Delta Air Lines, Inc. bonds DAL
Who owns Delta Air Lines, 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. DAL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 247361ZN1 | 4.375% fixed | 2028-04-19 | USD | 99.35 | 4.77% | 60 bp | 9 | $9.3M | Jul 2026 |
| 247361ZV3 | 2% fixed | 2028-06-10 | USD | 96.50 | 3.97% | -23 bp | 15 | $27.2M | Jul 2026 |
| 247361ZW1 | 2.5% fixed | 2028-06-10 | USD | 96.43 | 4.52% | 33 bp | 2 | $3.8M | Jul 2026 |
| 247361A24 | 4.95% fixed | 2028-07-10 | USD | 100.15 | 4.87% | 66 bp | 29 | $54.6M | Jul 2026 |
| 830867AB3 | 4.75% fixed | 2028-10-20 | USD | 99.78 | 4.85% | 62 bp | 45 | $248.8M | Jul 2026 |
| 247361ZT8 | 3.75% fixed | 2029-10-28 | USD | 96.12 | 5.06% | 79 bp | 13 | $14.4M | Jul 2026 |
| 247361A32 | 5.25% fixed | 2030-07-10 | USD | 100.55 | 5.09% | 80 bp | 23 | $28.9M | 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 | 7 | $386.9M | 99.35 | 4.85% | 62 bp | 45 |
| Jun 2026 | 7 | $744.2M | 99.38 | 4.74% | 66 bp | 94 |
| May 2026 | 7 | $352.3M | 99.57 | 4.69% | 68 bp | 38 |
| Apr 2026 | 7 | $388.6M | 99.42 | 4.68% | 89 bp | 47 |
| Mar 2026 | 7 | $822.5M | 99.31 | 4.78% | 106 bp | 95 |
| Feb 2026 | 7 | $363.9M | 100.44 | 4.20% | 69 bp | 37 |
| Jan 2026 | 7 | $414.9M | 100.25 | 4.25% | 70 bp | 48 |
| Dec 2025 | 7 | $864.2M | 100.30 | 4.24% | 72 bp | 109 |
| Nov 2025 | 8 | $377.5M | 100.15 | 4.33% | 76 bp | 33 |
| Oct 2025 | 8 | $454.0M | 100.18 | 4.40% | 87 bp | 50 |
| Sep 2025 | 9 | $998.6M | 100.09 | 4.48% | 90 bp | 109 |
| Aug 2025 | 9 | $374.2M | 100.08 | 4.49% | 81 bp | 33 |
| Jul 2025 | 9 | $453.4M | 99.76 | 4.72% | 87 bp | 53 |
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. 46 added, 202 cut, 15 new holders and 26 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $104.2M | $104.1M | -$10.4M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $85.1M | $84.6M | -$10.0M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $82.0M | $81.1M | $1.6M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $63.6M | $63.5M | -$7.1M |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $53.5M | $51.8M | -$7.0M |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $45.5M | $45.4M | -$4.5M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $34.4M | $34.4M | -$3.7M |
| Allspring Core Plus Bond Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $31.4M | $31.4M | -$917K |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $29.2M | $29.2M | $6.1M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $28.8M | $28.5M | $362K |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $28.4M | $27.4M | -$179K |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $27.2M | $27.1M | $33K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $26.1M | $25.9M | -$331K |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $24.7M | $24.7M | -$2.5M |
| Eaton Vance Total Return Bond ETF Morgan Stanley ETF Trust | 2026-06-30 | $19.1M | $19.0M | -$381K |
| Franklin Managed Income Fund Franklin Investors Securities Trust | 2026-07-31 | $18.8M | $18.7M | -$2.1M |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $18.4M | $18.3M | -$2.0M |
| PGIM Short Duration Multi-Sector Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $17.8M | $17.8M | -$2.0M |
| AST PGIM Fixed Income Central Portfolio Advanced Series Trust | 2026-06-30 | $16.6M | $16.6M | -$1.7M |
| Allspring Core Bond Portfolio ALLSPRING MASTER TRUST | 2026-07-31 | $16.2M | $16.3M | -$142K |
| AST Multi-Sector Fixed Income Portfolio Advanced Series Trust | 2026-06-30 | $16.4M | $15.9M | -$220K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $15.1M | $14.9M | $750K |
| Calvert Short Duration Income Fund Calvert Fund | 2026-06-30 | $14.5M | $14.5M | -$990K |
| iShares iBonds Dec 2028 Term Corporate ETF iShares Trust | 2026-07-31 | $13.4M | $13.3M | $798K |
| Oakmark Equity and Income Fund HARRIS ASSOCIATES INVESTMENT TRUST | 2026-06-30 | $13.0M | $13.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): DoubleLine Low Duration Bond Fund ($10.6M), Doubleline Shiller Enhanced CAPE ($4.9M), DoubleLine Core Fixed Income Fund ($2.5M), PIMCO Long-Term Credit Bond Fund ($2.4M), JNL/DoubleLine Shiller Enhanced CAPE Fund ($2.2M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($1.6M), Franklin BSP Lending Fund ($1.5M), Short Duration Bond Portfolio ($1.3M), JNL/T. Rowe Price Short-Term Bond Fund ($1.0M), JNL/DoubleLine Core Fixed Income Fund ($907K).
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 |
|---|---|---|---|---|---|
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 5 | $85.1M | $84.6M | 0.17% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $34.4M | $34.4M | 0.16% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 3 | $29.2M | $29.2M | 0.27% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $28.8M | $28.5M | 0.01% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $27.2M | $27.1M | 0.04% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 1 | $19.1M | $19.0M | 0.34% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $15.1M | $14.9M | 0.01% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 3 | $13.4M | $13.3M | 0.33% |
| VNLA Janus Henderson Short Duration Income ETF | 2026-07-31 | 1 | $12.2M | $12.2M | 0.37% |
| BSCS Invesco BulletShares 2028 Corporate Bond ETF | 2026-05-31 | 2 | $11.6M | $11.6M | 0.33% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $11.1M | $11.1M | 0.06% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 1 | $10.2M | $10.2M | 0.11% |
| USTB VictoryShares Short-Term Bond ETF | 2026-06-30 | 2 | $10.1M | $10.1M | 0.46% |
| DUSB Dimensional Ultrashort Fixed Income ETF | 2026-07-31 | 2 | $7.0M | $7.0M | 0.32% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 5 | $7.0M | $7.0M | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.67: safer than 55% of companies (55th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $49.11B |
| Debt barrier (short-term + ½ long-term debt) | $8.70B |
| Equity volatility (1 year) | 38.7% |
| Asset value / asset volatility (solved) | $57.45B / 33.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 62 bp spread prices in about 1.0% 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'' = -0.17 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in DAL'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 | 209 | $629.5M | 0 | — | 1 | $25K | 0 |
| 2026-06-30 | 1,507 | $53.40B | 49 | $1.73B | 43 | $1.63B | 2 |
| 2026-03-31 | 1,327 | $32.67B | 54 | $1.72B | 52 | $2.05B | 2 |
| 2025-12-31 | 1,315 | $37.83B | 40 | $2.15B | 43 | $2.17B | 2 |
| 2025-09-30 | 1,212 | $29.92B | 42 | $1.92B | 53 | $2.28B | 3 |
| 2025-06-30 | 1,168 | $25.70B | 42 | $1.48B | 50 | $1.45B | 4 |
Officials trading DAL bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2025-07-30 | Dave McCormick | sale | Delta Air Lines Inc | $250,001 - $500,000 | filing |
| 2025-07-30 | Dave McCormick | sale | Delta Air Lines Inc | $250,001 - $500,000 | filing |
| 2025-07-30 | David Harold McCormick | sale | Delta Air Lines Inc | $250,001 - $500,000 | filing |
| 2025-07-30 | Dave McCormick | sale full | DELTA AIR LINES INC NOTE Rate/Coupon: 4.375% Matures: 04/19/2028 | $250,001 - $500,000 | filing |
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.