Clearwater Paper Corporation bonds CLW
Who owns Clearwater Paper 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. CLW 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 |
|---|---|---|---|---|---|---|---|---|---|
| 18538RAJ2 | 4.75% fixed | 2028-08-15 | USD | 88.47 | 11.22% | 700 bp | 19 | $26.1M | 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 | 1 | $26.1M | 88.47 | 11.22% | 700 bp | 19 |
| Jun 2026 | 1 | $12.2M | 81.79 | 15.06% | 1095 bp | 17 |
| May 2026 | 1 | $8.1M | 81.10 | 15.11% | 1111 bp | 10 |
| Apr 2026 | 1 | $31.7M | 88.09 | 10.73% | 693 bp | 22 |
| Mar 2026 | 1 | $17.0M | 86.59 | 11.33% | 762 bp | 19 |
| Feb 2026 | 1 | $7.4M | 89.49 | 9.64% | 615 bp | 10 |
| Jan 2026 | 1 | $37.8M | 94.70 | 7.06% | 349 bp | 24 |
| Dec 2025 | 1 | $20.6M | 93.84 | 7.37% | 384 bp | 23 |
| Nov 2025 | 1 | $10.0M | 93.18 | 7.58% | 402 bp | 12 |
| Oct 2025 | 1 | $40.5M | 93.91 | 7.20% | 367 bp | 23 |
| Sep 2025 | 1 | $19.4M | 94.12 | 7.04% | 349 bp | 24 |
| Aug 2025 | 1 | $9.5M | 94.71 | 6.75% | 308 bp | 12 |
| Jul 2025 | 1 | $38.2M | 94.33 | 6.85% | 300 bp | 23 |
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. 4 added, 19 cut, 4 new holders and 8 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $11.6M | $10.3M | -$4.6M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $5.5M | $4.9M | $558K |
| Greenspring Income Opportunities Fund Manager Directed Portfolios | 2026-06-30 | $4.2M | $3.4M | $0 |
| Victory Pioneer High Yield Fund Victory Portfolios IV | 2026-07-31 | $3.3M | $2.9M | $0 |
| High Yield Bond Core Fund Federated Hermes Core Trust | 2026-06-30 | $2.5M | $2.1M | $0 |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $2.5M | $2.1M | $0 |
| Fidelity Enhanced High Yield ETF Fidelity Covington Trust | 2026-05-31 | $2.3M | $1.9M | new |
| High Yield Bond Portfolio NORTHWESTERN MUTUAL SERIES FUND INC | 2026-06-30 | $1.9M | $1.5M | $0 |
| CALAMOS STRATEGIC TOTAL RETURN FUND | 2026-07-31 | $1.6M | $1.4M | -$615K |
| Guggenheim Active Allocation Fund | 2026-05-29 | $1.6M | $1.3M | $0 |
| Angel Oak Multi-Strategy Income Fund Angel Oak Funds Trust | 2026-07-31 | $1.4M | $1.2M | $0 |
| Bank Loan Core Fund Federated Hermes Core Trust | 2026-06-30 | $1.5M | $1.2M | -$500K |
| CALAMOS CONVERTIBLE & HIGH INCOME FUND | 2026-07-31 | $1.4M | $1.2M | -$525K |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $1.5M | $1.2M | $260K |
| CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND | 2026-07-31 | $1.3M | $1.1M | -$475K |
| Federated Hermes Sustainable High Yield Bond Fund, Inc. | 2026-06-30 | $1.1M | $920K | -$825K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $1.1M | $893K | $675K |
| Federated Hermes Opportunistic High Yield Bond Fund Federated Hermes High Yield Trust | 2026-05-31 | $1.1M | $893K | $0 |
| Touchstone Funds Group Trust-Touchstone High Yield Fund Touchstone Funds Group Trust | 2026-06-30 | $938K | $766K | $0 |
| iShares iBonds 2028 Term High Yield and Income ETF iShares Trust | 2026-07-31 | $807K | $718K | $39K |
| Invesco High Yield Systematic Bond ETF Invesco Actively Managed Exchange-Traded Fund Trust | 2026-07-31 | $600K | $530K | $0 |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $582K | $472K | $0 |
| Guggenheim High Yield Fund Guggenheim Funds Trust | 2026-06-30 | $497K | $406K | -$253K |
| SA Federated Hermes Corporate Bond Portfolio SUNAMERICA SERIES TRUST | 2026-07-31 | $400K | $353K | -$225K |
| Calamos Dynamic Convertible & Income Fund | 2026-07-31 | $355K | $316K | -$130K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Brookfield Real Assets Income Fund Inc. ($3.0M), CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND ($750K), Xtrackers USD High Yield BB-B ex Financials ETF ($405K), Penn Capital Short Duration High Income Fund ($255K), Nuveen High Yield Corporate Bond ETF ($250K), Multi-Manager Alternative Strategies Fund ($100K), BondBloxx B Rated USD High Yield Corporate Bond ETF ($20K), VANGUARD CORE-PLUS BOND INDEX ETF ($2K).
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 | 1 | $5.5M | $4.9M | 0.02% |
| FDHY Fidelity Enhanced High Yield ETF | 2026-05-31 | 1 | $2.3M | $1.9M | 0.36% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $1.5M | $1.2M | 0.18% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $1.1M | $893K | 0.01% |
| IBHH iShares iBonds 2028 Term High Yield and Income ETF | 2026-07-31 | 1 | $807K | $718K | 0.16% |
| GTOQ Invesco High Yield Systematic Bond ETF | 2026-07-31 | 1 | $600K | $530K | 0.29% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $582K | $472K | 0.02% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $305K | $271K | 0.00% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $200K | $177K | 0.12% |
| FHYS Federated Hermes Short Duration High Yield ETF | 2026-05-31 | 1 | $175K | $142K | 0.28% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $108K | $88K | 0.01% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 1 | $95K | $85K | 0.00% |
| BKHY BNY Mellon High Yield ETF | 2026-07-31 | 1 | $35K | $31K | 0.02% |
| MYHB State Street(R) My2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $20K | $16K | 0.32% |
| MYHC State Street(R) My2029 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $15K | $12K | 0.24% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.87: safer than 24% of companies (26th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $300.6M |
| Debt barrier (short-term + ½ long-term debt) | $180.8M |
| Equity volatility (1 year) | 52.2% |
| Asset value / asset volatility (solved) | $473.9M / 33.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 700 bp spread prices in about 11.7% 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 = 1.99 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CLW'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 | 12 | $2.7M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 133 | $223.8M | 6 | $9.2M | 6 | $3.7M | 0 |
| 2026-03-31 | 115 | $166.8M | 2 | $403K | 6 | $2.1M | 0 |
| 2025-12-31 | 121 | $235.6M | 3 | $844K | 7 | $6.5M | 0 |
| 2025-09-30 | 139 | $273.0M | 3 | $1.9M | 5 | $3.4M | 0 |
| 2025-06-30 | 153 | $372.6M | 5 | $1.8M | 7 | $2.5M | 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.