Discover Financial Services bonds DFS
Who owns Discover Financial Services'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. DFS 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 |
|---|---|---|---|---|---|---|---|---|---|
| 254709AM0 | 4.1% fixed | 2027-02-09 | USD | 99.87 | 4.35% | 50 bp | 9 | $27.8M | Jul 2026 |
| 25466AAN1 | 4.682% fixed | 2028-08-09 | USD | 101.50 | 3.90% | -32 bp | 8 | $46.0M | Jul 2026 |
| 25466AAP6 | 4.65% fixed | 2028-09-13 | USD | 100.02 | 4.64% | 41 bp | 13 | $17.2M | Jul 2026 |
| 254709AS7 | 6.7% fixed | 2032-11-29 | USD | 107.33 | 5.32% | 90 bp | 16 | $81.8M | Jul 2026 |
| 254709AT5 | 7.964% fixed | 2034-11-02 | USD | 113.14 | 5.93% | 141 bp | 14 | $7.4M | 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 | 5 | $180.3M | 101.50 | 4.98% | 66 bp | 16 |
| Jun 2026 | 5 | $497.5M | 101.94 | 4.84% | 63 bp | 42 |
| May 2026 | 5 | $350.6M | 102.03 | 4.79% | 65 bp | 27 |
| Apr 2026 | 5 | $179.7M | 102.42 | 4.79% | 84 bp | 16 |
| Mar 2026 | 6 | $527.4M | 101.42 | 4.81% | 94 bp | 43 |
| Feb 2026 | 7 | $487.5M | 101.57 | 4.37% | 69 bp | 28 |
| Jan 2026 | 7 | $184.2M | 101.40 | 4.08% | 51 bp | 18 |
| Dec 2025 | 7 | $623.5M | 101.48 | 4.06% | 53 bp | 45 |
| Nov 2025 | 8 | $592.6M | 100.77 | 4.16% | 52 bp | 33 |
| Oct 2025 | 8 | $185.9M | 100.57 | 4.23% | 68 bp | 18 |
| Sep 2025 | 8 | $662.9M | 100.60 | 4.21% | 66 bp | 44 |
| Aug 2025 | 8 | $591.6M | 100.57 | 4.26% | 56 bp | 34 |
| Jul 2025 | 8 | $205.4M | 100.18 | 4.49% | 65 bp | 19 |
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. 30 added, 32 cut, 4 new holders and 30 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $99.8M | $103.4M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $91.1M | $102.0M | $5.8M |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $86.5M | $90.9M | $0 |
| MFS Total Return Bond Fund MFS Series Trust IX | 2026-07-31 | $34.2M | $36.7M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $33.2M | $35.0M | $50K |
| Fidelity Investment Grade Bond Central Fund Fidelity Central Investment Portfolios II LLC | 2026-06-30 | $28.9M | $29.3M | $0 |
| Baird Intermediate Bond Fund Baird Funds Inc | 2026-06-30 | $27.8M | $29.2M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $24.4M | $24.4M | -$424K |
| MFS Income Fund MFS Series Trust VIII | 2026-07-31 | $22.7M | $24.3M | $0 |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $20.8M | $21.0M | $0 |
| Putnam Ultra Short Duration Income Fund Putnam Funds Trust | 2026-07-31 | $17.5M | $17.5M | $0 |
| Fidelity Series Investment Grade Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $17.0M | $17.3M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $15.0M | $16.8M | $0 |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $16.3M | $16.4M | $0 |
| Baird Short-Term Bond Fund Baird Funds Inc | 2026-06-30 | $16.0M | $16.3M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $13.0M | $14.7M | -$1.6M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $14.0M | $14.2M | -$14.5M |
| Janus Henderson Short Duration Income ETF Janus Detroit Street Trust | 2026-07-31 | $13.9M | $14.1M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $13.0M | $14.1M | -$4.8M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $13.7M | $13.9M | $0 |
| Janus Henderson Balanced Fund Janus Investment Fund | 2026-06-30 | $12.1M | $13.9M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.0M | $13.6M | $656K |
| Fidelity SAI Total Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $11.9M | $12.0M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $9.5M | $10.7M | $1.1M |
| Invesco BulletShares 2027 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $10.2M | $10.2M | $150K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Lord Abbett Ultra Short Bond Fund ($22.0M), Invesco BulletShares 2026 Corporate Bond ETF ($10.4M), Fidelity U.S. Bond Index Fund ($10.1M), Baird Ultra Short Bond Fund ($9.8M), JPMorgan Core Bond Fund ($8.1M), College Retirement Equities Fund - Core Bond Account ($7.3M), Nuveen Core Bond Fund ($5.4M), AB Ultra Short Income ETF ($5.3M), T. Rowe Price Ultra Short-Term Bond Fund ($3.6M), Bond Fund of America ($2.3M).
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 | 2 | $91.1M | $102.0M | 0.15% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 2 | $33.2M | $35.0M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $24.4M | $24.4M | 0.05% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $13.0M | $14.7M | 0.03% |
| VNLA Janus Henderson Short Duration Income ETF | 2026-07-31 | 1 | $13.9M | $14.1M | 0.42% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 3 | $13.0M | $14.1M | 0.01% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $12.0M | $13.6M | 0.07% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $9.5M | $10.7M | 0.09% |
| BSCR Invesco BulletShares 2027 Corporate Bond ETF | 2026-05-31 | 1 | $10.2M | $10.2M | 0.22% |
| BOND PIMCO Active Bond Exchange-Traded Fund | 2026-06-30 | 1 | $8.2M | $9.4M | 0.11% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 1 | $7.9M | $7.9M | 0.01% |
| AVIG Avantis Core Fixed Income ETF | 2026-05-31 | 1 | $7.1M | $7.7M | 0.41% |
| BSCS Invesco BulletShares 2028 Corporate Bond ETF | 2026-05-31 | 1 | $7.4M | $7.4M | 0.21% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 1 | $6.9M | $6.9M | 0.18% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 1 | $6.8M | $6.8M | 0.17% |
Default risk, three ways
Stock market: distance-to-default
No stock-market measure for this issuer.
Bond market: priced-in odds
A 66 bp spread prices in about 1.1% 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
Not available.
The stock side: 13F filings
What institutions report holding in DFS'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 |
|---|---|---|---|---|---|---|---|
| 2026-06-30 | 1 | $200 | 0 | — | 0 | — | 0 |
| 2026-03-31 | 4 | $8.4M | 0 | — | 0 | — | 0 |
| 2025-12-31 | 2 | $1K | 0 | — | 0 | — | 0 |
| 2025-09-30 | 1 | $200 | 0 | — | 0 | — | 0 |
| 2025-06-30 | 11 | $23.8M | 0 | — | 0 | — | 0 |
| 2025-03-31 | 1,161 | $35.55B | 26 | $342.7M | 18 | $180.2M | 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.