International Business Machines Corporation bonds IBM
Who owns International Business Machines Corporation'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. IBM 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 |
|---|---|---|---|---|---|---|---|---|---|
| 459200JM4 | 0.3% fixed | 2026-11-02 | JPY | — | — | — | 1 | $626K | Jul 2026 |
| 459200JR3 | 3.3% fixed | 2027-01-27 | USD | 99.52 | 4.30% | 47 bp | 6 | $4.8M | Jul 2026 |
| 459200KM2 | 2.2% fixed | 2027-02-09 | USD | 98.92 | 4.30% | 45 bp | 6 | $17.1M | Jul 2026 |
| 459200KH3 | 1.7% fixed | 2027-05-15 | USD | 97.96 | 4.35% | 39 bp | 3 | $10.2M | Jul 2026 |
| 459200KT7 | 4.15% fixed | 2027-07-27 | USD | 99.83 | 4.32% | 28 bp | 7 | $9.4M | Jul 2026 |
| 459200AR2 | 6.22% fixed | 2027-08-01 | USD | 101.76 | 4.41% | 36 bp | 6 | $10.8M | Jul 2026 |
| 459200AS0 | 6.5% fixed | 2028-01-15 | USD | 102.75 | 4.53% | 40 bp | 5 | $4.1M | Jul 2026 |
| 459200KX8 | 4.5% fixed | 2028-02-06 | USD | 99.81 | 4.63% | 49 bp | 10 | $16.7M | Jul 2026 |
| 459200LF6 | 4.65% fixed | 2028-02-10 | USD | 100.13 | 4.56% | 42 bp | 13 | $54.1M | Jul 2026 |
| 459200KE0 | 0.3% fixed | 2028-02-11 | EUR | 95.84 | 3.12% | — | 3 | $20.9M | Jul 2026 |
| 459200JL6 | 1.75% fixed | 2028-03-07 | EUR | 97.90 | 3.11% | — | 2 | $4.5M | Jul 2026 |
| 459200LQ2 | 4% fixed | 2029-02-03 | USD | 98.28 | 4.73% | 49 bp | 11 | $12.4M | Jul 2026 |
| 459200KA8 | 3.5% fixed | 2029-05-15 | USD | 96.65 | 4.79% | 54 bp | 17 | $65.1M | Jul 2026 |
| AN6306376 | 1.5% fixed | 2029-05-23 | EUR | 95.52 | 3.19% | — | 2 | $18.7M | Jul 2026 |
| 459200KQ3 | 0.875% fixed | 2030-02-09 | EUR | 91.51 | 3.47% | — | 4 | $3.6M | Jul 2026 |
| 459200LL3 | 2.9% fixed | 2030-02-10 | EUR | 98.25 | 3.43% | — | 8 | $34.5M | Jul 2026 |
| 459200LG4 | 4.8% fixed | 2030-02-10 | USD | 99.57 | 4.93% | 66 bp | 11 | $15.7M | Jul 2026 |
| 459200KJ9 | 1.95% fixed | 2030-05-15 | USD | 89.58 | 5.00% | 71 bp | 10 | $34.7M | Jul 2026 |
| 459200JV4 | 1.75% fixed | 2031-01-31 | EUR | 92.24 | 3.65% | — | 5 | $15.2M | Jul 2026 |
| 459200LX7 | 3% fixed | 2031-02-03 | EUR | 97.20 | 3.68% | — | 7 | $25.1M | Jul 2026 |
| 459200LR0 | 4.3% fixed | 2031-02-03 | USD | 96.99 | 5.06% | 74 bp | 15 | $47.2M | Jul 2026 |
| 449276AD6 | 4.75% fixed | 2031-02-05 | USD | 98.79 | 5.05% | 74 bp | 10 | $34.4M | Jul 2026 |
| 459200LB5 | 3.625% fixed | 2031-02-06 | EUR | 99.74 | 3.69% | — | 3 | $19.3M | Jul 2026 |
| 459200KN0 | 2.72% fixed | 2032-02-09 | USD | 88.47 | 5.14% | 78 bp | 5 | $3.5M | Jul 2026 |
| 459200LH2 | 5% fixed | 2032-02-10 | USD | 99.21 | 5.16% | 80 bp | 7 | $17.1M | Jul 2026 |
| 459200KF7 | 0.65% fixed | 2032-02-11 | EUR | 84.86 | 3.73% | — | 3 | $13.6M | Jul 2026 |
| 459200KU4 | 4.4% fixed | 2032-07-27 | USD | 95.72 | 5.24% | 85 bp | 6 | $5.8M | Jul 2026 |
| 459200BB6 | 5.88% fixed | 2032-11-29 | USD | 103.62 | 5.20% | 78 bp | 5 | $4.8M | Jul 2026 |
| 459200LS8 | 4.6% fixed | 2033-02-03 | USD | 95.88 | 5.36% | 93 bp | 10 | $7.5M | Jul 2026 |
| 459200KY6 | 4.75% fixed | 2033-02-06 | USD | 97.37 | 5.23% | 80 bp | 6 | $4.5M | Jul 2026 |
| 459200LM1 | 3.15% fixed | 2033-02-10 | EUR | 95.72 | 3.90% | — | 6 | $13.2M | Jul 2026 |
| 459200LY5 | 3.45% fixed | 2034-02-03 | EUR | 96.27 | 4.03% | — | 4 | $2.7M | Jul 2026 |
| 449276AE4 | 4.9% fixed | 2034-02-05 | USD | 96.25 | 5.52% | 103 bp | 10 | $18.3M | Jul 2026 |
| 459200KR1 | 1.25% fixed | 2034-02-09 | EUR | 82.36 | 4.01% | — | 4 | $10.1M | Jul 2026 |
| 459200LC3 | 3.75% fixed | 2035-02-06 | EUR | 97.53 | 4.10% | — | 6 | $15.1M | Jul 2026 |
| 459200LJ8 | 5.2% fixed | 2035-02-10 | USD | 97.40 | 5.59% | 106 bp | 10 | $3.8M | Jul 2026 |
| 459200LT6 | 4.95% fixed | 2036-02-03 | USD | 94.29 | 5.74% | 116 bp | 11 | $16.7M | Jul 2026 |
| 459200LN9 | 3.45% fixed | 2037-02-10 | EUR | 93.40 | 4.24% | — | 1 | $215K | Jul 2026 |
| 459200LZ2 | 3.85% fixed | 2038-02-03 | EUR | 95.17 | 4.39% | — | 4 | $12.0M | Jul 2026 |
| ZM7431426 | 4.875% fixed | 2038-02-06 | GBP | 182.23 | -1.56% | — | 1 | $242K | Jun 2026 |
| 459200LE9 | 4.875% fixed | 2038-02-06 | GBP | 87.64 | 6.41% | — | 4 | $4.0M | Jul 2026 |
| 459200KB6 | 4.15% fixed | 2039-05-15 | USD | 83.18 | 6.06% | 132 bp | 17 | $73.9M | Jul 2026 |
| 459200GS4 | 5.6% fixed | 2039-11-30 | USD | 96.99 | 5.93% | 116 bp | 7 | $28.7M | Jul 2026 |
| 459200KG5 | 1.2% fixed | 2040-02-11 | EUR | 66.89 | 4.52% | — | 3 | $10.4M | Jul 2026 |
| 459200KK6 | 2.85% fixed | 2040-05-15 | USD | 69.60 | 6.15% | 136 bp | 10 | $42.9M | Jul 2026 |
| 459200HF1 | 4% fixed | 2042-06-20 | USD | 76.87 | 6.33% | 143 bp | 13 | $17.0M | Jul 2026 |
| 459200LD1 | 4% fixed | 2043-02-06 | EUR | 91.31 | 4.77% | — | 3 | $19.4M | Jul 2026 |
| 449276AF1 | 5.25% fixed | 2044-02-05 | USD | 87.53 | 6.45% | 146 bp | 11 | $57.6M | Jul 2026 |
| 459200LP4 | 3.8% fixed | 2045-02-10 | EUR | 87.07 | 4.87% | — | 3 | $12.2M | Jul 2026 |
| 459200JH5 | 4.7% fixed | 2046-02-19 | USD | 80.32 | 6.49% | 140 bp | 7 | $1.8M | Jul 2026 |
| 459200KC4 | 4.25% fixed | 2049-05-15 | USD | 72.29 | 6.62% | 151 bp | 11 | $19.2M | Jul 2026 |
| 459200KL4 | 2.95% fixed | 2050-05-15 | USD | 57.23 | 6.51% | 140 bp | 5 | $1.6M | Jul 2026 |
| 459200KP5 | 3.43% fixed | 2052-02-09 | USD | 61.47 | 6.56% | 146 bp | 5 | $5.0M | Jul 2026 |
| 459200KV2 | 4.9% fixed | 2052-07-27 | USD | 79.27 | 6.57% | 147 bp | 5 | $14.4M | Jul 2026 |
| 459200KZ3 | 5.1% fixed | 2053-02-06 | USD | 81.10 | 6.62% | 152 bp | 7 | $1.7M | Jul 2026 |
| 449276AG9 | 5.3% fixed | 2054-02-05 | USD | 83.45 | 6.61% | 151 bp | 4 | $3.4M | Jul 2026 |
| 459200LK5 | 5.7% fixed | 2055-02-10 | USD | 88.07 | 6.64% | 154 bp | 8 | $4.0M | Jul 2026 |
| 459200LV1 | 5.8% fixed | 2056-02-03 | USD | 89.81 | 6.59% | 149 bp | 11 | $6.7M | Jul 2026 |
| 459200AP6 | 7.13% fixed | 2096-12-01 | USD | 105.63 | 6.75% | 165 bp | 3 | $1.4M | 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 | 58 | $953.4M | 95.72 | 5.52% | 103 bp | 17 |
| Jun 2026 | 55 | $1.47B | 97.75 | 5.03% | 70 bp | 34 |
| May 2026 | 38 | $1.43B | 98.29 | 4.95% | 64 bp | 26 |
| Apr 2026 | 59 | $1.15B | 97.28 | 4.92% | 83 bp | 17 |
| Mar 2026 | 56 | $1.52B | 97.28 | 4.93% | 90 bp | 36 |
| Feb 2026 | 39 | $1.72B | 99.98 | 4.47% | 65 bp | 26 |
| Jan 2026 | 61 | $1.19B | 99.04 | 4.55% | 60 bp | 19 |
| Dec 2025 | 54 | $1.40B | 99.10 | 4.52% | 68 bp | 28 |
| Nov 2025 | 36 | $1.60B | 99.75 | 4.38% | 57 bp | 25 |
| Oct 2025 | 55 | $973.8M | 98.73 | 4.50% | 69 bp | 18 |
| Sep 2025 | 51 | $1.44B | 98.64 | 4.49% | 64 bp | 30 |
| Aug 2025 | 37 | $1.59B | 99.28 | 4.63% | 61 bp | 26 |
| Jul 2025 | 56 | $1.00B | 98.30 | 4.74% | 61 bp | 20 |
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. 90 added, 92 cut, 2 new holders and 40 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $408.4M | $377.3M | -$3.3M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $376.2M | $344.8M | $419K |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $234.7M | $233.4M | $27.2M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $197.5M | $193.9M | -$1.1M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $157.0M | $145.4M | -$7.6M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $157.8M | $143.2M | -$44.6M |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $103.6M | $109.8M | $22.5M |
| DFA Investment Grade Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $105.2M | $85.1M | $0 |
| Dimensional Core Fixed Income ETF Dimensional ETF Trust | 2026-07-31 | $97.0M | $83.9M | $35.8M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $72.4M | $76.2M | $7.5M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $82.5M | $74.4M | -$9.7M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $65.7M | $64.3M | -$5.9M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $63.5M | $62.3M | -$3.3M |
| VANGUARD LONG-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $76.3M | $59.8M | -$6.3M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $60.1M | $59.7M | $957K |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $62.7M | $57.9M | $3.0M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $59.4M | $57.6M | -$19.4M |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $63.4M | $53.1M | $9.4M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $47.6M | $47.3M | $9.7M |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $47.4M | $46.9M | $9.5M |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $40.7M | $40.1M | $588K |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $48.0M | $39.8M | -$169.5M |
| DFA Short-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $35.9M | $37.1M | -$700K |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $36.5M | $36.4M | -$5.0M |
| VANGUARD ULTRA-SHORT-TERM BOND FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $36.1M | $36.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Navigator Tactical Fixed Income Fund ($100.0M), iShares Ultra Short Duration Bond Active ETF ($27.4M), iShares iBonds Dec 2026 Term Corporate ETF ($26.0M), VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND ($25.0M), Columbia Balanced Fund ($10.4M), Columbia Total Return Bond Fund ($8.6M), Columbia Variable Portfolio - Intermediate Bond Fund ($8.5M), FlexShares Ultra-Short Income Fund ($6.5M), BlackRock Short Obligations Fund ($6.1M), Catalyst Systematic Alpha Fund ($5.5M).
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 | 24 | $376.2M | $344.8M | 0.09% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 9 | $234.7M | $233.4M | 0.34% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 11 | $197.5M | $193.9M | 0.39% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 36 | $157.0M | $145.4M | 0.11% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 18 | $157.8M | $143.2M | 0.48% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 12 | $97.0M | $83.9M | 0.76% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 15 | $72.4M | $76.2M | 0.06% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 10 | $65.7M | $64.3M | 0.09% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 12 | $63.5M | $62.3M | 0.28% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 9 | $60.1M | $59.7M | 0.11% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 36 | $62.7M | $57.9M | 0.33% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 14 | $63.4M | $53.1M | 0.58% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 9 | $47.6M | $47.3M | 0.26% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 7 | $47.4M | $46.9M | 0.44% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 20 | $40.7M | $40.1M | 0.35% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.43: safer than 42% of companies (41th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $222.88B |
| Debt barrier (short-term + ½ long-term debt) | $33.88B |
| Equity volatility (1 year) | 50.8% |
| Asset value / asset volatility (solved) | $255.34B / 44.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 103 bp spread prices in about 1.7% 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'' = 3.87 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in IBM'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 | 682 | $2.32B | 2 | $946K | 7 | $6.2M | 0 |
| 2026-06-30 | 3,628 | $167.17B | 72 | $5.70B | 82 | $6.42B | 1 |
| 2026-03-31 | 3,476 | $115.19B | 68 | $2.95B | 62 | $3.11B | 1 |
| 2025-12-31 | 3,689 | $172.52B | 59 | $4.29B | 60 | $4.78B | 1 |
| 2025-09-30 | 3,414 | $160.62B | 55 | $3.91B | 64 | $5.42B | 3 |
| 2025-06-30 | 3,394 | $169.77B | 56 | $3.48B | 62 | $3.81B | 2 |
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.