Dow Inc. bonds DOW
Who owns Dow 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. DOW 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 |
|---|---|---|---|---|---|---|---|---|---|
| 260543CY7 | 4.8% fixed | 2028-11-30 | USD | 99.95 | 4.82% | 59 bp | 8 | $7.5M | Jul 2026 |
| 775371AU1 | 7.85% fixed | 2029-07-15 | USD | 108.16 | 4.85% | 60 bp | 3 | $3.1M | Jul 2026 |
| 260543BJ1 | 7.375% fixed | 2029-11-01 | USD | 107.49 | 4.85% | 59 bp | 11 | $12.3M | Jul 2026 |
| 260543DC4 | 2.1% fixed | 2030-11-15 | USD | 87.97 | 5.27% | 96 bp | 13 | $23.7M | Jul 2026 |
| 260543DN0 | 4.8% fixed | 2031-01-15 | USD | 98.27 | 5.24% | 93 bp | 18 | $63.6M | Jul 2026 |
| 260543DG5 | 6.3% fixed | 2033-03-15 | USD | 104.23 | 5.53% | 109 bp | 12 | $26.4M | Jul 2026 |
| 260543DJ9 | 5.15% fixed | 2034-02-15 | USD | 96.88 | 5.66% | 118 bp | 8 | $9.8M | Jul 2026 |
| 260543CK7 | 4.25% fixed | 2034-10-01 | USD | 89.77 | 5.84% | 133 bp | 9 | $6.2M | Jul 2026 |
| 260543DL4 | 5.35% fixed | 2035-03-15 | USD | 97.50 | 5.72% | 118 bp | 10 | $5.8M | Jul 2026 |
| 260543DP5 | 5.65% fixed | 2036-03-15 | USD | 98.32 | 5.88% | 130 bp | 15 | $37.1M | Jul 2026 |
| 260543BY8 | 9.4% fixed | 2039-05-15 | USD | 128.70 | 6.13% | 139 bp | 8 | $2.3M | Jul 2026 |
| 260543CE1 | 5.25% fixed | 2041-11-15 | USD | 88.65 | 6.43% | 156 bp | 15 | $23.7M | Jul 2026 |
| 260543CG6 | 4.375% fixed | 2042-11-15 | USD | 79.01 | 6.48% | 156 bp | 16 | $15.5M | Jul 2026 |
| 260543CR2 | 5.55% fixed | 2048-11-30 | USD | 86.12 | 6.76% | 166 bp | 6 | $2.3M | Jul 2026 |
| 260543CV3 | 4.8% fixed | 2049-05-15 | USD | 77.47 | 6.75% | 164 bp | 7 | $3.3M | Jul 2026 |
| 260543DD2 | 3.6% fixed | 2050-11-15 | USD | 64.37 | 6.55% | 144 bp | 10 | $13.7M | Jul 2026 |
| 260543DH3 | 6.9% fixed | 2053-05-15 | USD | 102.04 | 6.73% | 163 bp | 10 | $2.6M | Jul 2026 |
| 260543DK6 | 5.6% fixed | 2054-02-15 | USD | 85.87 | 6.73% | 163 bp | 10 | $5.0M | Jul 2026 |
| 260543DM2 | 5.95% fixed | 2055-03-15 | USD | 90.31 | 6.72% | 162 bp | 15 | $19.8M | 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 | 19 | $283.6M | 96.88 | 5.88% | 133 bp | 18 |
| Jun 2026 | 19 | $852.9M | 98.08 | 5.71% | 126 bp | 38 |
| May 2026 | 19 | $477.7M | 98.73 | 5.65% | 119 bp | 26 |
| Apr 2026 | 19 | $290.6M | 98.50 | 5.69% | 138 bp | 19 |
| Mar 2026 | 19 | $709.6M | 97.52 | 5.77% | 153 bp | 32 |
| Feb 2026 | 19 | $462.6M | 99.36 | 5.62% | 149 bp | 24 |
| Jan 2026 | 19 | $209.3M | 98.80 | 5.67% | 145 bp | 20 |
| Dec 2025 | 19 | $774.9M | 99.10 | 5.70% | 154 bp | 32 |
| Nov 2025 | 20 | $443.8M | 99.71 | 5.59% | 148 bp | 22 |
| Oct 2025 | 20 | $215.3M | 99.48 | 5.63% | 153 bp | 21 |
| Sep 2025 | 20 | $781.6M | 99.55 | 5.58% | 141 bp | 37 |
| Aug 2025 | 18 | $414.1M | 96.01 | 6.21% | 145 bp | 21 |
| Jul 2025 | 18 | $166.6M | 95.32 | 6.27% | 138 bp | 13 |
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. 72 added, 39 cut, 25 new holders and 17 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $152.6M | $139.3M | $12.6M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $112.5M | $101.3M | $11.5M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $104.8M | $94.5M | $6.9M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $60.0M | $61.0M | $1.8M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $59.2M | $55.5M | -$425K |
| Bond Fund of America | 2026-06-30 | $65.6M | $54.5M | $10K |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $61.3M | $54.4M | $964K |
| American Funds Strategic Bond Fund | 2026-06-30 | $55.1M | $50.3M | $9.3M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $46.0M | $40.2M | -$10.8M |
| BlackRock Total Return Fund BlackRock Bond Fund, Inc. | 2026-06-30 | $42.6M | $39.1M | $39.0M |
| DFA Short-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $40.1M | $38.5M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $39.4M | $38.4M | $25.0M |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $35.0M | $36.8M | $0 |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $39.0M | $34.7M | $0 |
| American Balanced Fund | 2026-06-30 | $40.1M | $31.8M | $20K |
| Dimensional Core Fixed Income ETF Dimensional ETF Trust | 2026-07-31 | $29.1M | $28.2M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $27.9M | $26.3M | -$2.1M |
| Capital Group Core Plus Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $28.3M | $25.1M | $5.6M |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $24.3M | $22.8M | $5.6M |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $24.7M | $21.6M | -$4.3M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $20.6M | $20.5M | $4.2M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $21.2M | $20.2M | -$2.6M |
| Fidelity Series Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $20.9M | $19.9M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $19.6M | $19.6M | $285K |
| EQ/Long-Term Bond Portfolio EQ Advisors Trust | 2026-06-30 | $21.6M | $18.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Vident U.S. Bond Strategy ETF ($5.4M), Multi-Manager Total Return Bond Strategies Fund ($2.6M), Strategy Shares Gold Enhanced Yield ETF ($1.4M), DWS Global Income Builder Fund ($870K), NYLI MacKay Total Return Bond Fund ($845K), NYLI MacKay Core Plus Bond ETF ($550K), Core Bond Fund ($514K), Invesco Multi-Asset Income Fund ($370K), AllianceBernstein Global High Income Fund Inc ($355K), Investment Grade Bond Fund ($274K).
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 |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 12 | $152.6M | $139.3M | 0.04% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $60.0M | $61.0M | 0.09% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 19 | $59.2M | $55.5M | 0.04% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $46.0M | $40.2M | 0.14% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $39.4M | $38.4M | 0.08% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 7 | $29.1M | $28.2M | 0.26% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 19 | $27.9M | $26.3M | 0.15% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 8 | $28.3M | $25.1M | 0.30% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 10 | $24.3M | $22.8M | 0.44% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 7 | $24.7M | $21.6M | 0.23% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $20.6M | $20.5M | 0.11% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $19.6M | $19.6M | 0.09% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 19 | $15.9M | $14.5M | 0.03% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 5 | $14.7M | $14.5M | 0.12% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 9 | $14.3M | $14.3M | 0.12% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.79: safer than 35% of companies (40th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $21.74B |
| Debt barrier (short-term + ½ long-term debt) | $10.31B |
| Equity volatility (1 year) | 43.0% |
| Asset value / asset volatility (solved) | $31.61B / 29.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 133 bp spread prices in about 2.2% 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 = 1.79 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in DOW'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 | 173 | $248.8M | 0 | — | 2 | $41K | 0 |
| 2026-06-30 | 1,189 | $15.13B | 40 | $610.4M | 33 | $506.5M | 0 |
| 2026-03-31 | 1,295 | $17.15B | 41 | $1.05B | 41 | $1.12B | 0 |
| 2025-12-31 | 1,107 | $11.25B | 32 | $641.5M | 36 | $645.4M | 0 |
| 2025-09-30 | 1,089 | $10.66B | 36 | $588.6M | 39 | $610.2M | 0 |
| 2025-06-30 | 1,195 | $12.73B | 41 | $570.7M | 39 | $543.2M | 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.