BAE Systems plc bonds BA.L
Who owns BAE Systems plc'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. BA.L 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 |
|---|---|---|---|---|---|---|---|---|---|
| 05523RAH0 | 5% fixed | 2027-03-26 | USD | 100.37 | 4.41% | 51 bp | 11 | $66.4M | Jul 2026 |
| 05523RAJ6 | 5.125% fixed | 2029-03-26 | USD | 100.96 | 4.73% | 49 bp | 23 | $122.2M | Jul 2026 |
| 05523RAD9 | 3.4% fixed | 2030-04-15 | USD | 94.97 | 4.90% | 61 bp | 13 | $44.7M | Jul 2026 |
| 05523RAF4 | 1.9% fixed | 2031-02-15 | USD | 87.61 | 4.98% | 67 bp | 8 | $30.3M | Jul 2026 |
| 05523RAK3 | 5.25% fixed | 2031-03-26 | USD | 101.28 | 4.94% | 62 bp | 10 | $25.7M | Jul 2026 |
| 05523RAL1 | 5.3% fixed | 2034-03-26 | USD | 99.93 | 5.31% | 82 bp | 12 | $34.7M | Jul 2026 |
| 05523RAC1 | 5.8% fixed | 2041-10-11 | USD | 100.61 | 5.74% | 87 bp | 1 | $478K | Jul 2026 |
| 05523RAE7 | 3% fixed | 2050-09-15 | USD | 62.51 | 5.95% | 84 bp | 3 | $957K | Jul 2026 |
| 05523RAM9 | 5.5% fixed | 2054-03-26 | USD | 94.39 | 5.91% | 81 bp | 5 | $16.7M | 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 | 9 | $342.1M | 99.93 | 5.15% | 74 bp | 23 |
| Jun 2026 | 9 | $449.4M | 100.42 | 4.89% | 59 bp | 34 |
| May 2026 | 9 | $366.0M | 100.64 | 4.84% | 54 bp | 19 |
| Apr 2026 | 9 | $330.2M | 100.70 | 4.83% | 72 bp | 20 |
| Mar 2026 | 9 | $495.6M | 100.67 | 4.79% | 77 bp | 41 |
| Feb 2026 | 9 | $368.0M | 103.05 | 4.19% | 50 bp | 19 |
| Jan 2026 | 9 | $376.7M | 101.17 | 4.41% | 61 bp | 25 |
| Dec 2025 | 9 | $558.7M | 101.22 | 4.39% | 66 bp | 41 |
| Nov 2025 | 9 | $369.4M | 102.31 | 4.29% | 59 bp | 18 |
| Oct 2025 | 9 | $364.5M | 101.69 | 4.43% | 73 bp | 26 |
| Sep 2025 | 9 | $591.5M | 101.49 | 4.47% | 66 bp | 41 |
| Aug 2025 | 9 | $386.8M | 101.15 | 4.40% | 56 bp | 17 |
| Jul 2025 | 9 | $366.7M | 100.88 | 4.66% | 65 bp | 28 |
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, 16 cut, 14 new holders and 23 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Bond Fund of America | 2026-06-30 | $76.7M | $78.0M | $0 |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $48.8M | $49.7M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $47.6M | $48.0M | $0 |
| American Balanced Fund | 2026-06-30 | $43.9M | $44.6M | $0 |
| Capital Group Core Bond ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $40.5M | $41.1M | $8.7M |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $39.7M | $39.5M | $0 |
| Columbia Variable Portfolio - Select Corporate Income Fund Columbia Funds Variable Series Trust II | 2026-06-30 | $38.9M | $37.7M | $0 |
| THE HARTFORD BALANCED INCOME FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $36.4M | $36.6M | $300K |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $32.9M | $32.8M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $23.2M | $22.3M | $4.6M |
| Columbia Select Corporate Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-07-31 | $24.7M | $21.6M | -$2.0M |
| Fidelity Conservative Income Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $20.8M | $20.9M | new |
| Income Fund of America | 2026-07-31 | $19.8M | $19.8M | $0 |
| JPMorgan Core Bond Fund JPMorgan Trust II | 2026-05-31 | $22.9M | $19.3M | $0 |
| LVIP Franklin Templeton Core Bond Fund LINCOLN VARIABLE INSURANCE PRODUCTS TRUST | 2026-06-30 | $17.7M | $18.1M | $0 |
| Federated Hermes Total Return Bond Fund Federated Hermes Total Return Series, Inc. | 2026-05-31 | $20.3M | $17.0M | $0 |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $17.6M | $16.7M | $0 |
| Putnam Ultra Short Duration Income Fund Putnam Funds Trust | 2026-07-31 | $15.6M | $15.7M | $2.2M |
| VANGUARD ULTRA-SHORT-TERM BOND FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $14.8M | $14.9M | $0 |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | $14.8M | $14.5M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $14.2M | $14.4M | $0 |
| Janus Henderson Short Duration Income ETF Janus Detroit Street Trust | 2026-07-31 | $13.9M | $14.0M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $14.1M | $13.3M | -$630K |
| VANGUARD LONG-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $14.0M | $13.2M | $0 |
| Fidelity Intermediate Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $12.7M | $13.0M | -$6.0M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND ($8.4M), T. Rowe Price Short-Term Bond Fund, Inc. ($5.5M), Aristotle Short Duration Income Fund ($4.8M), First Trust Enhanced Short Maturity ETF ($4.5M), Aristotle Core Income Fund ($3.0M), Invesco Corporate Bond Fund ($1.7M), THRIVENT SHORT-TERM BOND FUND ($1.6M), Strategic Advisers Fidelity U.S. Total Stock Fund ($1.1M), Short Duration Bond Fund ($1.0M), Empower Core Strategies: Flexible Bond Fund ($945K).
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 |
|---|---|---|---|---|---|
| CGCB Capital Group Core Bond ETF | 2026-06-30 | 1 | $40.5M | $41.1M | 0.74% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $23.2M | $22.3M | 0.10% |
| VNLA Janus Henderson Short Duration Income ETF | 2026-07-31 | 1 | $13.9M | $14.0M | 0.42% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 8 | $14.1M | $13.3M | 0.08% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $10.3M | $10.5M | 0.06% |
| PULS PGIM Ultra Short Bond ETF | 2026-05-29 | 1 | $10.3M | $10.4M | 0.06% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 1 | $8.0M | $8.1M | 0.09% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 8 | $7.6M | $7.0M | 0.02% |
| CORP PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 2 | $5.4M | $4.9M | 0.30% |
| CRUX Columbia Core Bond ETF | 2026-06-30 | 2 | $4.9M | $4.6M | 0.21% |
| ULST State Street(R) Ultra Short Term Bond ETF | 2026-06-30 | 1 | $2.5M | $2.5M | 0.47% |
| FLUD Franklin Ultra Short Bond ETF | 2026-06-30 | 1 | $2.3M | $2.3M | 0.44% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 1 | $2.3M | $2.3M | 0.03% |
| IGLB iShares 10+ Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $2.0M | $1.7M | 0.06% |
| TAGG T. Rowe Price QM U.S. Bond ETF | 2026-07-31 | 2 | $1.5M | $1.5M | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.76: safer than 71% of companies (72th percentile in Industrials). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $77.95B |
| Debt barrier (short-term + ½ long-term debt) | $5.60B |
| Equity volatility (1 year) | 36.9% |
| Asset value / asset volatility (solved) | $83.31B / 34.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 74 bp spread prices in about 1.2% 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'' = 1.39 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in BA.L'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 | 3 | $10.1M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 32 | $27.1M | 0 | — | 0 | — | 0 |
| 2026-03-31 | 37 | $35.1M | 0 | — | 0 | — | 0 |
| 2025-12-31 | 31 | $27.7M | 0 | — | 0 | — | 0 |
| 2025-09-30 | 26 | $41.8M | 0 | — | 0 | — | 0 |
| 2025-06-30 | 30 | $35.0M | 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.