Cushman & Wakefield plc bonds CWK
Who owns Cushman & Wakefield plc'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. CWK 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 |
|---|---|---|---|---|---|---|---|---|---|
| 23166MAA1 | 6.75% fixed | 2028-05-15 | USD | 100.18 | 6.64% | 245 bp | 32 | $25.2M | Jul 2026 |
| 23166MAC7 | 8.875% fixed | 2031-09-01 | USD | 104.68 | 7.74% | 341 bp | 34 | $50.0M | 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 | $75.2M | 102.43 | 7.19% | 293 bp | 34 |
| Jun 2026 | 2 | $38.1M | 102.51 | 7.19% | 304 bp | 43 |
| May 2026 | 2 | $114.5M | 102.82 | 7.13% | 305 bp | 27 |
| Apr 2026 | 2 | $148.7M | 102.66 | 7.19% | 330 bp | 40 |
| Mar 2026 | 2 | $91.6M | 103.05 | 7.09% | 329 bp | 45 |
| Feb 2026 | 2 | $125.6M | 103.09 | 7.07% | 346 bp | 28 |
| Jan 2026 | 2 | $167.8M | 103.62 | 6.92% | 322 bp | 43 |
| Dec 2025 | 2 | $114.8M | 103.68 | 6.94% | 329 bp | 50 |
| Nov 2025 | 2 | $131.4M | 104.18 | 6.78% | 313 bp | 29 |
| Oct 2025 | 2 | $156.5M | 103.99 | 6.87% | 324 bp | 40 |
| Sep 2025 | 2 | $139.8M | 103.88 | 6.89% | 323 bp | 50 |
| Aug 2025 | 2 | $115.5M | 104.16 | 6.84% | 305 bp | 29 |
| Jul 2025 | 2 | $163.2M | 104.02 | 6.90% | 295 bp | 40 |
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. 8 added, 103 cut, 7 new holders and 32 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $14.7M | $15.4M | $0 |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $15.3M | $15.3M | -$3.4M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $12.4M | $12.7M | -$4.6M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $12.1M | $12.5M | -$7.6M |
| Invesco BulletShares 2026 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $11.2M | $11.8M | $234K |
| Performance Trust Total Return Bond Fund Trust for Professional Managers | 2026-05-31 | $10.7M | $10.7M | $8.4M |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $10.6M | $10.6M | -$192K |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $9.7M | $10.1M | -$5.6M |
| First Trust Smith Opportunistic Fixed Income ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $8.5M | $8.5M | -$491K |
| Lord Abbett Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $8.0M | $8.4M | $0 |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $6.6M | $6.6M | -$22.0M |
| ALPS | Smith Core Plus Bond ETF ALPS ETF TRUST | 2026-05-31 | $6.0M | $6.0M | -$280K |
| HIGH INCOME OPPORTUNITIES PORTFOLIO High Income Opportunities Portfolio | 2026-07-31 | $5.4M | $5.6M | -$174K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.8M | $4.8M | -$5.9M |
| Thornburg Strategic Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $4.2M | $4.2M | -$9.5M |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $4.1M | $4.1M | -$738K |
| Transamerica High Yield Bond TRANSAMERICA FUNDS | 2026-07-31 | $3.7M | $3.8M | -$4.1M |
| T. Rowe Price Institutional High Yield Fund T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. | 2026-05-31 | $3.7M | $3.7M | -$679K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $3.6M | $3.7M | -$116K |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $3.7M | $3.7M | new |
| Hotchkis and Wiley High Yield Fund HOTCHKIS & WILEY FUNDS/DE/ | 2026-06-30 | $3.4M | $3.6M | $0 |
| Invesco BulletShares 2028 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $3.6M | $3.6M | $591K |
| ALPS | Smith Total Return Bond Fund FINANCIAL INVESTORS TRUST | 2026-07-31 | $3.4M | $3.4M | -$7.6M |
| Calvert High Yield Bond Fund Calvert Fund | 2026-06-30 | $2.4M | $2.4M | -$1.2M |
| Fidelity Real Estate Income Fund Fidelity Securities Fund | 2026-07-31 | $2.3M | $2.3M | -$5.2M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): BlackRock High Yield Portfolio ($7.3M), iShares High Yield Systematic Bond ETF ($6.2M), iShares 0-5 Year High Yield Corporate Bond ETF ($4.6M), Xtrackers USD High Yield Corporate Bond ETF ($3.6M), Lord Abbett High Yield Fund ($3.0M), iShares iBonds 2028 Term High Yield and Income ETF ($1.8M), First Trust Tactical High Yield ETF ($1.8M), iShares Systematic Bond ETF ($524K), BlackRock Corporate High Yield Fund, Inc. ($490K), BlackRock High Yield Portfolio ($293K).
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 |
|---|---|---|---|---|---|
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $12.4M | $12.7M | 0.08% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $12.1M | $12.5M | 0.04% |
| BSJQ Invesco BulletShares 2026 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $11.2M | $11.8M | 1.15% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 1 | $10.6M | $10.6M | 0.32% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $8.5M | $8.5M | 0.26% |
| SMTH ALPS | Smith Core Plus Bond ETF | 2026-05-31 | 1 | $6.0M | $6.0M | 0.22% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $4.8M | $4.8M | 0.04% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $3.6M | $3.6M | 0.51% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $2.2M | $2.3M | 0.09% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $1.9M | $1.9M | 0.04% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $1.9M | $1.9M | 0.08% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $583K | $602K | 0.00% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 2 | $399K | $408K | 0.07% |
| TMB Thornburg Multi Sector Bond ETF | 2026-05-31 | 1 | $347K | $347K | 0.19% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $274K | $287K | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.46: safer than 31% of companies (38th percentile in Real Estate). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.59B |
| Debt barrier (short-term + ½ long-term debt) | $1.45B |
| Equity volatility (1 year) | 44.8% |
| Asset value / asset volatility (solved) | $3.98B / 29.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 293 bp spread prices in about 4.9% 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'' = 0.46 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CWK'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 | 26 | $3.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 302 | $3.00B | 4 | $371K | 5 | $1.6M | 0 |
| 2026-03-31 | 311 | $2.06B | 7 | $1.1M | 2 | $796K | 0 |
| 2025-12-31 | 293 | $3.23B | 0 | — | 1 | $11K | 0 |
| 2025-09-30 | 1 | $1K | 0 | — | 0 | — | 0 |
| 2025-06-30 | 1 | $808 | 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.