Canadian National Railway Company bonds CNI
Who owns Canadian National Railway Company'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. CNI 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 |
|---|---|---|---|---|---|---|---|---|---|
| 136375BD3 | 6.9% fixed | 2028-07-15 | USD | 104.27 | 4.59% | 38 bp | 5 | $4.6M | Jul 2026 |
| 136375CR1 | 3.2% fixed | 2028-07-31 | CAD | 99.63 | 3.40% | — | 3 | $2.3M | Jul 2026 |
| 136375CS9 | 3% fixed | 2029-02-08 | CAD | 53.70 | 28.10% | — | 1 | $164K | Apr 2026 |
| 136375DL3 | 4.6% fixed | 2029-05-02 | CAD | 102.59 | 3.60% | — | 7 | $27.8M | Jul 2026 |
| 136375DX7 | 4.35% fixed | 2029-05-12 | USD | 98.99 | 4.74% | 49 bp | 6 | $9.5M | Jul 2026 |
| 136375DF6 | 4.15% fixed | 2030-05-10 | CAD | 101.49 | 3.72% | — | 3 | $4.2M | Jul 2026 |
| 136375DS8 | 3.5% fixed | 2030-06-10 | CAD | 99.18 | 3.73% | — | 5 | $7.0M | Jul 2026 |
| 136375DV1 | 4.2% fixed | 2031-03-12 | USD | 97.12 | 4.90% | 59 bp | 8 | $2.7M | Jul 2026 |
| 136375DC3 | 3.85% fixed | 2032-08-05 | USD | 94.19 | 4.98% | 58 bp | 10 | $6.3M | Jul 2026 |
| 136375DE9 | 4.4% fixed | 2033-05-10 | CAD | 101.35 | 4.17% | — | 2 | $5.1M | Jul 2026 |
| 136375DH2 | 5.85% fixed | 2033-11-01 | USD | 105.25 | 4.98% | 50 bp | 7 | $3.6M | Jul 2026 |
| 136375BL5 | 6.25% fixed | 2034-08-01 | USD | 106.98 | 5.17% | 67 bp | 8 | $3.1M | Jul 2026 |
| 136375DR0 | 4.38% fixed | 2034-09-18 | USD | 94.93 | 5.15% | 64 bp | 7 | $4.1M | Jul 2026 |
| 136375DU3 | 4.2% fixed | 2035-06-10 | CAD | 98.15 | 4.45% | — | 6 | $22.6M | Jul 2026 |
| 136375DW9 | 4.75% fixed | 2035-11-12 | USD | 96.40 | 5.24% | 68 bp | 5 | $1.1M | Jul 2026 |
| 136375DY5 | 4.95% fixed | 2036-05-12 | USD | 97.47 | 5.28% | 69 bp | 7 | $6.0M | Jul 2026 |
| 136375BN1 | 6.2% fixed | 2036-06-01 | USD | 106.14 | 5.39% | 79 bp | 6 | $2.3M | Jul 2026 |
| 136375BE1 | 6.71% fixed | 2036-07-15 | USD | 111.86 | 5.19% | 70 bp | 2 | $1.6M | May 2026 |
| 136375BQ4 | 6.38% fixed | 2037-11-15 | USD | 107.95 | 5.43% | 76 bp | 4 | $887K | Jul 2026 |
| 136375BW1 | 3.5% fixed | 2042-11-15 | USD | 77.87 | 5.57% | 74 bp | 2 | $318K | May 2026 |
| 136375BZ4 | 4.5% fixed | 2043-11-07 | USD | 84.46 | 5.95% | 98 bp | 1 | $17K | Jul 2026 |
| 136375CG5 | 3.95% fixed | 2045-09-22 | CAD | 85.67 | 5.13% | — | 1 | $1.2M | Jul 2026 |
| 136375CK6 | 3.2% fixed | 2046-08-02 | USD | 68.50 | 5.90% | 79 bp | 4 | $1.3M | Jul 2026 |
| 136375CM2 | 3.6% fixed | 2047-08-01 | CAD | 83.47 | 4.86% | — | 1 | $135K | Jun 2026 |
| 136375CP5 | 3.65% fixed | 2048-02-03 | USD | 72.16 | 5.96% | 86 bp | 5 | $11.5M | Jul 2026 |
| 136375CQ3 | 3.6% fixed | 2048-07-31 | CAD | 79.43 | 5.18% | — | 2 | $3.4M | Jul 2026 |
| 136375CV2 | 4.45% fixed | 2049-01-20 | USD | 81.28 | 5.97% | 87 bp | 6 | $1.6M | Jul 2026 |
| 136375CT7 | 3.6% fixed | 2049-02-08 | CAD | 79.06 | 5.19% | — | 3 | $1.7M | Jul 2026 |
| 136375CX8 | 3.05% fixed | 2050-02-08 | CAD | 70.90 | 5.21% | — | 4 | $3.0M | Jul 2026 |
| 136375CZ3 | 2.45% fixed | 2050-05-01 | USD | 55.92 | 5.93% | 83 bp | 7 | $1.9M | Jul 2026 |
| 136375DB5 | 4.4% fixed | 2052-08-05 | USD | 79.96 | 5.92% | 82 bp | 4 | $1.5M | Jul 2026 |
| 136375DG4 | 4.7% fixed | 2053-05-10 | CAD | 92.20 | 5.24% | — | 3 | $10.0M | Jul 2026 |
| 136375DJ8 | 6.125% fixed | 2053-11-01 | USD | 102.75 | 5.92% | 82 bp | 2 | $1.0M | Jul 2026 |
| 136375DM1 | 5.1% fixed | 2054-05-02 | CAD | 97.88 | 5.24% | — | 3 | $1.9M | 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 | 30 | $153.2M | 97.30 | 5.33% | 73 bp | 10 |
| Jun 2026 | 21 | $338.0M | 97.97 | 5.06% | 58 bp | 22 |
| May 2026 | 20 | $309.3M | 98.33 | 5.11% | 56 bp | 20 |
| Apr 2026 | 29 | $151.5M | 70.44 | 5.15% | 75 bp | 10 |
| Mar 2026 | 19 | $223.5M | 98.63 | 5.15% | 80 bp | 23 |
| Feb 2026 | 19 | $284.6M | 100.00 | 4.94% | 61 bp | 20 |
| Jan 2026 | 30 | $138.9M | 74.40 | 4.99% | 66 bp | 10 |
| Dec 2025 | 21 | $234.4M | 99.77 | 5.02% | 73 bp | 21 |
| Nov 2025 | 19 | $262.1M | 99.68 | 4.95% | 68 bp | 20 |
| Oct 2025 | 28 | $131.6M | 66.51 | 5.19% | 76 bp | 10 |
| Sep 2025 | 17 | $174.1M | 96.17 | 5.39% | 68 bp | 20 |
| Aug 2025 | 17 | $212.4M | 97.22 | 5.31% | 70 bp | 20 |
| Jul 2025 | 29 | $107.5M | 58.54 | 5.36% | 63 bp | 11 |
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. 62 added, 22 cut, 22 new holders and 7 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $90.1M | $89.6M | $18.5M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $67.1M | $61.5M | $8.4M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $64.1M | $53.6M | $3.0M |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $65.7M | $45.7M | $2.5M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $42.5M | $39.5M | $1.3M |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $23.7M | $23.8M | $16.8M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $22.1M | $22.2M | -$280K |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $33.2M | $21.7M | $1.7M |
| College Retirement Equities Fund - Responsible Balanced Account College Retirement Equities Fund | 2026-06-30 | $21.5M | $21.3M | new |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $19.8M | $19.7M | $18.5M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $20.0M | $19.4M | $4.9M |
| Nuveen Core Impact Bond Fund TIAA-CREF Funds | 2026-06-30 | $17.7M | $17.6M | new |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $17.2M | $17.1M | $0 |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $24.1M | $17.1M | $8.0M |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $17.1M | $17.1M | $2.5M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $18.0M | $16.8M | $867K |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | $25.9M | $15.3M | $0 |
| Fidelity Series Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $14.0M | $12.6M | $3.0M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $17.9M | $11.6M | $0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $11.5M | $11.0M | -$1.7M |
| Columbia Variable Portfolio - Select Corporate Income Fund Columbia Funds Variable Series Trust II | 2026-06-30 | $10.9M | $10.8M | new |
| Columbia Select Corporate Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-07-31 | $10.8M | $10.6M | new |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $11.5M | $10.2M | $2.2M |
| VANGUARD LONG-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $14.1M | $10.2M | -$1.2M |
| Avantis Core Fixed Income ETF American Century ETF Trust | 2026-05-31 | $8.8M | $9.3M | -$335K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND ($21.6M), Invesco BulletShares 2026 Corporate Bond ETF ($5.2M), JPMorgan Ultra-Short Income ETF ($2.0M), AB GLOBAL BOND FUND, INC. ($355K), VANGUARD GLOBAL CREDIT BOND FUND ($230K), State Street(R) My2026 Corporate Bond ETF ($150K), Morningstar Multisector Bond Fund ($105K).
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 |
|---|---|---|---|---|---|
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 6 | $90.1M | $89.6M | 0.13% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 12 | $67.1M | $61.5M | 0.02% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 17 | $42.5M | $39.5M | 0.03% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 7 | $23.7M | $23.8M | 0.21% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $22.1M | $22.2M | 0.12% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 9 | $33.2M | $21.7M | 0.02% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $19.8M | $19.7M | 0.19% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 4 | $20.0M | $19.4M | 0.04% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 5 | $24.1M | $17.1M | 0.19% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 6 | $17.1M | $17.1M | 0.15% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 20 | $18.0M | $16.8M | 0.10% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $11.5M | $11.0M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 17 | $11.5M | $10.2M | 0.02% |
| AVIG Avantis Core Fixed Income ETF | 2026-05-31 | 2 | $8.8M | $9.3M | 0.50% |
| BLV VANGUARD LONG-TERM BOND INDEX FUND | 2026-06-30 | 5 | $5.1M | $5.2M | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 11.70: safer than 86% of companies (87th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $72.70B |
| Debt barrier (short-term + ½ long-term debt) | $8.07B |
| Equity volatility (1 year) | 22.0% |
| Asset value / asset volatility (solved) | $80.43B / 19.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 73 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'' = 2.37 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CNI'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 | 114 | $1.20B | 0 | — | 0 | — | 0 |
| 2026-06-30 | 839 | $48.30B | 16 | $54.1M | 18 | $184.0M | 0 |
| 2026-03-31 | 811 | $38.54B | 16 | $58.6M | 16 | $83.8M | 1 |
| 2025-12-31 | 796 | $39.76B | 13 | $55.8M | 16 | $95.3M | 0 |
| 2025-09-30 | 755 | $38.01B | 16 | $112.9M | 19 | $133.9M | 0 |
| 2025-06-30 | 813 | $44.03B | 14 | $54.2M | 17 | $111.7M | 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.