Anheuser-Busch InBev SA/NV bonds BUD
Who owns Anheuser-Busch InBev SA/NV'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. BUD 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 |
|---|---|---|---|---|---|---|---|---|---|
| AQ6887428 | 1.15% fixed | 2027-01-22 | EUR | 99.14 | 2.70% | — | 1 | $2.9M | Jun 2026 |
| AX8901818 | 1.125% fixed | 2027-07-01 | EUR | 98.40 | 2.92% | — | 2 | $21.6M | Jul 2026 |
| BH4497039 | 2.125% fixed | 2027-12-02 | EUR | 98.81 | 3.04% | — | 3 | $27.9M | Jul 2026 |
| JK4827529 | 2% fixed | 2028-03-17 | EUR | 98.31 | 3.08% | — | 5 | $46.3M | Jul 2026 |
| EK8559263 | 1.5% fixed | 2030-04-18 | EUR | 93.98 | 3.25% | — | 5 | $1.6M | Jul 2026 |
| AX8902105 | 1.65% fixed | 2031-03-28 | EUR | 92.44 | 3.43% | — | 2 | $32.7M | Jul 2026 |
| B639CJQY7 | 3.45% fixed | 2031-09-22 | EUR | 99.84 | 3.48% | — | 2 | $259K | Jul 2026 |
| BH4497047 | 2.875% fixed | 2032-04-02 | EUR | 96.34 | 3.60% | — | 4 | $27.2M | Jul 2026 |
| BE6248644013 | 3.25% fixed | 2033-01-24 | EUR | 97.57 | 3.67% | — | 2 | $5.7M | Jul 2026 |
| YO4249687 | 3.38% fixed | 2033-05-19 | EUR | 170.25 | — | — | 2 | $1.9M | Jun 2026 |
| ACI0ZWPP4 | 2% fixed | 2035-01-23 | EUR | 86.75 | 3.86% | — | 1 | $100K | Jul 2026 |
| B639CJDD7 | 2.75% fixed | 2036-03-17 | EUR | 90.52 | 3.95% | — | 7 | $19.1M | Jul 2026 |
| B639CJRA8 | 3.75% fixed | 2037-03-22 | EUR | 97.31 | 4.06% | — | 5 | $28.8M | Jul 2026 |
| AN6129950 | 2.85% fixed | 2037-05-25 | GBP | 79.48 | 5.36% | — | 1 | $211K | Jun 2026 |
| YO4249695 | 3.875% fixed | 2038-05-19 | EUR | 199.89 | — | — | 1 | $800K | Jun 2026 |
| B639CJRD2 | 3.88% fixed | 2038-05-19 | EUR | 97.31 | 4.17% | — | 1 | $337K | Jul 2026 |
| B639CJQP6 | 3.7% fixed | 2040-04-02 | EUR | 93.84 | 4.30% | — | 3 | $31.6M | Jul 2026 |
| ZD8567616 | 3.95% fixed | 2044-03-22 | EUR | 191.72 | — | — | 1 | $877K | Jun 2026 |
| ACI2NDLX2 | 3.95% fixed | 2044-03-22 | EUR | 92.56 | 4.57% | — | 3 | $27.3M | Jul 2026 |
| B639CJRC4 | 4.125% fixed | 2045-05-19 | EUR | 94.38 | 4.58% | — | 3 | $501K | 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 | 15 | $271.0M | 96.34 | — | — | 7 |
| Jun 2026 | 17 | $26.9M | 98.42 | — | — | 5 |
| May 2026 | 3 | $6.9M | 96.42 | — | — | 2 |
| Apr 2026 | 15 | $278.4M | 97.04 | — | — | 8 |
| Mar 2026 | 17 | $38.2M | 97.17 | — | — | 5 |
| Feb 2026 | 5 | $14.0M | 98.43 | — | — | 2 |
| Jan 2026 | 16 | $321.1M | 98.44 | — | — | 9 |
| Dec 2025 | 17 | $29.2M | 98.28 | — | — | 5 |
| Nov 2025 | 5 | $13.7M | 97.96 | — | — | 2 |
| Oct 2025 | 16 | $312.6M | 98.91 | — | — | 9 |
| Sep 2025 | 15 | $28.3M | 98.45 | — | — | 4 |
| Aug 2025 | 6 | $18.9M | 96.38 | — | — | 2 |
| Jul 2025 | 17 | $296.3M | 98.43 | — | — | 9 |
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. 3 added, 9 cut, 2 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $125.4M | $137.9M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $108.8M | $120.1M | $0 |
| State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.6M | $8.4M | $100K |
| iShares Core International Aggregate Bond ETF iShares Trust | 2026-07-31 | $6.2M | $6.8M | -$1.6M |
| VANGUARD GLOBAL WELLINGTON FUND VANGUARD WORLD FUND | 2026-05-31 | $4.0M | $4.5M | -$1.2M |
| T. Rowe Price International Bond Fund (USD Hedged) T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $4.1M | $4.5M | $0 |
| Nuveen International Aggregate Bond ETF NuShares ETF Trust | 2026-06-30 | $2.7M | $3.0M | $600K |
| Loomis Sayles Global Allocation Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $2.4M | $2.6M | $0 |
| Capital World Bond Fund | 2026-06-30 | $2.2M | $2.5M | $0 |
| Six Circles Global Bond Fund SIX CIRCLES TRUST | 2026-06-30 | $2.0M | $2.2M | -$7.2M |
| VANGUARD GLOBAL WELLESLEY INCOME FUND VANGUARD WORLD FUND | 2026-05-31 | $1.9M | $2.2M | -$670K |
| Neuberger Strategic Income Fund NEUBERGER BERMAN INCOME FUNDS | 2026-07-31 | $1.7M | $1.9M | $0 |
| AB Income Fund AB BOND FUND, INC. | 2026-07-31 | $1.6M | $1.8M | new |
| Fidelity International Bond Index Fund Fidelity Salem Street Trust | 2026-06-30 | $1.0M | $1.1M | $300K |
| BNY Mellon International Bond Fund BNY Mellon Investment Funds III | 2026-07-31 | $910K | $1.0M | $0 |
| Dimensional Global Credit ETF Dimensional ETF Trust | 2026-07-31 | $600K | $666K | $0 |
| SIT International Fixed Income Fund SEI INSTITUTIONAL INTERNATIONAL TRUST | 2026-06-30 | $547K | $610K | -$113K |
| Empower Global Bond Fund EMPOWER FUNDS, INC. | 2026-06-30 | $479K | $547K | -$1.7M |
| Loomis Sayles Global Allocation Portfolio Brighthouse Funds Trust I | 2026-06-30 | $300K | $331K | $0 |
| T. Rowe Price International Bond Fund T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $300K | $321K | $0 |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | $288K | $318K | -$690K |
| MFS Global Opportunistic Bond Fund MFS Series Trust X | 2026-05-31 | $230K | $259K | $0 |
| JNL/Neuberger Berman Strategic Income Fund JNL Series Trust | 2026-06-30 | $210K | $240K | new |
| iShares Euro Investment Grade Corporate Bond USD Hedged ETF iShares Trust | 2026-07-31 | $185K | $204K | -$50K |
| MFS Global Total Return Fund MFS Series Trust VI | 2026-07-31 | $150K | $163K | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Allspring Core Plus Bond Fund ($4.0M), Capital World Bond Fund ($2.0M), TCW Flexible Income ETF ($1.4M).
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 | 11 | $108.8M | $120.1M | 0.10% |
| IBND State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF | 2026-06-30 | 12 | $7.6M | $8.4M | 1.83% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 12 | $6.2M | $6.8M | 0.06% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 3 | $2.7M | $3.0M | 0.08% |
| DGCB Dimensional Global Credit ETF | 2026-07-31 | 2 | $600K | $666K | 0.06% |
| EUIG iShares Euro Investment Grade Corporate Bond USD Hedged ETF | 2026-07-31 | 3 | $185K | $204K | 0.98% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 2 | $100K | $108K | 0.00% |
| DFGX Dimensional International Core Fixed Income ETF | 2026-07-31 | 1 | $100K | $104K | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.76: safer than 76% of companies (66th percentile in Consumer Defensive). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $165.08B |
| Debt barrier (short-term + ½ long-term debt) | $36.43B |
| Equity volatility (1 year) | 23.9% |
| Asset value / asset volatility (solved) | $199.99B / 19.7% |
| 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'' = 1.85 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
Against its own government
Yield minus the government's fitted curve at the same maturity, same currency, bonds with at least $25M held and 3 funds pricing them: EUR 5.7y +33 bp, EUR 10.6y +26 bp, EUR 13.7y +27 bp, EUR 17.6y +33 bp (as of Jul 2026).
The stock side: 13F filings
What institutions report holding in BUD'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 | 70 | $179.1M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 608 | $7.85B | 22 | $246.7M | 23 | $349.8M | 0 |
| 2026-03-31 | 541 | $6.35B | 21 | $242.9M | 20 | $256.4M | 0 |
| 2025-12-31 | 526 | $6.32B | 22 | $333.7M | 24 | $609.2M | 0 |
| 2025-09-30 | 473 | $6.15B | 26 | $319.6M | 25 | $556.4M | 0 |
| 2025-06-30 | 509 | $7.29B | 19 | $368.2M | 26 | $575.1M | 0 |
Officials trading BUD bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2023-05-26 | Zoe Lofgren | sale | Anheuser-Busch InBev SA/NV | $1,001 - $15,000 | filing |
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.