Hawaiian Electric Industries, Inc. bonds HE
Who owns Hawaiian Electric Industries, 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. HE 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 |
|---|---|---|---|---|---|---|---|---|---|
| 419866AV0 | 6% fixed | 2033-10-01 | USD | 98.20 | 6.31% | 185 bp | 33 | $95.1M | 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 | 1 | $95.1M | 98.20 | 6.31% | 185 bp | 33 |
| Jun 2026 | 1 | $41.4M | 99.09 | 6.15% | 181 bp | 53 |
| May 2026 | 1 | $32.0M | 99.26 | 6.13% | 180 bp | 31 |
| Apr 2026 | 1 | $83.7M | 100.38 | 5.94% | 179 bp | 33 |
| Mar 2026 | 1 | $52.9M | 99.86 | 6.02% | 195 bp | 60 |
| Feb 2026 | 1 | $45.9M | 101.95 | 5.68% | 174 bp | 39 |
| Jan 2026 | 1 | $90.4M | 101.48 | 5.76% | 172 bp | 47 |
| Dec 2025 | 1 | $53.9M | 101.34 | 5.78% | 182 bp | 66 |
| Nov 2025 | 1 | $50.5M | 101.20 | 5.81% | 188 bp | 39 |
| Oct 2025 | 1 | $77.6M | 101.06 | 5.83% | 193 bp | 47 |
| Sep 2025 | 1 | $50.6M | 100.86 | 5.86% | 192 bp | 72 |
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. 34 added, 10 cut, 2 new holders and 15 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 | $50.2M | $49.3M | $8.0M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $9.8M | $9.6M | $186K |
| T. Rowe Price U.S. High Yield ETF T. Rowe Price Exchange-Traded Funds, Inc. | 2026-05-31 | $7.6M | $7.5M | $0 |
| MFS High Income Fund MFS Series Trust III | 2026-07-31 | $6.1M | $6.0M | $0 |
| High Yield Fixed Income Fund Northern Funds | 2026-06-30 | $6.0M | $5.9M | $4.4M |
| Global Bond Fund American Century International Bond Funds | 2026-07-31 | $5.3M | $5.2M | $1.6M |
| T. Rowe Price U.S. High Yield Fund T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $4.9M | $4.8M | -$295K |
| DWS Short Duration Fund DEUTSCHE DWS INCOME TRUST | 2026-06-30 | $4.0M | $4.0M | $0 |
| Hotchkis and Wiley High Yield Fund HOTCHKIS & WILEY FUNDS/DE/ | 2026-06-30 | $3.8M | $3.8M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $3.8M | $3.8M | $600K |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $3.3M | $3.3M | $0 |
| Inflation-Adjusted Bond Fund American Century Government Income Trust | 2026-06-30 | $2.7M | $2.6M | $600K |
| DWS High Income Fund DEUTSCHE DWS INCOME TRUST | 2026-06-30 | $2.5M | $2.5M | $0 |
| Short Duration Strategic Income Fund American Century Investment Trust | 2026-06-30 | $2.4M | $2.4M | $790K |
| MFS Global Opportunistic Bond Fund MFS Series Trust X | 2026-05-31 | $2.4M | $2.4M | $51K |
| THE HARTFORD BALANCED INCOME FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $2.2M | $2.2M | new |
| Fidelity SAI High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $2.2M | $2.2M | $100K |
| Fidelity High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $2.2M | $2.2M | $0 |
| HIGH-YIELD BOND PORTFOLIO VANGUARD VARIABLE INSURANCE FUNDS | 2026-06-30 | $1.9M | $1.9M | $300K |
| American Century Diversified Corporate Bond ETF American Century ETF Trust | 2026-05-31 | $1.7M | $1.7M | -$260K |
| Short Duration Inflation Protection Bond Fund American Century Investment Trust | 2026-06-30 | $1.7M | $1.7M | $300K |
| MFS High Yield Pooled Portfolio MFS Series Trust III | 2026-07-31 | $1.7M | $1.7M | $30K |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $1.7M | $1.6M | $0 |
| VANGUARD MULTI-SECTOR INCOME BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $1.6M | $1.6M | $0 |
| BNY Mellon Core Plus Fund BNY Mellon Absolute Insight Funds, Inc. | 2026-07-31 | $1.6M | $1.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Invesco High Yield Fund ($8.1M), Invesco Corporate Bond Fund ($1.6M), Invesco Core Plus Bond Fund ($1.5M), Invesco High Income Trust II ($780K), MFS MULTIMARKET INCOME TRUST ($509K), GMO High Yield Fund ($475K), Janus Henderson Multi-Sector Income Fund ($261K), Invesco V.I. High Yield Fund ($218K), Invesco V.I. Global Strategic Income Fund ($176K), Invesco Bond Fund ($92K).
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 | $9.8M | $9.6M | 0.03% |
| THYF T. Rowe Price U.S. High Yield ETF | 2026-05-31 | 1 | $7.6M | $7.5M | 0.92% |
| KORP American Century Diversified Corporate Bond ETF | 2026-05-31 | 1 | $1.7M | $1.7M | 0.21% |
| VGHY VANGUARD HIGH-YIELD ACTIVE ETF | 2026-07-31 | 1 | $1.5M | $1.5M | 0.48% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $1.5M | $1.5M | 0.04% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $1.2M | $1.2M | 0.02% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.0M | $1.0M | 0.04% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $972K | $965K | 0.00% |
| VGMS VANGUARD MULTI-SECTOR INCOME BOND ETF | 2026-06-30 | 1 | $945K | $936K | 0.40% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $793K | $788K | 0.03% |
| CARY Angel Oak Income ETF | 2026-07-31 | 1 | $730K | $717K | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $572K | $562K | 0.00% |
| AOHY Angel Oak High Yield Opportunities ETF | 2026-07-31 | 1 | $570K | $559K | 0.45% |
| MUSI American Century Multisector Income ETF | 2026-05-31 | 1 | $473K | $470K | 0.21% |
| SDSI American Century Short Duration Strategic Income ETF | 2026-05-31 | 1 | $377K | $374K | 0.17% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.56: safer than 44% of companies (45th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $1.46B |
| Debt barrier (short-term + ½ long-term debt) | $1.13B |
| Equity volatility (1 year) | 31.9% |
| Asset value / asset volatility (solved) | $2.54B / 18.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 185 bp spread prices in about 3.1% 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
Altman Z'' = 0.41 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in HE'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 | 36 | $4.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 326 | $1.84B | 7 | $42.1M | 8 | $33.5M | 0 |
| 2026-03-31 | 322 | $1.65B | 10 | $121.9M | 9 | $59.4M | 0 |
| 2025-12-31 | 313 | $1.62B | 8 | $57.2M | 12 | $43.8M | 0 |
| 2025-09-30 | 288 | $1.24B | 9 | $25.9M | 11 | $44.1M | 0 |
| 2025-06-30 | 269 | $1.23B | 9 | $16.6M | 10 | $25.8M | 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.