Ciena Corporation bonds CIEN
Who owns Ciena Corporation'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. CIEN 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 |
|---|---|---|---|---|---|---|---|---|---|
| 171779AL5 | 4% fixed | 2030-01-31 | USD | 94.90 | 5.63% | 135 bp | 19 | $26.5M | Jul 2026 |
| 171779AM3 convertible | 0% none | 2031-09-15 | USD | 94.72 | — | — | 23 | $138.7M | 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 |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $8.3M | 94.99 | 5.63% | 133 bp | 1 |
| Jul 2026 | 2 | $165.2M | 94.81 | 5.63% | 135 bp | 23 |
| Jun 2026 | 2 | $126.9M | 100.41 | 5.40% | 124 bp | 39 |
| May 2026 | 1 | $19.9M | 95.98 | 5.22% | 114 bp | 16 |
| Apr 2026 | 1 | $24.7M | 95.82 | 5.24% | 137 bp | 17 |
| Mar 2026 | 2 | $21.9M | 95.15 | 5.42% | 164 bp | 18 |
| Feb 2026 | 1 | $25.6M | 96.59 | 4.97% | 137 bp | 17 |
| Jan 2026 | 1 | $28.4M | 96.44 | 4.99% | 130 bp | 21 |
| Dec 2025 | 2 | $18.2M | 96.50 | 4.96% | 132 bp | 18 |
| Nov 2025 | 1 | $25.8M | 96.43 | 4.96% | 133 bp | 17 |
| Oct 2025 | 1 | $31.8M | 96.14 | 5.02% | 141 bp | 21 |
| Sep 2025 | 2 | $14.9M | 95.47 | 5.18% | 156 bp | 18 |
| Aug 2025 | 1 | $25.4M | 94.94 | 5.30% | 154 bp | 17 |
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, 3 cut, 64 new holders and 3 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $60.9M | $57.8M | new |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $27.7M | $29.2M | new |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $21.5M | $22.6M | new |
| Virtus Convertible Fund Virtus Strategy Trust | 2026-06-30 | $21.0M | $22.1M | new |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $23.1M | $22.0M | new |
| Virtus Artificial Intelligence & Technology Opportunities Fund | 2026-07-31 | $13.2M | $12.5M | new |
| American Beacon SiM High Yield Opportunities Fund AMERICAN BEACON FUNDS | 2026-05-31 | $12.4M | $11.9M | -$5.3M |
| Invesco Convertible Securities Fund AIM Growth Series (Invesco Growth Series) | 2026-06-30 | $9.8M | $10.3M | new |
| Advent Convertible & Income Fund ADVENT CONVERTIBLE & INCOME FUND | 2026-07-31 | $9.1M | $8.6M | $6.4M |
| AQR Diversified Arbitrage Fund AQR Funds | 2026-06-30 | $8.1M | $8.5M | new |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $7.3M | $7.0M | $256K |
| Miller Market Neutral Income Fund Miller Investment Trust | 2026-07-31 | $6.0M | $5.7M | new |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.9M | $5.6M | $2.4M |
| Virtus Convertible & Income Fund | 2026-07-31 | $5.5M | $5.2M | new |
| Virtus Convertible & Income Fund II | 2026-07-31 | $4.4M | $4.1M | new |
| Virtus Equity & Convertible Income Fund | 2026-07-31 | $4.3M | $4.1M | new |
| Virtus Dividend, Interest & Premium Strategy Fund | 2026-07-31 | $4.3M | $4.1M | new |
| Putnam Convertible Securities Fund | 2026-07-31 | $4.2M | $4.0M | new |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $4.2M | $4.0M | new |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $4.1M | $3.9M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.7M | $3.6M | $100K |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $3.6M | $3.4M | $205K |
| NYLIM VP MacKay Convertible Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $2.9M | $3.1M | new |
| Virtus Diversified Income & Convertible Fund | 2026-07-31 | $3.2M | $3.1M | new |
| Brigade High Income Fund ALPS SERIES TRUST | 2026-06-30 | $3.0M | $2.9M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Janus Henderson High-Yield Fund ($5.0M), Federated Hermes Sustainable High Yield Bond Fund, Inc. ($750K), Federated Hermes Opportunistic High Yield Bond Fund ($275K).
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 |
|---|---|---|---|---|---|
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 1 | $60.9M | $57.8M | 0.80% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 1 | $27.7M | $29.2M | 0.47% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $7.3M | $7.0M | 0.02% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $5.9M | $5.6M | 0.05% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $3.7M | $3.6M | 0.07% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $3.6M | $3.4M | 0.05% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $1.8M | $1.7M | 1.16% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 1 | $990K | $945K | 0.02% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $970K | $932K | 0.04% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $683K | $656K | 0.03% |
| FCVT First Trust SSI Strategic Convertible Securities ETF | 2026-07-31 | 1 | $578K | $546K | 0.54% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $450K | $427K | 0.00% |
| OBND State Street(R) Loomis Sayles Opportunistic Bond ETF | 2026-06-30 | 1 | $280K | $267K | 0.46% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $259K | $246K | 0.05% |
| IBHJ iShares iBonds 2030 Term High Yield and Income ETF | 2026-07-31 | 1 | $250K | $237K | 0.15% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.55: safer than 70% of companies (70th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-08-01.
| Equity value | $48.88B |
| Debt barrier (short-term + ½ long-term debt) | $124.7M |
| Equity volatility (1 year) | 76.0% |
| Asset value / asset volatility (solved) | $49.00B / 75.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 135 bp spread prices in about 2.2% 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 = 7.15 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CIEN'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 | 143 | $473.6M | 1 | $774K | 1 | $704K | 0 |
| 2026-06-30 | 1,213 | $61.61B | 33 | $1.91B | 37 | $1.94B | 2 |
| 2026-03-31 | 1,066 | $41.72B | 25 | $781.6M | 29 | $1.10B | 0 |
| 2025-12-31 | 840 | $30.20B | 21 | $626.7M | 21 | $571.1M | 0 |
| 2025-09-30 | 680 | $19.78B | 19 | $216.9M | 20 | $370.3M | 0 |
| 2025-06-30 | 556 | $11.35B | 19 | $105.6M | 18 | $173.5M | 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.