The Hershey Company bonds HSY
Who owns The Hershey Company'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. HSY 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 |
|---|---|---|---|---|---|---|---|---|---|
| 427866AX6 | 2.3% fixed | 2026-08-15 | USD | 99.90 | 4.61% | 88 bp | 3 | $7.3M | Jul 2026 |
| 427866BK3 | 4.55% fixed | 2028-02-24 | USD | 100.25 | 4.38% | 24 bp | 11 | $5.9M | Jul 2026 |
| 427866BH0 | 4.25% fixed | 2028-05-04 | USD | 99.62 | 4.47% | 30 bp | 8 | $4.2M | Jul 2026 |
| 427866BD9 | 2.45% fixed | 2029-11-15 | USD | 93.15 | 4.72% | 45 bp | 5 | $3.1M | Jul 2026 |
| 427866BL1 | 4.75% fixed | 2030-02-24 | USD | 100.20 | 4.69% | 41 bp | 8 | $5.0M | Jul 2026 |
| 427866BE7 | 1.7% fixed | 2030-06-01 | USD | 89.42 | 4.75% | 46 bp | 9 | $4.3M | Jul 2026 |
| 427866BM9 | 4.95% fixed | 2032-02-24 | USD | 100.36 | 4.88% | 51 bp | 7 | $4.0M | Jul 2026 |
| 427866BJ6 | 4.5% fixed | 2033-05-04 | USD | 97.52 | 4.94% | 49 bp | 4 | $2.1M | Jul 2026 |
| 427866BN7 | 5.1% fixed | 2035-02-24 | USD | 100.04 | 5.09% | 56 bp | 7 | $2.5M | Jul 2026 |
| 427866AW8 | 3.38% fixed | 2046-08-15 | USD | 69.91 | 5.98% | 86 bp | 2 | $517K | Jul 2026 |
| 427866BB3 | 3.13% fixed | 2049-11-15 | USD | 64.65 | 5.95% | 85 bp | 4 | $655K | Jul 2026 |
| 427866BG2 | 2.65% fixed | 2050-06-01 | USD | 58.57 | 5.91% | 81 bp | 5 | $545K | 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 | 12 | $40.1M | 98.57 | 4.88% | 49 bp | 11 |
| Jun 2026 | 12 | $134.0M | 99.39 | 4.67% | 39 bp | 18 |
| May 2026 | 12 | $185.1M | 99.42 | 4.58% | 37 bp | 12 |
| Apr 2026 | 12 | $35.5M | 99.42 | 4.52% | 50 bp | 11 |
| Mar 2026 | 12 | $141.2M | 99.53 | 4.50% | 56 bp | 20 |
| Feb 2026 | 12 | $179.6M | 100.19 | 4.09% | 31 bp | 11 |
| Jan 2026 | 12 | $35.9M | 99.59 | 4.32% | 44 bp | 12 |
| Dec 2025 | 12 | $148.7M | 99.72 | 4.26% | 50 bp | 18 |
| Nov 2025 | 12 | $175.2M | 99.93 | 4.21% | 46 bp | 11 |
| Oct 2025 | 12 | $32.6M | 99.63 | 4.35% | 56 bp | 12 |
| Sep 2025 | 12 | $149.4M | 99.48 | 4.39% | 55 bp | 17 |
| Aug 2025 | 12 | $184.8M | 98.99 | 4.45% | 50 bp | 11 |
| Jul 2025 | 13 | $67.0M | 98.91 | 4.55% | 49 bp | 11 |
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, 18 cut, 4 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $55.5M | $56.3M | $4.9M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $33.4M | $33.4M | $5.7M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $34.0M | $29.8M | $531K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $27.1M | $27.3M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $23.5M | $21.5M | -$505K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.6M | $12.2M | -$1.4M |
| PGIM Ultra Short Bond ETF PGIM ETF Trust | 2026-05-29 | $12.0M | $12.1M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $11.3M | $11.4M | $287K |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $10.8M | $10.9M | $673K |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.2M | $8.6M | -$600K |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $8.5M | $8.4M | -$688K |
| Invesco BulletShares 2026 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $8.2M | $8.2M | $2.3M |
| AVE MARIA BOND FUND Schwartz Investment Trust | 2026-06-30 | $8.2M | $7.9M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $7.8M | $7.9M | $1.0M |
| iShares iBonds Dec 2026 Term Corporate ETF iShares Trust | 2026-07-31 | $7.0M | $7.0M | $2.4M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $6.4M | $6.2M | $600K |
| iShares iBonds Dec 2028 Term Corporate ETF iShares Trust | 2026-07-31 | $5.9M | $5.9M | $528K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $6.5M | $5.8M | $695K |
| iShares iBonds Dec 2030 Term Corporate ETF iShares Trust | 2026-07-31 | $5.4M | $5.1M | $561K |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.4M | $4.4M | $0 |
| Invesco BulletShares 2028 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $4.1M | $4.1M | $30K |
| EQ/Intermediate Corporate Bond Portfolio EQ Advisors Trust | 2026-06-30 | $4.0M | $4.1M | $0 |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $3.8M | $3.8M | -$3.7M |
| Invesco BulletShares 2030 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $3.4M | $3.4M | $173K |
| Nuveen Bond Index Fund TIAA-CREF Funds | 2026-06-30 | $3.4M | $3.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VOYA INTERMEDIATE BOND FUND ($6.6M), Multi-Manager Total Return Bond Strategies Fund ($2.1M), VOYA INTERMEDIATE BOND PORTFOLIO ($479K), Core Bond Fund ($323K).
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 | 3 | $55.5M | $56.3M | 0.08% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $33.4M | $33.4M | 0.07% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 8 | $34.0M | $29.8M | 0.01% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 11 | $23.5M | $21.5M | 0.02% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $12.6M | $12.2M | 0.06% |
| PULS PGIM Ultra Short Bond ETF | 2026-05-29 | 1 | $12.0M | $12.1M | 0.07% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $11.3M | $11.4M | 0.02% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $10.8M | $10.9M | 0.06% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 11 | $9.2M | $8.6M | 0.05% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 8 | $8.5M | $8.4M | 0.07% |
| BSCQ Invesco BulletShares 2026 Corporate Bond ETF | 2026-05-31 | 1 | $8.2M | $8.2M | 0.22% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $7.8M | $7.9M | 0.07% |
| IBDR iShares iBonds Dec 2026 Term Corporate ETF | 2026-07-31 | 1 | $7.0M | $7.0M | 0.21% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $6.4M | $6.2M | 0.01% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 2 | $5.9M | $5.9M | 0.14% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.37: safer than 82% of companies (73th percentile in Consumer Defensive). Market-implied, prices to 2026-10-16, balance sheet 2026-06-28.
| Equity value | $33.57B |
| Debt barrier (short-term + ½ long-term debt) | $2.76B |
| Equity volatility (1 year) | 26.9% |
| Asset value / asset volatility (solved) | $36.22B / 24.9% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 49 bp spread prices in about 0.8% 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 = 4.14 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in HSY'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 | 201 | $442.4M | 0 | — | 1 | $1.8M | 0 |
| 2026-06-30 | 1,404 | $22.46B | 19 | $208.6M | 22 | $237.2M | 0 |
| 2026-03-31 | 1,460 | $21.30B | 24 | $224.0M | 25 | $307.3M | 0 |
| 2025-12-31 | 1,402 | $22.60B | 28 | $274.2M | 24 | $320.5M | 0 |
| 2025-09-30 | 1,347 | $23.31B | 26 | $336.1M | 23 | $368.0M | 0 |
| 2025-06-30 | 1,301 | $20.99B | 29 | $402.3M | 28 | $323.5M | 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.