Alaska Air Group, Inc. bonds ALK
Who owns Alaska Air Group, 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. ALK 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 |
|---|---|---|---|---|---|---|---|---|---|
| 01166VAA7 | 4.8% fixed | 2027-08-15 | USD | 100.01 | 4.79% | 73 bp | 19 | $38.3M | Jul 2026 |
| 00218QAA8 | 5.021% fixed | 2029-10-20 | USD | 98.55 | 5.52% | 125 bp | 26 | $81.9M | Jul 2026 |
| 011662AJ2 | 6.5% fixed | 2031-06-01 | USD | 99.41 | 6.64% | 232 bp | 30 | $48.6M | Jul 2026 |
| 00218QAB6 | 5.308% fixed | 2031-10-20 | USD | 97.00 | 5.98% | 164 bp | 12 | $37.5M | 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 | $206.3M | 98.98 | 5.75% | 144 bp | 30 |
| Jun 2026 | 4 | $325.7M | 99.58 | 5.42% | 122 bp | 46 |
| May 2026 | 4 | $118.6M | 99.31 | 5.49% | 137 bp | 16 |
| Apr 2026 | 3 | $131.7M | 98.99 | 5.34% | 149 bp | 22 |
| Mar 2026 | 3 | $248.1M | 98.98 | 5.34% | 157 bp | 48 |
| Feb 2026 | 3 | $128.9M | 101.71 | 4.50% | 93 bp | 17 |
| Jan 2026 | 3 | $141.8M | 101.11 | 4.68% | 101 bp | 22 |
| Dec 2025 | 3 | $315.7M | 100.81 | 4.78% | 118 bp | 47 |
| Nov 2025 | 3 | $117.9M | 100.36 | 4.92% | 131 bp | 19 |
| Oct 2025 | 3 | $142.6M | 99.73 | 5.10% | 151 bp | 23 |
| Sep 2025 | 3 | $320.5M | 100.07 | 5.00% | 139 bp | 49 |
| Aug 2025 | 3 | $106.8M | 100.21 | 4.96% | 122 bp | 16 |
| Jul 2025 | 4 | $142.2M | 99.61 | 5.23% | 133 bp | 22 |
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. 16 added, 12 cut, 91 new holders and 21 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $64.6M | $63.6M | $20.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $43.6M | $43.4M | -$9.9M |
| ALPS | Smith Total Return Bond Fund FINANCIAL INVESTORS TRUST | 2026-07-31 | $29.2M | $28.8M | $5.4M |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $28.7M | $28.4M | $15.6M |
| First Trust Smith Opportunistic Fixed Income ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $27.7M | $27.4M | $16.4M |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $26.4M | $26.2M | $0 |
| PIMCO Income Fund PIMCO FUNDS | 2026-06-30 | $23.9M | $23.9M | $0 |
| ALPS | Smith Core Plus Bond ETF ALPS ETF TRUST | 2026-05-31 | $23.4M | $23.2M | $6.8M |
| High Yield Bond Series Manning & Napier Fund, Inc. | 2026-06-30 | $21.2M | $21.3M | new |
| Short-Term Income Fund Principal Funds, Inc | 2026-07-31 | $18.0M | $17.8M | $0 |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $14.4M | $14.3M | new |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $11.3M | $11.3M | $0 |
| PIMCO Total Return Fund PIMCO FUNDS | 2026-06-30 | $10.7M | $10.7M | $0 |
| PIMCO Total Return Portfolio PIMCO VARIABLE INSURANCE TRUST | 2026-06-30 | $8.7M | $8.7M | $0 |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $8.6M | $8.6M | new |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $8.5M | $8.5M | new |
| Victory Core Plus Intermediate Bond Fund Victory Portfolios III | 2026-07-31 | $8.0M | $7.8M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $7.7M | $7.6M | new |
| Carillon Reams Core Plus Bond Fund Carillon Series Trust | 2026-06-30 | $7.2M | $7.2M | $0 |
| BlackRock Low Duration Bond Portfolio BlackRock Funds V | 2026-06-30 | $7.2M | $7.2M | $0 |
| Guggenheim Limited Duration Fund Guggenheim Funds Trust | 2026-06-30 | $6.9M | $6.8M | $0 |
| Victory Pioneer Strategic Income Fund Victory Portfolios IV | 2026-06-30 | $6.4M | $6.4M | new |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $6.4M | $6.4M | $0 |
| LVIP Franklin Templeton Core Bond Fund LINCOLN VARIABLE INSURANCE PRODUCTS TRUST | 2026-06-30 | $5.8M | $5.7M | $0 |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $5.5M | $5.4M | new |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Lord Abbett Income Fund ($18.4M), Lord Abbett Short Duration Income Fund ($15.6M), Lord Abbett Core Plus Bond Fund ($12.0M), Lord Abbett Total Return Fund ($9.7M), AB Core Bond Portfolio ($7.7M), AB Income Fund ($5.9M), Total Return Portfolio ($1.7M), AB Core Bond ETF ($1.5M), EQ/AB Short Duration Government Bond Portfolio ($877K), JNL/Lord Abbett Short Duration Income Fund ($808K).
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 |
|---|---|---|---|---|---|
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 3 | $28.7M | $28.4M | 0.87% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 3 | $27.7M | $27.4M | 0.82% |
| SMTH ALPS | Smith Core Plus Bond ETF | 2026-05-31 | 4 | $23.4M | $23.2M | 0.84% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $7.7M | $7.6M | 0.03% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $5.2M | $5.2M | 0.05% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 1 | $5.1M | $5.0M | 0.09% |
| NEAR iShares Short Duration Bond Active ETF | 2026-07-31 | 2 | $4.6M | $4.5M | 0.09% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $4.4M | $4.3M | 0.02% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $4.0M | $4.0M | 0.02% |
| USTB VictoryShares Short-Term Bond ETF | 2026-06-30 | 1 | $3.8M | $3.8M | 0.17% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $3.5M | $3.5M | 0.05% |
| KORP American Century Diversified Corporate Bond ETF | 2026-05-31 | 2 | $3.4M | $3.3M | 0.41% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $3.0M | $3.0M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 4 | $3.0M | $2.9M | 0.01% |
| IG Principal Investment Grade Corporate ETF | 2026-06-30 | 2 | $2.9M | $2.8M | 1.42% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.60: safer than 20% of companies (18th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $3.80B |
| Debt barrier (short-term + ½ long-term debt) | $3.56B |
| Equity volatility (1 year) | 51.7% |
| Asset value / asset volatility (solved) | $7.21B / 27.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 144 bp spread prices in about 2.4% 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'' = -0.11 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in ALK'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 | 48 | $32.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 482 | $5.31B | 22 | $164.2M | 23 | $251.8M | 0 |
| 2026-03-31 | 439 | $3.28B | 23 | $129.5M | 20 | $99.4M | 0 |
| 2025-12-31 | 452 | $5.10B | 19 | $123.6M | 17 | $165.7M | 0 |
| 2025-09-30 | 466 | $5.09B | 19 | $128.5M | 19 | $312.9M | 0 |
| 2025-06-30 | 470 | $5.11B | 20 | $135.4M | 19 | $239.6M | 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.