Cleveland-Cliffs Inc. bonds CLF
Who owns Cleveland-Cliffs 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. CLF 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 |
|---|---|---|---|---|---|---|---|---|---|
| 185899AK7 | 4.625% fixed | 2029-03-01 | USD | 97.14 | 5.83% | 159 bp | 27 | $83.9M | Jul 2026 |
| 185899AQ4 | 6.875% fixed | 2029-11-01 | USD | 101.05 | 6.51% | 224 bp | 48 | $160.2M | Jul 2026 |
| 185899AN1 | 6.75% fixed | 2030-04-15 | USD | 100.67 | 6.54% | 226 bp | 25 | $77.8M | Jul 2026 |
| 185899AL5 | 4.875% fixed | 2031-03-01 | USD | 92.23 | 6.88% | 256 bp | 15 | $20.5M | Jul 2026 |
| 185899AS0 | 7.5% fixed | 2031-09-15 | USD | 102.10 | 7.00% | 266 bp | 39 | $155.3M | Jul 2026 |
| 185899AP6 | 7% fixed | 2032-03-15 | USD | 100.28 | 6.94% | 257 bp | 57 | $129.7M | Jul 2026 |
| 185899AR2 | 7.375% fixed | 2033-05-01 | USD | 101.10 | 7.16% | 272 bp | 43 | $113.0M | Jul 2026 |
| 18589GAA3 | 7.625% fixed | 2034-01-15 | USD | 101.23 | 7.41% | 292 bp | 51 | $114.2M | Jul 2026 |
| 18683KAC5 | 6.25% fixed | 2040-10-01 | USD | 80.33 | 8.69% | 388 bp | 6 | $7.7M | 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 | $862.2M | 100.67 | 6.94% | 257 bp | 57 |
| Jun 2026 | 9 | $1.65B | 99.93 | 7.14% | 289 bp | 113 |
| May 2026 | 9 | $655.2M | 101.16 | 6.75% | 254 bp | 53 |
| Apr 2026 | 9 | $875.5M | 100.00 | 7.03% | 306 bp | 58 |
| Mar 2026 | 9 | $1.55B | 97.57 | 7.54% | 366 bp | 105 |
| Feb 2026 | 9 | $643.3M | 101.60 | 6.54% | 281 bp | 52 |
| Jan 2026 | 9 | $934.8M | 102.68 | 6.31% | 246 bp | 63 |
| Dec 2025 | 9 | $1.57B | 102.93 | 6.33% | 256 bp | 110 |
| Nov 2025 | 9 | $631.8M | 102.52 | 6.50% | 271 bp | 55 |
| Oct 2025 | 9 | $941.7M | 102.30 | 6.51% | 278 bp | 69 |
| Sep 2025 | 12 | $1.56B | 100.58 | 6.82% | 304 bp | 112 |
| Aug 2025 | 10 | $501.0M | 99.63 | 6.93% | 303 bp | 59 |
| Jul 2025 | 10 | $907.4M | 98.58 | 7.28% | 329 bp | 82 |
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. 135 added, 74 cut, 18 new holders and 19 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $412.3M | $408.9M | $99.0M |
| American High Income Trust | 2026-06-30 | $353.2M | $348.7M | -$3.7M |
| Income Fund of America | 2026-07-31 | $247.3M | $248.7M | -$16.4M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $139.7M | $142.4M | $18.6M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $135.8M | $136.3M | $11.4M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $98.1M | $98.3M | $0 |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $91.6M | $92.0M | -$3.0M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $84.1M | $85.8M | -$3.4M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $70.3M | $70.1M | -$27.4M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $53.0M | $52.3M | $9.7M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $44.3M | $44.4M | $5.3M |
| American Funds Strategic Bond Fund | 2026-06-30 | $38.5M | $38.6M | $0 |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $33.5M | $33.9M | $456K |
| Capital Group Core Plus Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $32.4M | $32.4M | $9.3M |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $32.2M | $32.3M | $2.8M |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $30.4M | $30.8M | $8.2M |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $30.0M | $30.7M | -$1.0M |
| Strategic Income Opportunities Fund John Hancock Funds II | 2026-05-31 | $28.0M | $28.5M | $1.9M |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $26.9M | $27.4M | $0 |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $26.2M | $26.7M | $0 |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $25.8M | $26.0M | $0 |
| PIMCO High Yield Fund PIMCO Funds | 2026-06-30 | $25.2M | $25.4M | -$7.7M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $24.0M | $24.1M | $0 |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $23.7M | $23.7M | -$4.8M |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $23.3M | $23.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares High Yield Systematic Bond ETF ($20.7M), Fidelity Advisor Strategic Income Fund ($18.3M), BrandywineGLOBAL - CORPORATE CREDIT FUND ($3.7M), High Yield Fixed Income Fund ($3.0M), Goldman Sachs High Yield Fund ($2.7M), VIP Strategic Income Portfolio ($1.9M), Strategic Advisers Fidelity Core Income Fund ($1.6M), Advent Convertible & Income Fund ($1.4M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($1.1M), Fidelity Specialized High Income Central Fund ($1.0M).
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 | 8 | $135.8M | $136.3M | 0.48% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 6 | $84.1M | $85.8M | 0.53% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 8 | $53.0M | $52.3M | 0.46% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 6 | $44.3M | $44.4M | 0.60% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 5 | $32.4M | $32.4M | 0.39% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 5 | $32.2M | $32.3M | 0.63% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 6 | $18.0M | $18.4M | 0.53% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 3 | $18.2M | $18.3M | 0.24% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 8 | $13.3M | $13.4M | 0.56% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 4 | $12.5M | $12.8M | 0.58% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 2 | $12.6M | $12.6M | 0.26% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 8 | $11.5M | $11.6M | 0.46% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 7 | $10.9M | $11.2M | 0.86% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $10.6M | $10.9M | 0.33% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 1 | $10.1M | $10.1M | 0.18% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.19: safer than 16% of companies (17th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $8.22B |
| Debt barrier (short-term + ½ long-term debt) | $3.85B |
| Equity volatility (1 year) | 69.6% |
| Asset value / asset volatility (solved) | $11.90B / 48.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 257 bp spread prices in about 4.3% 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 = 1.34 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CLF'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 | 61 | $83.6M | 1 | $125K | 0 | — | 0 |
| 2026-06-30 | 573 | $4.38B | 29 | $149.9M | 40 | $354.7M | 0 |
| 2026-03-31 | 548 | $3.44B | 28 | $138.8M | 34 | $224.9M | 0 |
| 2025-12-31 | 560 | $6.02B | 32 | $286.2M | 31 | $367.9M | 2 |
| 2025-09-30 | 552 | $4.64B | 31 | $286.3M | 39 | $486.8M | 2 |
| 2025-06-30 | 548 | $2.84B | 28 | $167.6M | 37 | $255.9M | 2 |
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.