Hess Midstream LP bonds HESM
Who owns Hess Midstream LP'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. HESM 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 |
|---|---|---|---|---|---|---|---|---|---|
| 428102AH0 | 5.875% fixed | 2028-03-01 | USD | 100.51 | 5.53% | 138 bp | 36 | $81.5M | Jul 2026 |
| 428104AA1 | 5.125% fixed | 2028-06-15 | USD | 99.60 | 5.35% | 115 bp | 23 | $61.8M | Jul 2026 |
| 428102AG2 | 6.5% fixed | 2029-06-01 | USD | 101.79 | 5.80% | 155 bp | 53 | $108.6M | Jul 2026 |
| 428102AE7 | 4.25% fixed | 2030-02-15 | USD | 95.76 | 5.59% | 131 bp | 41 | $81.5M | Jul 2026 |
| 428102AF4 | 5.5% fixed | 2030-10-15 | USD | 99.71 | 5.57% | 127 bp | 29 | $49.1M | 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 | 5 | $382.5M | 99.71 | 5.58% | 131 bp | 53 |
| Jun 2026 | 5 | $531.8M | 99.75 | 5.41% | 136 bp | 87 |
| May 2026 | 5 | $231.1M | 99.87 | 5.23% | 128 bp | 36 |
| Apr 2026 | 5 | $387.9M | 100.06 | 5.34% | 154 bp | 53 |
| Mar 2026 | 5 | $528.8M | 99.71 | 5.49% | 178 bp | 89 |
| Feb 2026 | 5 | $226.6M | 100.76 | 5.08% | 159 bp | 37 |
| Jan 2026 | 5 | $403.9M | 101.12 | 5.10% | 147 bp | 59 |
| Dec 2025 | 5 | $517.7M | 101.41 | 4.95% | 142 bp | 88 |
| Nov 2025 | 5 | $222.3M | 101.06 | 5.12% | 156 bp | 35 |
| Oct 2025 | 5 | $408.8M | 100.67 | 5.20% | 168 bp | 62 |
| Sep 2025 | 5 | $466.7M | 100.75 | 5.16% | 160 bp | 94 |
| Aug 2025 | 5 | $228.3M | 100.61 | 5.20% | 153 bp | 42 |
| Jul 2025 | 5 | $415.4M | 100.46 | 5.31% | 142 bp | 63 |
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. 59 added, 53 cut, 11 new holders and 17 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| American High Income Trust | 2026-06-30 | $77.7M | $77.4M | -$6.1M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $56.0M | $55.6M | $1.8M |
| Income Fund of America | 2026-07-31 | $40.3M | $40.2M | $0 |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $40.0M | $40.1M | $1.8M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $38.6M | $38.6M | $1.5M |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $35.0M | $35.6M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $28.9M | $29.1M | $0 |
| Baird Short-Term Bond Fund Baird Funds Inc | 2026-06-30 | $27.7M | $27.8M | $4.0M |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $27.4M | $27.7M | $0 |
| Janus Henderson Flexible Bond Fund Janus Investment Fund | 2026-06-30 | $27.2M | $27.1M | $0 |
| Janus Henderson Multi-Sector Income Fund Janus Investment Fund | 2026-06-30 | $28.1M | $27.1M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $27.2M | $26.7M | $0 |
| Janus Henderson Balanced Fund Janus Investment Fund | 2026-06-30 | $26.9M | $26.3M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $24.8M | $24.6M | -$1.0M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $20.2M | $19.4M | -$13.1M |
| Franklin High Income Fund Franklin High Income Trust | 2026-06-30 | $18.8M | $19.1M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $18.4M | $18.4M | -$511K |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $17.6M | $17.9M | $2.9M |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $16.6M | $16.7M | $5.1M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $16.4M | $16.3M | $0 |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $16.0M | $16.0M | $208K |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $14.3M | $14.4M | -$3.1M |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $14.0M | $13.8M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $13.0M | $13.2M | $345K |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $12.0M | $12.3M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Columbia Income Opportunities Fund ($927K), Eaton Vance Short Duration High Income Fund ($781K), Columbia Variable Portfolio - Income Opportunities Fund ($675K), Columbia Variable Portfolio - Intermediate Bond Fund ($426K), CREDIT SUISSE ASSET MANAGEMENT INCOME FUND, INC. ($400K), Columbia Select Corporate Income Fund ($384K), Columbia Variable Portfolio - High Yield Bond Fund ($364K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($362K), Federated Hermes High Income Bond Fund II ($325K), Muzinich Dynamic Income Fund ($300K).
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 | 5 | $56.0M | $55.6M | 0.19% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 5 | $38.6M | $38.6M | 0.24% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 5 | $24.8M | $24.6M | 0.32% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 5 | $18.4M | $18.4M | 0.16% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 5 | $14.3M | $14.4M | 0.30% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 3 | $13.0M | $13.2M | 0.18% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 5 | $9.3M | $9.3M | 0.27% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 5 | $6.3M | $6.4M | 0.27% |
| FLHY Franklin High Yield Corporate ETF | 2026-06-30 | 1 | $5.4M | $5.5M | 0.47% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 1 | $5.4M | $5.3M | 0.24% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 5 | $5.3M | $5.3M | 0.21% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 5 | $5.2M | $5.2M | 0.02% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 3 | $5.0M | $4.9M | 0.09% |
| IBHH iShares iBonds 2028 Term High Yield and Income ETF | 2026-07-31 | 2 | $4.5M | $4.5M | 0.98% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 2 | $4.2M | $4.2M | 0.46% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.15: safer than 67% of companies (74th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $6.24B |
| Debt barrier (short-term + ½ long-term debt) | $1.86B |
| Equity volatility (1 year) | 26.7% |
| Asset value / asset volatility (solved) | $8.03B / 20.7% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 131 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'' = 1.66 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in HESM'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 | 24 | $17.9M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 277 | $4.07B | 7 | $8.6M | 7 | $24.8M | 0 |
| 2026-03-31 | 277 | $3.89B | 7 | $8.9M | 6 | $21.4M | 0 |
| 2025-12-31 | 258 | $3.71B | 7 | $9.5M | 7 | $17.4M | 0 |
| 2025-09-30 | 260 | $3.96B | 7 | $54.3M | 9 | $59.6M | 0 |
| 2025-06-30 | 266 | $4.29B | 5 | $6.2M | 9 | $18.2M | 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.