Bausch Health Companies Inc. bonds BHC
Who owns Bausch Health Companies 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. BHC 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 |
|---|---|---|---|---|---|---|---|---|---|
| 071734AD9 | 7% fixed | 2028-01-15 | USD | 90.60 | 14.37% | 1025 bp | 16 | $7.2M | Jul 2026 |
| 071734AH0 | 5% fixed | 2028-01-30 | USD | 90.59 | 12.06% | 792 bp | 21 | $24.2M | Jul 2026 |
| 071734AN7 | 4.875% fixed | 2028-06-01 | USD | 93.20 | 8.97% | 478 bp | 51 | $55.5M | Jul 2026 |
| 071734AQ0 | 11% fixed | 2028-09-30 | USD | 102.21 | 9.83% | 560 bp | 41 | $65.5M | Jul 2026 |
| 071734AM9 | 5% fixed | 2029-02-15 | USD | 76.54 | 16.70% | 1246 bp | 21 | $17.2M | Jul 2026 |
| 071734AK3 | 6.25% fixed | 2029-02-15 | USD | 78.50 | 17.01% | 1277 bp | 34 | $38.1M | Jul 2026 |
| 071734AF4 | 7.25% fixed | 2029-05-30 | USD | 78.58 | 17.09% | 1284 bp | 6 | $4.8M | Jul 2026 |
| 071734AJ6 | 5.25% fixed | 2030-01-30 | USD | 67.77 | 18.08% | 1381 bp | 27 | $51.7M | Jul 2026 |
| BL5045895 | 0% fixed | 2030-09-25 | USD | — | — | — | 1 | $773K | Jun 2026 |
| 071734AR8 | 14% fixed | 2030-10-15 | USD | 90.90 | 17.09% | 1279 bp | 12 | $9.9M | Jul 2026 |
| 071734AL1 | 5.25% fixed | 2031-02-15 | USD | 61.47 | 18.03% | 1372 bp | 21 | $26.7M | 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 | 10 | $300.9M | 84.58 | 16.86% | 1261 bp | 51 |
| Jun 2026 | 11 | $463.8M | 82.11 | 17.00% | 1284 bp | 90 |
| May 2026 | 10 | $334.2M | 77.91 | 18.40% | 1437 bp | 45 |
| Apr 2026 | 10 | $281.8M | 79.72 | 16.62% | 1283 bp | 52 |
| Mar 2026 | 11 | $468.7M | 79.83 | 16.32% | 1260 bp | 87 |
| Feb 2026 | 10 | $389.4M | 83.25 | 14.48% | 1090 bp | 51 |
| Jan 2026 | 10 | $283.3M | 82.58 | 14.40% | 1072 bp | 54 |
| Dec 2025 | 11 | $415.7M | 84.07 | 14.05% | 1042 bp | 96 |
| Nov 2025 | 10 | $485.7M | 86.78 | 13.16% | 959 bp | 50 |
| Oct 2025 | 10 | $436.3M | 84.78 | 13.37% | 978 bp | 54 |
| Sep 2025 | 11 | $770.7M | 82.47 | 14.24% | 1062 bp | 99 |
| Aug 2025 | 10 | $467.1M | 82.73 | 13.78% | 1006 bp | 49 |
| Jul 2025 | 10 | $390.3M | 78.64 | 16.23% | 1230 bp | 47 |
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. 58 added, 56 cut, 4 new holders and 15 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $170.0M | $126.2M | -$12.7M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $84.6M | $69.6M | $4.8M |
| American High Income Trust | 2026-06-30 | $95.2M | $69.0M | $885K |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $60.9M | $62.1M | $0 |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $50.1M | $50.8M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $58.5M | $46.3M | $2.9M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $57.9M | $40.7M | -$5.8M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $36.8M | $30.4M | $4.0M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $34.2M | $29.0M | -$25K |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $40.8M | $28.3M | $2.3M |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $30.1M | $25.0M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $27.9M | $23.1M | $1.1M |
| Income Fund of America | 2026-07-31 | $28.0M | $21.0M | $9.9M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.4M | $11.2M | $1.5M |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $14.0M | $11.1M | -$2.2M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $10.6M | $10.8M | $0 |
| Western Asset Diversified Income Fund | 2026-06-30 | $12.6M | $10.3M | $0 |
| JPMorgan Active High Yield ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $13.4M | $10.1M | $3.0M |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $13.3M | $10.0M | $90K |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $10.8M | $9.7M | -$330K |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $14.7M | $9.5M | $2.1M |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $9.3M | $9.2M | $1.6M |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $9.4M | $8.4M | -$13.9M |
| JPMorgan Income Builder Fund JPMorgan Trust I | 2026-07-31 | $11.1M | $8.1M | $2.0M |
| Loomis Sayles Strategic Income Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $8.7M | $8.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares High Yield Systematic Bond ETF ($24.1M), LORD ABBETT BOND DEBENTURE FUND INC ($21.5M), BlackRock Systematic Multi-Strategy Fund ($4.3M), BlackRock Multi-Sector Income Trust ($1.8M), CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND ($1.3M), Bond-Debenture Portfolio ($1.1M), BlackRock Core Bond Trust ($438K), MFS MULTIMARKET INCOME TRUST ($329K), BlackRock Balanced Fund, Inc. ($287K), BlackRock Low Duration Bond Portfolio ($120K).
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 |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 9 | $84.6M | $69.6M | 0.24% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 7 | $58.5M | $46.3M | 0.29% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 9 | $36.8M | $30.4M | 0.27% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 7 | $34.2M | $29.0M | 0.38% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 7 | $27.9M | $23.1M | 0.47% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $11.4M | $11.2M | 0.15% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 7 | $14.0M | $11.1M | 0.32% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 4 | $13.4M | $10.1M | 0.46% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 2 | $9.3M | $9.2M | 1.32% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 8 | $9.0M | $7.3M | 0.56% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 9 | $8.2M | $6.4M | 0.25% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 5 | $6.5M | $5.5M | 0.32% |
| IBHH iShares iBonds 2028 Term High Yield and Income ETF | 2026-07-31 | 2 | $5.4M | $5.3M | 1.16% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 10 | $6.0M | $5.0M | 0.01% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 2 | $4.0M | $3.6M | 0.04% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 1.93: safer than 13% of companies (16th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.37B |
| Debt barrier (short-term + ½ long-term debt) | $10.80B |
| Equity volatility (1 year) | 54.4% |
| Asset value / asset volatility (solved) | $12.71B / 10.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 1261 bp spread prices in about 21.0% 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'' = -0.73 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in BHC'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 | 17 | $2.7M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 212 | $1.12B | 14 | $48.2M | 16 | $23.5M | 0 |
| 2026-03-31 | 213 | $1.17B | 13 | $23.7M | 14 | $14.8M | 0 |
| 2025-12-31 | 226 | $1.57B | 14 | $32.6M | 13 | $14.8M | 1 |
| 2025-09-30 | 213 | $1.55B | 18 | $37.7M | 11 | $13.0M | 1 |
| 2025-06-30 | 205 | $1.74B | 15 | $50.2M | 11 | $12.3M | 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.