AltaGas Ltd. bonds ALA.TO
Who owns AltaGas Ltd.'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. ALA.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 |
|---|---|---|---|---|---|---|---|---|---|
| 02138ZAZ6 | 2.17% fixed | 2027-03-16 | CAD | 99.46 | 3.04% | — | 1 | $248K | Jul 2026 |
| 02138ZAQ6 | 3.98% fixed | 2027-10-04 | CAD | 100.64 | 3.41% | — | 1 | $108K | Jul 2026 |
| 02138ZBM4 | 3.025% fixed | 2027-11-10 | CAD | 99.52 | 3.41% | — | 1 | $35K | Jul 2026 |
| 02138ZAW3 | 2.075% fixed | 2028-05-30 | CAD | 97.50 | 3.49% | — | 2 | $2.6M | Jul 2026 |
| 02138ZBH5 | 4.672% fixed | 2029-01-08 | CAD | 102.11 | 3.76% | — | 2 | $3.6M | Jul 2026 |
| 02138ZBJ1 | 5.141% fixed | 2034-03-14 | CAD | 103.72 | 4.56% | — | 3 | $3.8M | Jul 2026 |
| 02138ZBK8 | 5.597% fixed | 2054-03-14 | CAD | 99.87 | 5.61% | — | 3 | $2.3M | Jul 2026 |
| 021361AD2 | 7.2% fixed | 2054-10-15 | USD | 103.46 | 6.92% | 182 bp | 37 | $121.6M | Jul 2026 |
| YV8499605 | 7.2% variable | 2054-10-15 | USD | 103.44 | — | — | 1 | $441K | Jul 2026 |
| 021361AA8 | 5.25% fixed | 2082-01-11 | CAD | 100.97 | 5.20% | — | 1 | $11K | Jun 2026 |
| 021361AB6 | 7.35% fixed | 2082-08-17 | CAD | 103.66 | 7.08% | — | 3 | $2.6M | Jun 2026 |
| 021361AC4 | 8.9% fixed | 2083-11-10 | CAD | 109.67 | 8.11% | — | 3 | $1.5M | Jun 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 | 9 | $134.7M | 100.64 | 6.92% | 182 bp | 37 |
| Jun 2026 | 5 | $141.9M | 104.84 | 6.81% | 186 bp | 52 |
| May 2026 | 1 | $65.5M | 104.24 | 6.86% | 183 bp | 27 |
| Apr 2026 | 9 | $137.1M | 55.49 | 6.88% | 198 bp | 39 |
| Mar 2026 | 5 | $141.7M | 103.82 | 7.08% | 223 bp | 55 |
| Feb 2026 | 1 | $61.6M | 104.50 | 6.84% | 209 bp | 27 |
| Jan 2026 | 9 | $149.0M | 55.93 | 6.88% | 204 bp | 42 |
| Dec 2025 | 5 | $142.2M | 104.83 | 6.90% | 211 bp | 48 |
| Nov 2025 | 1 | $56.4M | 103.49 | 6.92% | 222 bp | 28 |
| Oct 2025 | 8 | $144.4M | 53.54 | 6.99% | 236 bp | 43 |
| Sep 2025 | 4 | $142.4M | 104.31 | 6.91% | 218 bp | 49 |
| Aug 2025 | 1 | $48.6M | 101.46 | 7.08% | 221 bp | 28 |
| Jul 2025 | 8 | $128.8M | 54.12 | 7.13% | 221 bp | 39 |
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. 20 added, 10 cut, 1 new holders and 6 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Cohen & Steers Preferred Securities & Income Fund, Inc. COHEN & STEERS PREFERRED SECURITIES & INCOME FUND, INC. | 2026-06-30 | $38.4M | $40.2M | $0 |
| First Trust Preferred Securities and Income ETF First Trust Exchange-Traded Fund III | 2026-07-31 | $21.5M | $22.3M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $20.5M | $21.3M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $17.2M | $17.8M | $2.6M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $13.1M | $13.7M | $0 |
| Principal Spectrum Preferred Securities Active ETF Principal Exchange-Traded Funds | 2026-06-30 | $8.8M | $9.2M | $400K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $8.5M | $8.9M | $1.0M |
| NORTH SQUARE STRATEGIC INCOME FUND Exchange Place Advisors Trust | 2026-05-31 | $8.6M | $8.9M | $0 |
| NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND Exchange Place Advisors Trust | 2026-05-31 | $8.0M | $8.3M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.8M | $1.5M |
| Brookfield Real Assets Income Fund Inc. | 2026-06-30 | $7.2M | $7.5M | $0 |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $7.1M | $7.4M | $0 |
| Nuveen Preferred Securities and Income Fund Nuveen Investment Trust V | 2026-05-31 | $7.1M | $7.4M | $0 |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $7.0M | $7.3M | $1.5M |
| First Trust Intermediate Duration Preferred & Income Fund | 2026-07-31 | $6.8M | $7.1M | $0 |
| Nuveen Preferred & Income Opportunities Fund | 2026-07-31 | $6.8M | $7.0M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $9.2M | $6.6M | $0 |
| Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | 2026-07-31 | $6.2M | $6.4M | $0 |
| Nuveen Real Asset Income Fund Nuveen Investment Funds, Inc. | 2026-06-30 | $6.9M | $6.1M | $0 |
| First Trust Institutional Preferred Securities and Income ETF First Trust Exchange-Traded Fund III | 2026-07-31 | $5.8M | $6.0M | $0 |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF Simplify Exchange Traded Funds | 2026-06-30 | $5.5M | $5.8M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $7.5M | $5.4M | $0 |
| Nuveen High Yield Income Fund Nuveen Investment Trust III | 2026-05-31 | $5.0M | $5.2M | $0 |
| John Hancock Preferred Income Fund III | 2026-07-31 | $4.9M | $5.1M | $0 |
| COHEN & STEERS INFRASTRUCTURE FUND INC | 2026-06-30 | $4.8M | $5.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): College Retirement Equities Fund - Responsible Balanced Account ($3.3M), Nuveen Core Impact Bond Fund ($3.3M), Goldman Sachs Multi-Manager Non-Core Fixed Income Fund ($2.6M), First American Multi-Manager Fixed-Income Fund ($2.2M), RBC BlueBay Credit Opportunities Fund ($161K), Columbia U.S. High Yield ETF ($50K).
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 |
|---|---|---|---|---|---|
| FPE First Trust Preferred Securities and Income ETF | 2026-07-31 | 1 | $21.5M | $22.3M | 0.35% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $17.2M | $17.8M | 0.06% |
| PREF Principal Spectrum Preferred Securities Active ETF | 2026-06-30 | 1 | $8.8M | $9.2M | 0.52% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $8.5M | $8.9M | 0.08% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $7.5M | $7.8M | 0.11% |
| FPEI First Trust Institutional Preferred Securities and Income ETF | 2026-07-31 | 1 | $5.8M | $6.0M | 0.31% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 4 | $7.5M | $5.4M | 0.00% |
| FDHY Fidelity Enhanced High Yield ETF | 2026-05-31 | 1 | $3.2M | $3.3M | 0.63% |
| JHPI John Hancock Preferred Income ETF | 2026-06-30 | 1 | $1.9M | $1.9M | 0.94% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.8M | $1.9M | 0.08% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.8M | $1.9M | 0.07% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 1 | $1.4M | $1.4M | 0.13% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $1.3M | $1.3M | 0.00% |
| CSPF Cohen & Steers Preferred and Income Opportunities Active ETF | 2026-06-30 | 1 | $885K | $928K | 0.34% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 4 | $900K | $647K | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.02: safer than 81% of companies (85th percentile in Utilities). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $12.27B |
| Debt barrier (short-term + ½ long-term debt) | $3.79B |
| Equity volatility (1 year) | 19.0% |
| Asset value / asset volatility (solved) | $15.91B / 14.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 182 bp spread prices in about 3.0% 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'' = 0.77 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in ALA.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 |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 1 | $3.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 1 | $3.3M | 0 | — | 0 | — | 0 |
| 2026-03-31 | 1 | $3.8M | 0 | — | 0 | — | 0 |
| 2025-12-31 | 1 | $3.4M | 0 | — | 0 | — | 0 |
| 2025-09-30 | 2 | $3.4M | 0 | — | 0 | — | 0 |
| 2025-06-30 | 2 | $3.2M | 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.