British American Tobacco p.l.c. bonds BTI
Who owns British American Tobacco p.l.c.'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. BTI 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 |
|---|---|---|---|---|---|---|---|---|---|
| BR5534960 | 3.75% variable | 2029-06-27 | EUR | 98.08 | — | — | 4 | $23.2M | Jul 2026 |
| YJ4123024 | 4.2% variable | 2030-10-30 | EUR | 98.65 | — | — | 3 | $8.8M | Jul 2026 |
| YJ4673150 | 4.75% variable | 2079-12-31 | EUR | 98.31 | — | — | 1 | $340K | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
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 | 3 | $32.3M | 98.31 | — | — | 4 |
| Jun 2026 | 3 | $190.3M | 100.06 | — | — | 7 |
| Apr 2026 | 3 | $54.9M | 97.63 | — | — | 7 |
| Mar 2026 | 3 | $193.4M | 97.64 | — | — | 9 |
| Jan 2026 | 3 | $44.5M | 100.73 | — | — | 4 |
| Dec 2025 | 3 | $186.1M | 100.14 | — | — | 3 |
| Oct 2025 | 3 | $33.3M | 101.11 | — | — | 4 |
| Sep 2025 | 3 | $233.1M | 99.81 | — | — | 14 |
| Jul 2025 | 2 | $124.5M | 99.02 | — | — | 8 |
| Jun 2025 | 3 | $226.0M | 99.36 | — | — | 14 |
| Apr 2025 | 2 | $121.7M | 96.83 | — | — | 8 |
| Mar 2025 | 3 | $203.8M | 97.08 | — | — | 13 |
| Jan 2025 | 2 | $107.3M | 97.73 | — | — | 7 |
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. 1 added, 6 cut, 3 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Dodge & Cox Balanced Fund Dodge & Cox Funds | 2026-06-30 | $84.2M | $95.6M | $0 |
| Dodge & Cox Global Bond Fund Dodge & Cox Funds | 2026-06-30 | $63.8M | $72.4M | $0 |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $10.6M | $12.2M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $10.5M | $11.9M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $9.8M | $11.1M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $6.9M | $7.9M | -$3.3M |
| VANGUARD CORE BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $3.5M | $4.0M | -$2.9M |
| TCW METWEST LOW DURATION BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $1.2M | $1.4M | $0 |
| VANGUARD CORE BOND ETF VANGUARD MALVERN FUNDS | 2026-06-30 | $1.1M | $1.2M | -$949K |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $800K | $922K | $0 |
| Nuveen International Aggregate Bond ETF NuShares ETF Trust | 2026-06-30 | $600K | $689K | $0 |
| AB Income Fund AB BOND FUND, INC. | 2026-07-31 | $594K | $677K | new |
| iShares Core International Aggregate Bond ETF iShares Trust | 2026-07-31 | $575K | $653K | $100K |
| Capital Group International Bond ETF (USD-Hedged) Capital Group Fixed Income ETF Trust | 2026-06-30 | $500K | $572K | new |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | $477K | $541K | $0 |
| SHORT-TERM INVESTMENT-GRADE PORTFOLIO VANGUARD VARIABLE INSURANCE FUNDS | 2026-06-30 | $348K | $398K | -$100K |
| VANGUARD CORE-PLUS BOND ETF VANGUARD MALVERN FUNDS | 2026-06-30 | $200K | $230K | -$100K |
| HARTFORD TOTAL RETURN BOND HLS FUND HARTFORD SERIES FUND INC | 2026-06-30 | $100K | $115K | new |
| VANGUARD CORE-PLUS BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $100K | $115K | -$400K |
| Diversified Income Fund Principal Funds, Inc | 2026-07-31 | $100K | $113K | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $0 | $0 | -$10.8M |
| VANGUARD GLOBAL CREDIT BOND FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $0 | $0 | -$3.4M |
| VANGUARD STAR CORE-PLUS BOND FUND VANGUARD STAR FUNDS | 2026-07-31 | $0 | $0 | -$2.4M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND ($10.8M), VANGUARD GLOBAL CREDIT BOND FUND ($3.4M), VANGUARD STAR CORE-PLUS BOND FUND ($2.4M).
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 |
|---|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 1 | $10.5M | $11.9M | 0.01% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 2 | $1.1M | $1.2M | 0.02% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 2 | $600K | $689K | 0.02% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 3 | $575K | $653K | 0.01% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 1 | $500K | $572K | 0.21% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 1 | $200K | $230K | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.37: safer than 74% of companies (64th percentile in Consumer Defensive). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $126.17B |
| Debt barrier (short-term + ½ long-term debt) | $25.65B |
| Equity volatility (1 year) | 25.6% |
| Asset value / asset volatility (solved) | $150.75B / 21.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = 2.02 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in BTI'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 | 137 | $210.0M | 1 | $849K | 0 | — | 0 |
| 2026-06-30 | 904 | $19.94B | 21 | $203.3M | 23 | $323.8M | 0 |
| 2026-03-31 | 864 | $18.34B | 22 | $201.1M | 25 | $277.3M | 0 |
| 2025-12-31 | 818 | $16.14B | 23 | $415.7M | 25 | $286.3M | 0 |
| 2025-09-30 | 767 | $14.62B | 24 | $415.9M | 28 | $574.2M | 0 |
| 2025-06-30 | 713 | $12.12B | 25 | $304.5M | 29 | $339.2M | 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.