Grifols, S.A. bonds GRFS
Who owns Grifols, S.A.'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. GRFS 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 |
|---|---|---|---|---|---|---|---|---|---|
| ACI20T684 | 3.875% fixed | 2028-10-15 | EUR | 99.38 | 4.17% | — | 7 | $8.8M | Jul 2026 |
| BR5526230 | 3.875% fixed | 2028-10-15 | EUR | 99.38 | 4.16% | — | 1 | $227K | Jun 2026 |
| E57009AB3 | 3.875% fixed | 2028-10-15 | EUR | 99.41 | 4.15% | — | 2 | $613K | Jul 2026 |
| 39843UAA0 | 4.75% fixed | 2028-10-15 | USD | 97.60 | 5.92% | 169 bp | 31 | $94.8M | Jul 2026 |
| BR6435274 | 4.75% fixed | 2028-10-15 | USD | 97.57 | 5.94% | 171 bp | 1 | $281K | Jul 2026 |
| E5706XAT5 | 7.125% fixed | 2030-05-01 | EUR | 104.02 | 5.91% | — | 2 | $5.8M | Jun 2026 |
| YT9448788 | 7.125% fixed | 2030-05-01 | EUR | 104.09 | 5.87% | — | 11 | $19.8M | Jul 2026 |
| YT9446618 | 7.125% fixed | 2030-05-01 | EUR | 104.03 | 5.89% | — | 2 | $18.9M | Jul 2026 |
| YW3114736 | 7.5% fixed | 2030-05-01 | EUR | 104.09 | 6.23% | — | 1 | $446K | Jul 2026 |
| XS2805352064 | 7.5% fixed | 2030-05-01 | EUR | 104.25 | 6.21% | — | 3 | $14.3M | Jun 2026 |
| E5706XAS7 | 7.5% fixed | 2030-05-01 | EUR | 104.09 | 6.23% | — | 16 | $19.1M | 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 | 8 | $162.7M | 101.72 | 5.93% | 170 bp | 31 |
| Jun 2026 | 10 | $222.2M | 103.98 | 5.65% | 153 bp | 60 |
| May 2026 | 4 | $70.3M | 101.82 | 5.45% | 143 bp | 28 |
| Apr 2026 | 8 | $181.2M | 101.29 | 5.35% | 154 bp | 33 |
| Mar 2026 | 11 | $285.9M | 103.37 | 5.60% | 188 bp | 66 |
| Feb 2026 | 5 | $78.0M | 99.50 | 5.28% | 177 bp | 27 |
| Jan 2026 | 10 | $199.0M | 99.53 | 5.33% | 174 bp | 37 |
| Dec 2025 | 13 | $327.2M | 99.83 | 5.22% | 168 bp | 73 |
| Nov 2025 | 5 | $78.9M | 99.12 | 5.58% | 202 bp | 27 |
| Oct 2025 | 10 | $209.1M | 98.20 | 5.97% | 244 bp | 38 |
| Sep 2025 | 13 | $361.1M | 98.55 | 5.78% | 222 bp | 79 |
| Aug 2025 | 5 | $78.0M | 98.19 | 5.83% | 216 bp | 35 |
| Jul 2025 | 10 | $209.2M | 98.64 | 6.00% | 215 bp | 42 |
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. 18 added, 71 cut, 2 new holders and 17 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Six Circles Credit Opportunities Fund SIX CIRCLES TRUST | 2026-06-30 | $28.6M | $33.0M | $3.5M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $30.5M | $32.7M | $0 |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $27.1M | $26.4M | -$1.2M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $16.5M | $16.1M | $3.2M |
| BlackRock Strategic Income Opportunities Portfolio BlackRock Funds V | 2026-06-30 | $11.1M | $13.2M | -$2.8M |
| iShares Flexible Income Active ETF BlackRock ETF Trust II | 2026-07-31 | $10.3M | $12.4M | -$3.8M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $9.4M | $11.2M | -$5.9M |
| American High Income Trust | 2026-06-30 | $10.3M | $10.1M | -$10.0M |
| Franklin High Income Fund Franklin High Income Trust | 2026-06-30 | $10.0M | $9.8M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $9.2M | $9.0M | $3.5M |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $8.7M | $8.5M | $2K |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $7.8M | $7.7M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.4M | $923K |
| Neuberger Strategic Income Fund NEUBERGER BERMAN INCOME FUNDS | 2026-07-31 | $6.3M | $7.3M | -$1.9M |
| Columbia Strategic Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-05-31 | $6.9M | $6.8M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $6.5M | $6.4M | -$25K |
| Touchstone Funds Group Trust-Touchstone Ares Credit Opportunities Fund Touchstone Funds Group Trust | 2026-06-30 | $6.4M | $6.2M | $0 |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $6.1M | $6.0M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $6.1M | $5.9M | $0 |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $6.0M | $5.9M | $0 |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $4.9M | $5.9M | -$3.1M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.6M | $5.5M | -$339K |
| JNL/PPM America High Yield Bond Fund JNL Series Trust | 2026-06-30 | $5.3M | $5.2M | $0 |
| THE HARTFORD STRATEGIC INCOME FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $4.4M | $5.2M | -$4.8M |
| Goldman Sachs Multi-Manager Non-Core Fixed Income Fund Goldman Sachs Trust II | 2026-07-31 | $4.6M | $5.1M | $125K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): TCW METWEST TOTAL RETURN BOND FUND ($5.8M), Multi-Manager Total Return Bond Strategies Fund ($2.8M), CTIVP - TCW Core Plus Bond Fund ($2.4M), CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND ($1.4M), LVIP Nomura High Yield Fund ($610K), Guggenheim High Yield Fund ($600K), SFT Core Bond Fund ($328K), BlackRock Multi-Sector Income Trust ($314K), TCW METWEST UNCONSTRAINED BOND FUND ($300K), Nomura VIP Fund for Income Series ($270K).
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 |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $16.5M | $16.1M | 0.06% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $9.2M | $9.0M | 0.08% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 1 | $8.7M | $8.5M | 0.52% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $7.5M | $7.4M | 0.10% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $6.5M | $6.4M | 0.08% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $5.6M | $5.5M | 0.11% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 2 | $4.2M | $4.3M | 0.48% |
| BSJS Invesco BulletShares 2028 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $3.9M | $3.8M | 0.55% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $3.0M | $3.0M | 0.18% |
| FLHY Franklin High Yield Corporate ETF | 2026-06-30 | 1 | $2.8M | $2.7M | 0.23% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 1 | $1.9M | $2.3M | 0.20% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $2.3M | $2.3M | 0.07% |
| IBHH iShares iBonds 2028 Term High Yield and Income ETF | 2026-07-31 | 1 | $2.2M | $2.1M | 0.46% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 1 | $1.8M | $2.1M | 0.10% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 1 | $1.5M | $1.8M | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.69: safer than 45% of companies (43th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $6.47B |
| Debt barrier (short-term + ½ long-term debt) | $4.36B |
| Equity volatility (1 year) | 32.2% |
| Asset value / asset volatility (solved) | $10.65B / 19.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 170 bp spread prices in about 2.8% 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'' = 1.96 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in GRFS'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 | 12 | $6.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 161 | $1.01B | 5 | $697K | 5 | $1.2M | 0 |
| 2026-03-31 | 183 | $1.13B | 4 | $459K | 4 | $850K | 0 |
| 2025-12-31 | 178 | $1.31B | 3 | $281K | 3 | $831K | 0 |
| 2025-09-30 | 179 | $1.37B | 3 | $812K | 2 | $940K | 0 |
| 2025-06-30 | 151 | $1.27B | 4 | $1.1M | 3 | $634K | 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.