Icahn Enterprises L.P. bonds IEP
Who owns Icahn Enterprises L.P.'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. IEP 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 |
|---|---|---|---|---|---|---|---|---|---|
| 451102BZ9 | 5.25% fixed | 2027-05-15 | USD | 99.36 | 6.08% | 212 bp | 31 | $162.9M | Jul 2026 |
| 451102CF2 | 9.75% fixed | 2029-01-15 | USD | 99.60 | 9.93% | 570 bp | 38 | $49.8M | Jul 2026 |
| 451102CC9 | 4.375% fixed | 2029-02-01 | USD | 87.11 | 10.35% | 611 bp | 29 | $87.7M | Jul 2026 |
| 451102CK1 | 10% fixed | 2029-11-15 | USD | 100.14 | 9.94% | 567 bp | 56 | $80.7M | Jul 2026 |
| 451102CJ4 | 9% fixed | 2030-06-15 | USD | 95.19 | 10.54% | 624 bp | 27 | $31.2M | 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 | $412.4M | 99.36 | 10.15% | 590 bp | 56 |
| Jun 2026 | 5 | $845.1M | 98.12 | 10.80% | 667 bp | 90 |
| May 2026 | 5 | $191.3M | 98.92 | 10.15% | 613 bp | 41 |
| Apr 2026 | 5 | $439.3M | 99.06 | 9.57% | 575 bp | 50 |
| Mar 2026 | 5 | $819.4M | 98.04 | 10.46% | 673 bp | 89 |
| Feb 2026 | 5 | $209.1M | 98.49 | 10.38% | 683 bp | 38 |
| Jan 2026 | 6 | $529.2M | 99.51 | 9.50% | 589 bp | 53 |
| Dec 2025 | 6 | $880.5M | 99.24 | 9.82% | 627 bp | 86 |
| Nov 2025 | 6 | $232.8M | 99.31 | 9.49% | 592 bp | 37 |
| Oct 2025 | 6 | $512.7M | 99.15 | 9.60% | 605 bp | 49 |
| Sep 2025 | 6 | $914.7M | 99.14 | 9.41% | 585 bp | 86 |
| Aug 2025 | 6 | $240.6M | 98.25 | 9.96% | 627 bp | 36 |
| Jul 2025 | 6 | $495.7M | 98.42 | 9.38% | 552 bp | 48 |
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. 69 added, 50 cut, 19 new holders and 10 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| American High Income Trust | 2026-06-30 | $116.2M | $113.2M | -$6.2M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $96.5M | $94.7M | $3.0M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $69.1M | $68.2M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $61.9M | $59.4M | -$16.2M |
| Income Fund of America | 2026-07-31 | $57.4M | $55.0M | $60K |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $46.1M | $44.3M | -$21.5M |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $44.9M | $43.3M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $39.8M | $38.6M | -$975K |
| Intrepid Income Fund Intrepid Capital Management Funds Trust | 2026-06-30 | $33.4M | $32.5M | $10.0M |
| Capital Income Builder | 2026-07-31 | $27.6M | $27.4M | $0 |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $28.6M | $27.3M | $0 |
| High Yield Bond Series Manning & Napier Fund, Inc. | 2026-06-30 | $29.0M | $27.1M | $500K |
| American Funds Strategic Bond Fund | 2026-06-30 | $27.2M | $26.8M | $0 |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $28.3M | $25.6M | -$18.4M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $25.9M | $24.2M | -$2.2M |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $26.4M | $24.2M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $23.6M | $22.5M | $1.6M |
| Capital Group U.S. Multi-Sector Income ETF Capital Group Fixed Income ETF Trust | 2026-06-30 | $22.7M | $22.3M | $4.9M |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $21.7M | $21.3M | $8.1M |
| Fidelity High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $21.9M | $21.1M | $1.5M |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $21.4M | $20.3M | -$6.7M |
| Fidelity SAI High Income Fund Fidelity Summer Street Trust | 2026-07-31 | $20.6M | $20.0M | $2.3M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $19.9M | $19.3M | $4.0M |
| CrossingBridge Low Duration High Income Fund Trust for Professional Managers | 2026-06-30 | $18.3M | $18.1M | $0 |
| Bond Fund of America | 2026-06-30 | $18.0M | $17.8M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Diversified Income Fund ($5.5M), FS Multi-Strategy Alternatives Fund ($4.7M), BlackRock Low Duration Bond Portfolio ($2.7M), BlackRock Multi-Sector Income Trust ($2.1M), 1290 VT High Yield Bond Portfolio ($1.7M), iShares Short Duration Bond Active ETF ($859K), BlackRock Core Bond Trust ($715K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($565K), DWS Short Duration Fund ($500K), NYLI MacKay High Income ETF ($216K).
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 | 4 | $61.9M | $59.4M | 0.21% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 5 | $46.1M | $44.3M | 0.28% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 5 | $39.8M | $38.6M | 0.51% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 4 | $25.9M | $24.2M | 0.21% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 5 | $23.6M | $22.5M | 0.46% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 3 | $22.7M | $22.3M | 0.43% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 4 | $19.9M | $19.3M | 0.26% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $17.4M | $17.2M | 2.03% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 3 | $16.5M | $16.2M | 0.20% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 2 | $15.5M | $15.4M | 0.95% |
| IBHG iShares iBonds 2027 Term High Yield and Income ETF | 2026-07-31 | 1 | $12.5M | $12.4M | 2.45% |
| YLD Principal Active High Yield ETF | 2026-06-30 | 2 | $10.8M | $9.3M | 1.63% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 4 | $9.9M | $9.2M | 0.04% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 4 | $9.4M | $9.0M | 0.54% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 4 | $9.2M | $8.9M | 0.25% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.25: safer than 51% of companies (59th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $4.61B |
| Debt barrier (short-term + ½ long-term debt) | $4.15B |
| Equity volatility (1 year) | 26.9% |
| Asset value / asset volatility (solved) | $8.59B / 14.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 590 bp spread prices in about 9.8% 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'' = 0.57 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in IEP'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 | 18 | $599K | 0 | — | 1 | $1.2M | 0 |
| 2026-06-30 | 116 | $4.55B | 7 | $31.9M | 5 | $13.9M | 0 |
| 2026-03-31 | 112 | $4.23B | 7 | $19.7M | 6 | $13.8M | 0 |
| 2025-12-31 | 122 | $4.22B | 8 | $37.1M | 6 | $7.7M | 1 |
| 2025-09-30 | 112 | $4.41B | 7 | $16.0M | 5 | $11.5M | 2 |
| 2025-06-30 | 112 | $4.03B | 8 | $24.7M | 8 | $12.5M | 1 |
Officials trading IEP bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2025-12-19 | Nicole Malliotakis | purchase | Icahn Enterprises LP | $15,001 - $50,000 | filing |
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.