Automatic Data Processing, Inc. bonds ADP
Who owns Automatic Data Processing, 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. ADP 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 |
|---|---|---|---|---|---|---|---|---|---|
| 053015AG8 | 1.7% fixed | 2028-05-15 | USD | 95.48 | 4.35% | 16 bp | 6 | $9.7M | Jul 2026 |
| 053015AF0 | 1.25% fixed | 2030-09-01 | USD | 87.43 | 4.66% | 36 bp | 10 | $8.8M | Jul 2026 |
| 053015AJ2 | 4.75% fixed | 2032-05-08 | USD | 99.10 | 4.93% | 55 bp | 12 | $12.6M | Jul 2026 |
| 053015AH6 | 4.45% fixed | 2034-09-09 | USD | 95.85 | 5.08% | 57 bp | 8 | $6.3M | Jul 2026 |
| 053015AK9 | 5% fixed | 2036-05-07 | USD | 97.37 | 5.35% | 76 bp | 21 | $94.7M | 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 | $132.1M | 95.85 | 4.93% | 55 bp | 21 |
| Jun 2026 | 5 | $273.8M | 97.44 | 4.71% | 44 bp | 28 |
| May 2026 | 5 | $320.8M | 97.88 | 4.67% | 38 bp | 24 |
| Apr 2026 | 4 | $31.3M | 96.69 | 4.47% | 48 bp | 11 |
| Mar 2026 | 4 | $275.9M | 96.66 | 4.43% | 54 bp | 28 |
| Feb 2026 | 4 | $266.1M | 97.85 | 4.02% | 30 bp | 19 |
| Jan 2026 | 4 | $30.6M | 97.47 | 4.18% | 35 bp | 11 |
| Dec 2025 | 4 | $276.3M | 97.59 | 4.14% | 39 bp | 25 |
| Nov 2025 | 4 | $265.2M | 97.73 | 4.09% | 34 bp | 19 |
| Oct 2025 | 4 | $73.7M | 97.16 | 4.18% | 47 bp | 12 |
| Sep 2025 | 4 | $306.0M | 97.10 | 4.20% | 45 bp | 26 |
| Aug 2025 | 4 | $273.8M | 96.45 | 4.22% | 34 bp | 19 |
| Jul 2025 | 4 | $95.9M | 95.54 | 4.43% | 38 bp | 16 |
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. 57 added, 15 cut, 40 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $97.7M | $97.5M | $43.8M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $69.0M | $65.9M | $14.9M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $52.6M | $50.7M | $12.9M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $42.3M | $41.1M | new |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $30.3M | $28.4M | $2.4M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $28.0M | $27.1M | $9.2M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $27.3M | $25.8M | $6.6M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $24.5M | $24.3M | $9.4M |
| DFA Global Core Plus Fixed Income Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $21.3M | $20.7M | new |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $20.1M | $19.6M | $0 |
| Nuveen Core Impact Bond Fund TIAA-CREF Funds | 2026-06-30 | $21.1M | $19.3M | -$9.5M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $19.2M | $19.1M | $6.5M |
| T. Rowe Price New Income Fund, Inc. T. ROWE PRICE NEW INCOME FUND, INC. | 2026-05-31 | $17.6M | $17.6M | new |
| College Retirement Equities Fund - Responsible Balanced Account College Retirement Equities Fund | 2026-06-30 | $18.2M | $16.8M | -$9.5M |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $16.3M | $16.2M | $6.8M |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $15.1M | $14.7M | new |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.7M | $11.1M | $7.7M |
| iShares ESG Aware U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $11.7M | $10.8M | $710K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $11.2M | $10.2M | -$90K |
| Inspire Corporate Bond ETF Northern Lights Fund Trust IV | 2026-05-31 | $10.2M | $10.0M | -$200K |
| iShares ESG Aware USD Corporate Bond ETF iShares Trust | 2026-05-31 | $9.8M | $9.0M | $720K |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $9.2M | $8.9M | $1.7M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $8.9M | $8.5M | $2.1M |
| Invesco BulletShares 2028 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $8.3M | $7.9M | $109K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $7.8M | $7.4M | $2.9M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VANGUARD WELLINGTON FUND ($50.1M), VANGUARD WELLESLEY INCOME FUND ($42.2M), BALANCED PORTFOLIO ($1.6M), Invesco Multi-Asset Income Fund ($100K).
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 |
|---|---|---|---|---|---|
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $97.7M | $97.5M | 0.14% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 5 | $69.0M | $65.9M | 0.02% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $30.3M | $28.4M | 0.06% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $28.0M | $27.1M | 0.09% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $27.3M | $25.8M | 0.02% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $24.5M | $24.3M | 0.05% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $19.2M | $19.1M | 0.10% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $16.3M | $16.2M | 0.14% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 1 | $11.7M | $11.1M | 0.10% |
| EAGG iShares ESG Aware U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $11.7M | $10.8M | 0.23% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $11.2M | $10.2M | 0.05% |
| IBD Inspire Corporate Bond ETF | 2026-05-31 | 1 | $10.2M | $10.0M | 2.14% |
| SUSC iShares ESG Aware USD Corporate Bond ETF | 2026-05-31 | 5 | $9.8M | $9.0M | 0.63% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 4 | $9.2M | $8.9M | 0.08% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $8.9M | $8.5M | 0.05% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 14.20: safer than 90% of companies (91th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $113.70B |
| Debt barrier (short-term + ½ long-term debt) | $2.48B |
| Equity volatility (1 year) | 27.7% |
| Asset value / asset volatility (solved) | $116.07B / 27.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 55 bp spread prices in about 0.9% 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'' = -2.17 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in ADP'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 | 424 | $2.00B | 0 | — | 1 | $929K | 0 |
| 2026-06-30 | 2,281 | $77.80B | 31 | $637.2M | 34 | $537.3M | 0 |
| 2026-03-31 | 2,265 | $60.74B | 36 | $336.4M | 29 | $365.1M | 0 |
| 2025-12-31 | 2,396 | $85.16B | 33 | $238.4M | 26 | $405.3M | 0 |
| 2025-09-30 | 2,380 | $96.72B | 34 | $407.8M | 29 | $491.5M | 1 |
| 2025-06-30 | 2,456 | $100.83B | 36 | $463.5M | 32 | $551.8M | 1 |
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.