4 | $131.8M | 99.64 | 4.62% | 99 bp | 10 |
| Oct 2025 | 5 | $153.0M | 99.24 | 4.82% | 125 bp | 36 |
| Sep 2025 | 4 | $127.6M | 99.46 | 4.66% | 104 bp | 54 |
| Aug 2025 | 4 | $154.3M | 98.92 | 4.96% | 117 bp | 14 |
| Jul 2025 | 5 | $163.3M | 98.98 | 4.89% | 82 bp | 42 |
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. 2 added, 10 cut, 2 new holders and 12 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $62.1M | $62.1M | $0 |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $50.3M | $50.3M | $0 |
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $49.5M | $49.5M | $0 |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $29.3M | $27.6M | $0 |
| iShares iBonds 2026 Term High Yield and Income ETF iShares Trust | 2026-07-31 | $22.9M | $22.9M | -$10.0M |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $22.2M | $22.4M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $18.1M | $18.1M | $0 |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $16.0M | $16.0M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.9M | $10.9M | $1.6M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $9.4M | $9.4M | $0 |
| Calvert Short Duration Income Fund Calvert Fund | 2026-06-30 | $9.4M | $9.4M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $9.1M | $9.1M | $0 |
| PIMCO Short-Term Fund PIMCO FUNDS | 2026-06-30 | $9.0M | $9.0M | new |
| Short Duration Bond Fund John Hancock Bond Trust | 2026-05-31 | $8.5M | $8.6M | $0 |
| JNL/PPM America High Yield Bond Fund JNL Series Trust | 2026-06-30 | $6.4M | $6.4M | $0 |
| Victory Income Fund Victory Portfolios III | 2026-07-31 | $5.0M | $5.0M | $0 |
| Guggenheim Limited Duration Fund Guggenheim Funds Trust | 2026-06-30 | $4.5M | $4.5M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $4.2M | $4.2M | $0 |
| Allspring Core Plus Bond Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $4.0M | $4.0M | $0 |
| Guggenheim Macro Opportunities Fund Guggenheim Funds Trust | 2026-06-30 | $5.5M | $3.9M | $0 |
| Eaton Vance Short Duration Income ETF Morgan Stanley ETF Trust | 2026-06-30 | $3.8M | $3.8M | $0 |
| Calvert Ultra-Short Duration Income Fund Calvert Fund | 2026-06-30 | $3.4M | $3.3M | $0 |
| Nuveen Floating Rate Income Fund Nuveen Investment Trust III | 2026-05-31 | $3.3M | $3.3M | $0 |
| THRIVENT SHORT-TERM BOND FUND Thrivent Mutual Funds | 2026-07-31 | $3.1M | $3.1M | $0 |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $3.7M | $2.9M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): BlackRock Global Allocation Fund, Inc. ($5.7M), Wisdom Short Duration Income ETF ($2.0M), Palmer Square Income Plus Fund ($1.5M), Western Asset Short Duration High Income Fund ($1.2M), ALLSPRING INCOME OPPORTUNITIES FUND ($1.0M), ALLSPRING MULTI-SECTOR INCOME FUND ($625K), Allspring Real Return Portfolio ($475K), ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND ($250K), Muzinich Flexible U.S. High Yield Income Fund ($175K), John Hancock Income Securities Trust ($107K).
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 |
|---|---|---|---|---|---|
| IBHF iShares iBonds 2026 Term High Yield and Income ETF | 2026-07-31 | 1 | $22.9M | $22.9M | 2.82% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $10.9M | $10.9M | 0.22% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $9.4M | $9.4M | 0.12% |
| LDUR PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 2026-06-30 | 1 | $2.4M | $2.4M | 0.18% |
| VGHY VANGUARD HIGH-YIELD ACTIVE ETF | 2026-07-31 | 1 | $1.4M | $1.4M | 0.46% |
| EVSB Eaton Vance Ultra-Short Income ETF | 2026-06-30 | 1 | $1.1M | $1.0M | 0.46% |
| BOND PIMCO Active Bond Exchange-Traded Fund | 2026-06-30 | 1 | $1.0M | $1000K | 0.01% |
| CVSB Calvert Ultra-Short Investment Grade ETF | 2026-06-30 | 1 | $950K | $950K | 0.45% |
| FLBL Franklin Senior Loan ETF | 2026-06-30 | 1 | $700K | $700K | 0.08% |
| VGMS VANGUARD MULTI-SECTOR INCOME BOND ETF | 2026-06-30 | 1 | $575K | $574K | 0.24% |
| PGHY Invesco Global ex-US High Yield Corporate Bond ETF | 2026-07-31 | 1 | $563K | $562K | 0.25% |
| VSDB VANGUARD SHORT DURATION BOND ETF | 2026-06-30 | 1 | $550K | $549K | 0.06% |
| USTB VictoryShares Short-Term Bond ETF | 2026-06-30 | 1 | $427K | $422K | 0.02% |
| SHYL Xtrackers Short Duration High Yield Bond ETF | 2026-05-29 | 1 | $422K | $422K | 0.16% |
| TUSB Thrivent Ultra Short Bond ETF | 2026-06-30 | 1 | $400K | $399K | 0.18% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.56: safer than 32% of companies (31th percentile in Industrials). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $3.82B |
| Debt barrier (short-term + ½ long-term debt) | $4.54B |
| Equity volatility (1 year) | 37.0% |
| Asset value / asset volatility (solved) | $8.17B / 17.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = -0.87 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in AC.TO'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 |
|---|---|---|---|---|---|---|---|
| 2025-06-30 | 1 | $25K | 0 | — | 0 | — | 1 |
| 2025-03-31 | 3 | $702K | 0 | — | 0 | — | 1 |
| 2024-12-31 | 3 | $1.1M | 0 | — | 0 | — | 2 |
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.