Air Products and Chemicals, Inc. bonds APD
Who owns Air Products and Chemicals, 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. APD 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 |
|---|---|---|---|---|---|---|---|---|---|
| 009158AY2 | 1.85% fixed | 2027-05-15 | USD | 98.13 | 4.28% | 32 bp | 4 | $6.7M | Jul 2026 |
| 009158BD7 | 0.5% fixed | 2028-05-05 | EUR | 95.53 | 3.14% | — | 2 | $15.2M | Jul 2026 |
| 009158BN5 | 4.3% fixed | 2028-06-11 | USD | 99.64 | 4.50% | 30 bp | 7 | $6.0M | Jul 2026 |
| 009158BH8 | 4.6% fixed | 2029-02-08 | USD | 99.93 | 4.63% | 39 bp | 10 | $15.6M | Jul 2026 |
| 009158BC9 | 2.05% fixed | 2030-05-15 | USD | 90.61 | 4.79% | 50 bp | 11 | $12.2M | Jul 2026 |
| 009158BJ4 | 4.75% fixed | 2031-02-08 | USD | 99.95 | 4.76% | 45 bp | 8 | $7.8M | Jul 2026 |
| 009158BL9 | 2.95% fixed | 2031-05-14 | EUR | 96.97 | 3.65% | — | 1 | $335K | Jul 2026 |
| 009158BE5 | 0.8% fixed | 2032-05-05 | EUR | 85.21 | 3.70% | — | 1 | $491K | Jul 2026 |
| 009158BQ8 | 3.25% fixed | 2032-06-16 | EUR | 97.45 | 3.74% | — | 1 | $112K | Jul 2026 |
| 009158BP0 | 4.9% fixed | 2032-10-11 | USD | 99.80 | 4.94% | 53 bp | 7 | $13.7M | Jul 2026 |
| 009158BF2 | 4.8% fixed | 2033-03-03 | USD | 99.12 | 4.96% | 52 bp | 8 | $5.9M | Jul 2026 |
| 009158BK1 | 4.85% fixed | 2034-02-08 | USD | 98.20 | 5.14% | 66 bp | 8 | $9.7M | Jul 2026 |
| 009158BG0 | 4% fixed | 2035-03-03 | EUR | 100.11 | 3.98% | — | 5 | $38.3M | Jul 2026 |
| 009158BM7 | 3.45% fixed | 2037-02-14 | EUR | 94.20 | 4.14% | — | 1 | $272K | Jul 2026 |
| 009158AZ9 | 2.7% fixed | 2040-05-15 | USD | 72.06 | 5.64% | 85 bp | 6 | $2.1M | Jul 2026 |
| 009158BA3 | 2.8% fixed | 2050-05-15 | USD | 61.24 | 5.83% | 73 bp | 6 | $1.8M | 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 | 16 | $136.1M | 97.79 | 4.94% | 52 bp | 11 |
| Jun 2026 | 15 | $265.9M | 99.84 | 4.71% | 42 bp | 24 |
| May 2026 | 10 | $341.6M | 100.10 | 4.67% | 43 bp | 20 |
| Apr 2026 | 16 | $139.1M | 97.92 | 4.56% | 56 bp | 11 |
| Mar 2026 | 15 | $295.9M | 100.24 | 4.54% | 63 bp | 26 |
| Feb 2026 | 10 | $369.2M | 101.77 | 4.14% | 37 bp | 22 |
| Jan 2026 | 16 | $142.1M | 99.45 | 4.32% | 45 bp | 12 |
| Dec 2025 | 14 | $288.7M | 101.72 | 4.27% | 48 bp | 22 |
| Nov 2025 | 10 | $373.1M | 101.52 | 4.23% | 46 bp | 20 |
| Oct 2025 | 16 | $149.5M | 99.97 | 4.31% | 56 bp | 12 |
| Sep 2025 | 15 | $307.6M | 99.89 | 4.34% | 56 bp | 23 |
| Aug 2025 | 12 | $372.3M | 100.13 | 4.41% | 49 bp | 19 |
| Jul 2025 | 17 | $142.0M | 99.38 | 4.61% | 53 bp | 12 |
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. 40 added, 40 cut, 4 new holders and 6 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 | $66.5M | $66.7M | -$3.9M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $68.3M | $59.1M | -$6.0M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $60.6M | $51.6M | -$5.0M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $41.8M | $38.3M | -$35K |
| PGIM Ultra Short Bond ETF PGIM ETF Trust | 2026-05-29 | $37.8M | $37.8M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $35.4M | $34.2M | -$13.2M |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $25.6M | $28.9M | $0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $32.6M | $27.3M | -$8.2M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $19.0M | $18.4M | $1.8M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $17.0M | $17.0M | $110K |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $16.0M | $16.0M | -$588K |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $13.0M | $14.9M | $0 |
| Fidelity Series Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $14.3M | $13.9M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $14.8M | $13.7M | $780K |
| Invesco Equity and Income Fund AIM Counselor Series Trust (Invesco Counselor Series Trust) | 2026-05-31 | $13.2M | $13.3M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $11.6M | $11.7M | $805K |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $15.1M | $11.4M | $0 |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.2M | $11.3M | -$8.0M |
| Nuveen Core Impact Bond Fund TIAA-CREF Funds | 2026-06-30 | $10.5M | $10.6M | $0 |
| Permanent Portfolio PERMANENT PORTFOLIO FAMILY OF FUNDS | 2026-07-31 | $10.0M | $10.0M | $0 |
| American Balanced Fund | 2026-06-30 | $10.4M | $9.9M | $0 |
| Six Circles Global Bond Fund SIX CIRCLES TRUST | 2026-06-30 | $8.8M | $9.7M | $2.0M |
| JOHNSON INSTITUTIONAL CORE BOND FUND Johnson Mutual Funds Trust | 2026-06-30 | $9.5M | $9.4M | -$5.0M |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $9.2M | $9.0M | -$2.6M |
| Bond Fund of America | 2026-06-30 | $11.5M | $8.5M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Dimensional International Core Fixed Income ETF ($975K), Total Bond Market Trust ($530K), State Street(R) My2028 Corporate Bond ETF ($385K), Avantis Short-Term Fixed Income ETF ($280K), AB GLOBAL BOND FUND, INC. ($268K), BlackRock Bond Income Portfolio ($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 | $66.5M | $66.7M | 0.10% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 6 | $68.3M | $59.1M | 0.01% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 10 | $41.8M | $38.3M | 0.03% |
| PULS PGIM Ultra Short Bond ETF | 2026-05-29 | 1 | $37.8M | $37.8M | 0.23% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $35.4M | $34.2M | 0.07% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $32.6M | $27.3M | 0.09% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $19.0M | $18.4M | 0.08% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $17.0M | $17.0M | 0.03% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $16.0M | $16.0M | 0.09% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 2 | $13.0M | $14.9M | 0.01% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 10 | $14.8M | $13.7M | 0.08% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $11.6M | $11.7M | 0.10% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $11.2M | $11.3M | 0.11% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 7 | $9.2M | $9.0M | 0.08% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 9 | $8.8M | $7.9M | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.12: safer than 78% of companies (82th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $66.73B |
| Debt barrier (short-term + ½ long-term debt) | $9.28B |
| Equity volatility (1 year) | 26.3% |
| Asset value / asset volatility (solved) | $75.62B / 23.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 52 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 = 2.80 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in APD'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 | 297 | $742.4M | 0 | — | 1 | $1.5M | 0 |
| 2026-06-30 | 1,767 | $59.27B | 27 | $374.2M | 28 | $563.3M | 0 |
| 2026-03-31 | 1,772 | $51.21B | 31 | $216.4M | 39 | $469.1M | 0 |
| 2025-12-31 | 1,652 | $51.13B | 27 | $200.9M | 31 | $355.8M | 0 |
| 2025-09-30 | 1,698 | $55.61B | 27 | $121.3M | 34 | $452.6M | 0 |
| 2025-06-30 | 1,743 | $58.24B | 27 | $163.3M | 32 | $595.2M | 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.