CMS Energy Corporation bonds CMS
Who owns CMS Energy 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. CMS 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 |
|---|---|---|---|---|---|---|---|---|---|
| 125896BR0 | 2.95% fixed | 2027-02-15 | USD | 98.91 | 4.73% | 94 bp | 6 | $1.8M | Jun 2026 |
| 125896BS8 | 3.45% fixed | 2027-08-15 | USD | 98.86 | 4.58% | 52 bp | 6 | $4.2M | Jul 2026 |
| 125896BX7 convertible | 3.375% fixed | 2028-05-01 | USD | 108.12 | — | — | 18 | $151.1M | Jul 2026 |
| 21071BAB1 | 5.21% fixed | 2030-09-01 | USD | 100.76 | 5.00% | 70 bp | 1 | $2.8M | Jul 2026 |
| 125896BZ2 convertible | 3.125% fixed | 2031-05-01 | USD | 99.66 | — | — | 6 | $38.6M | Jul 2026 |
| 125896BL3 | 4.7% fixed | 2043-03-31 | USD | 83.10 | 6.36% | 142 bp | 3 | $543K | Jul 2026 |
| 125896BN9 | 4.875% fixed | 2044-03-01 | USD | 85.40 | 6.25% | 127 bp | 7 | $3.8M | Jul 2026 |
| 125896BU3 | 4.75% fixed | 2050-06-01 | USD | 97.28 | 4.95% | -16 bp | 28 | $45.9M | Jul 2026 |
| 125896BV1 | 3.75% fixed | 2050-12-01 | USD | 92.16 | 4.27% | -83 bp | 19 | $27.4M | Jul 2026 |
| 125896BY5 | 6.5% fixed | 2055-06-01 | USD | 101.22 | 6.41% | 130 bp | 22 | $50.9M | 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 | $325.2M | 98.86 | 5.00% | 70 bp | 28 |
| Jun 2026 | 10 | $452.5M | 98.86 | 4.90% | 63 bp | 60 |
| May 2026 | 10 | $247.7M | 98.91 | 4.87% | 63 bp | 38 |
| Apr 2026 | 10 | $318.4M | 99.36 | 4.90% | 86 bp | 28 |
| Mar 2026 | 11 | $490.7M | 98.77 | 4.99% | 117 bp | 63 |
| Feb 2026 | 11 | $297.4M | 99.30 | 4.81% | 70 bp | 37 |
| Jan 2026 | 11 | $312.4M | 99.22 | 4.64% | 61 bp | 29 |
| Dec 2025 | 11 | $489.4M | 98.92 | 4.69% | 74 bp | 60 |
| Nov 2025 | 11 | $296.0M | 98.95 | 4.65% | 67 bp | 34 |
| Oct 2025 | 11 | $281.3M | 98.86 | 4.63% | 71 bp | 27 |
| Sep 2025 | 11 | $499.9M | 98.66 | 4.74% | 80 bp | 60 |
| Aug 2025 | 10 | $205.1M | 98.31 | 4.77% | 68 bp | 37 |
| Jul 2025 | 11 | $267.3M | 98.06 | 4.84% | 72 bp | 26 |
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. 41 added, 49 cut, 20 new holders and 40 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Invesco Equity and Income Fund AIM Counselor Series Trust (Invesco Counselor Series Trust) | 2026-05-31 | $45.6M | $45.7M | $0 |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $37.3M | $38.5M | $6.2M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $34.0M | $34.9M | -$6.9M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $33.4M | $32.2M | $292K |
| Cohen & Steers Preferred Securities & Income Fund, Inc. COHEN & STEERS PREFERRED SECURITIES & INCOME FUND, INC. | 2026-06-30 | $31.9M | $31.2M | -$13.5M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $30.0M | $31.2M | $0 |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $27.1M | $28.8M | $4.1M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $29.1M | $28.1M | $0 |
| FPA New Income Fund Investment Managers Series Trust III | 2026-06-30 | $22.8M | $23.2M | $0 |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $22.6M | $23.2M | $0 |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $23.5M | $22.8M | $0 |
| Neuberger Strategic Income Fund NEUBERGER BERMAN INCOME FUNDS | 2026-07-31 | $20.8M | $20.3M | $0 |
| Invesco Variable Rate Preferred ETF Invesco Exchange-Traded Fund Trust II | 2026-05-31 | $19.8M | $19.7M | $2.5M |
| CALAMOS STRATEGIC TOTAL RETURN FUND | 2026-07-31 | $16.9M | $18.2M | $0 |
| Calamos Convertible Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $16.2M | $17.6M | $5.2M |
| Calamos Growth & Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $15.8M | $17.1M | $0 |
| Janus Henderson Multi-Sector Income Fund Janus Investment Fund | 2026-06-30 | $16.5M | $16.9M | $0 |
| JPMorgan Preferred and Income Securities Fund JPMorgan Trust IV | 2026-06-30 | $16.9M | $16.2M | $0 |
| Nuveen Preferred & Income Opportunities Fund | 2026-07-31 | $15.8M | $15.9M | $0 |
| CALAMOS CONVERTIBLE & HIGH INCOME FUND | 2026-07-31 | $14.5M | $15.7M | $5.2M |
| CALAMOS CONVERTIBLE OPPORTUNITIES & INCOME FUND | 2026-07-31 | $13.8M | $14.9M | $5.0M |
| Columbia Convertible Securities Fund COLUMBIA FUNDS SERIES TRUST | 2026-05-31 | $13.0M | $14.1M | $1.5M |
| American High Income Trust | 2026-06-30 | $11.5M | $11.7M | $0 |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $10.7M | $11.1M | $0 |
| Nuveen Preferred Securities and Income Fund Nuveen Investment Trust V | 2026-05-31 | $10.2M | $10.5M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): JPMorgan Ultra-Short Income ETF ($11.8M), Intermediate Bond Fund of America ($10.3M), Baird Ultra Short Bond Fund ($10.1M), BlackRock Strategic Income Opportunities Portfolio ($9.4M), NORTH SQUARE PREFERRED AND INCOME SECURITIES FUND ($8.8M), Bond Fund of America ($5.6M), DNP Select Income Fund Inc ($5.0M), SIIT INTERMEDIATE DURATION CREDIT FUND ($4.1M), Capital Group Central Corporate Bond Fund ($3.8M), John Hancock Preferred Income Fund III ($3.6M).
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 | 2 | $37.3M | $38.5M | 0.54% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $34.0M | $34.9M | 0.05% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 5 | $33.4M | $32.2M | 0.01% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 2 | $27.1M | $28.8M | 0.47% |
| VRP Invesco Variable Rate Preferred ETF | 2026-05-31 | 3 | $19.8M | $19.7M | 0.68% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $10.3M | $10.1M | 0.02% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 3 | $10.3M | $10.1M | 0.09% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $10.2M | $9.9M | 0.01% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 1 | $7.5M | $7.7M | 0.01% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $6.6M | $6.8M | 0.04% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $6.6M | $6.4M | 0.03% |
| PREF Principal Spectrum Preferred Securities Active ETF | 2026-06-30 | 2 | $6.4M | $6.1M | 0.34% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 1 | $5.3M | $5.4M | 0.05% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $4.4M | $4.3M | 0.02% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $3.1M | $3.0M | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.79: safer than 80% of companies (84th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $21.15B |
| Debt barrier (short-term + ½ long-term debt) | $9.96B |
| Equity volatility (1 year) | 17.2% |
| Asset value / asset volatility (solved) | $30.69B / 11.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 70 bp spread prices in about 1.2% 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'' = 0.81 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CMS'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 | 108 | $171.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 809 | $23.66B | 2 | $2.2M | 7 | $40.4M | 47 |
| 2026-03-31 | 781 | $18.40B | 4 | $17.2M | 8 | $57.3M | 44 |
| 2025-12-31 | 790 | $19.59B | 4 | $35.7M | 10 | $59.5M | 45 |
| 2025-09-30 | 765 | $20.58B | 5 | $22.1M | 8 | $53.2M | 47 |
| 2025-06-30 | 735 | $19.77B | 5 | $12.7M | 11 | $56.2M | 53 |
Officials trading CMS bonds
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.