Constellation Software Inc. bonds CSU.TO
Who owns Constellation Software 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. CSU.TO 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 |
|---|---|---|---|---|---|---|---|---|---|
| 21037XAC4 | 5.158% fixed | 2029-02-16 | USD | 99.95 | 5.18% | 94 bp | 7 | $17.0M | Jul 2026 |
| 21037XAD2 | 5.461% fixed | 2034-02-16 | USD | 96.32 | 6.08% | 159 bp | 16 | $25.0M | 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 | 2 | $41.9M | 98.14 | 5.63% | 126 bp | 16 |
| Jun 2026 | 2 | $100.6M | 99.18 | 5.40% | 115 bp | 14 |
| May 2026 | 2 | $13.9M | 99.57 | 5.32% | 113 bp | 8 |
| Apr 2026 | 2 | $42.0M | 99.18 | 5.40% | 140 bp | 16 |
| Mar 2026 | 2 | $106.4M | 99.18 | 5.40% | 148 bp | 18 |
| Feb 2026 | 2 | $14.4M | 100.66 | 5.04% | 129 bp | 8 |
| Jan 2026 | 2 | $38.7M | 101.20 | 4.94% | 110 bp | 15 |
| Dec 2025 | 2 | $98.2M | 101.35 | 4.91% | 114 bp | 19 |
| Nov 2025 | 2 | $27.0M | 101.89 | 4.81% | 104 bp | 9 |
| Oct 2025 | 2 | $28.8M | 101.84 | 4.83% | 110 bp | 10 |
| Sep 2025 | 2 | $98.0M | 102.14 | 4.81% | 103 bp | 24 |
| Aug 2025 | 2 | $64.6M | 102.24 | 4.77% | 86 bp | 11 |
| Jul 2025 | 2 | $30.8M | 101.45 | 4.97% | 90 bp | 10 |
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. 9 added, 5 cut, 1 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $25.5M | $25.6M | $0 |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $23.0M | $23.1M | $0 |
| First Trust Limited Duration Investment Grade Corporate ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $15.5M | $15.4M | $0 |
| Baird Intermediate Bond Fund Baird Funds Inc | 2026-06-30 | $12.1M | $12.0M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $11.7M | $11.7M | $0 |
| Thornburg Strategic Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $9.2M | $9.2M | $0 |
| First Trust Intermediate Duration Investment Grade Corporate ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $7.0M | $6.7M | $0 |
| Core Bond Series Manning & Napier Fund, Inc. | 2026-06-30 | $4.7M | $4.6M | $1.5M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $3.8M | $3.8M | -$285K |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $3.3M | $3.2M | -$228K |
| Credit Series Manning & Napier Fund, Inc. | 2026-06-30 | $3.3M | $3.2M | $880K |
| VOYA INTERMEDIATE BOND FUND Voya Funds Trust | 2026-06-30 | $3.1M | $3.1M | $0 |
| SIIT CORE FIXED INCOME FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $3.0M | $3.0M | $0 |
| First Trust Core Investment Grade ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $2.7M | $2.6M | $0 |
| Harbor Core Plus Fund HARBOR FUNDS | 2026-07-31 | $2.2M | $2.1M | $0 |
| Goldman Sachs Investment Grade Credit Fund GOLDMAN SACHS TRUST | 2026-06-30 | $2.1M | $2.0M | $1.3M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $1.8M | $1.8M | $155K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $1.6M | $1.5M | $140K |
| Pro-Blend Conservative Term Series Manning & Napier Fund, Inc. | 2026-07-31 | $1.6M | $1.5M | $0 |
| Nationwide Bond Portfolio Nationwide Mutual Funds | 2026-07-31 | $1.6M | $1.5M | $0 |
| Strategic Bond Fund RUSSELL INVESTMENT CO | 2026-07-31 | $1.4M | $1.4M | $0 |
| TCW Flexible Income ETF TCW ETF Trust | 2026-07-31 | $1.5M | $1.4M | $0 |
| Goldman Sachs Core Fixed Income Fund GOLDMAN SACHS TRUST | 2026-06-30 | $1.4M | $1.3M | $0 |
| Invesco Global Strategic Income Fund AIM Investment Funds (Invesco Investment Funds) | 2026-07-31 | $1.2M | $1.2M | $0 |
| Mercer Core Fixed Income Fund Mercer Funds | 2026-06-30 | $1.2M | $1.2M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Janus Henderson Balanced Fund ($6.1M), Janus Henderson Balanced Portfolio ($2.1M), AB GLOBAL BOND FUND, INC. ($755K), NYLIM VP Janus Henderson Balanced Portfolio ($391K).
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 |
|---|---|---|---|---|---|
| FSIG First Trust Limited Duration Investment Grade Corporate ETF | 2026-07-31 | 2 | $15.5M | $15.4M | 1.02% |
| FIIG First Trust Intermediate Duration Investment Grade Corporate ETF | 2026-07-31 | 1 | $7.0M | $6.7M | 1.04% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $3.8M | $3.8M | 0.02% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $3.3M | $3.2M | 0.02% |
| FTCB First Trust Core Investment Grade ETF | 2026-07-31 | 1 | $2.7M | $2.6M | 0.10% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $1.8M | $1.8M | 0.01% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.6M | $1.5M | 0.00% |
| TMB Thornburg Multi Sector Bond ETF | 2026-05-31 | 1 | $180K | $181K | 0.10% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 1 | $180K | $180K | 0.00% |
| GBND Goldman Sachs Core Bond ETF | 2026-05-31 | 1 | $163K | $161K | 0.03% |
| ZTRE F/m 3-Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $83K | $83K | 0.21% |
| EUSB iShares ESG Advanced Universal USD Bond ETF | 2026-05-31 | 1 | $40K | $39K | 0.01% |
| TPLS Thornburg Core Plus Bond ETF | 2026-05-31 | 1 | $25K | $25K | 0.12% |
| IMTB iShares Core 5-10 Year USD Bond ETF | 2026-05-31 | 1 | $10K | $10K | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 6.37: safer than 61% of companies (61th percentile in Technology). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $47.44B |
| Debt barrier (short-term + ½ long-term debt) | $3.50B |
| Equity volatility (1 year) | 44.2% |
| Asset value / asset volatility (solved) | $50.80B / 41.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 126 bp spread prices in about 2.1% 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'' = 1.47 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CSU.TO'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 | 3 | $12.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 12 | $29.6M | 0 | — | 0 | — | 0 |
| 2026-03-31 | 13 | $23.0M | 0 | — | 0 | — | 0 |
| 2025-12-31 | 16 | $34.9M | 0 | — | 0 | — | 0 |
| 2025-09-30 | 14 | $39.2M | 0 | — | 0 | — | 0 |
| 2025-06-30 | 16 | $53.0M | 0 | — | 0 | — | 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.