Kaiser Aluminum Corporation bonds KALU
Who owns Kaiser Aluminum 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. KALU 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 |
|---|---|---|---|---|---|---|---|---|---|
| 483007AL4 | 4.5% fixed | 2031-06-01 | USD | 94.54 | 5.81% | 149 bp | 28 | $36.5M | Jul 2026 |
| 483007AM2 | 5.875% fixed | 2034-03-01 | USD | 97.66 | 6.27% | 178 bp | 37 | $44.3M | 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 | 2 | $80.8M | 96.10 | 6.04% | 163 bp | 37 |
| Jun 2026 | 2 | $194.8M | 97.34 | 5.77% | 149 bp | 55 |
| May 2026 | 2 | $59.7M | 97.69 | 5.70% | 145 bp | 23 |
| Apr 2026 | 2 | $82.2M | 98.04 | 5.64% | 158 bp | 42 |
| Mar 2026 | 2 | $184.0M | 96.35 | 5.95% | 197 bp | 51 |
| Feb 2026 | 2 | $58.0M | 98.90 | 5.46% | 163 bp | 24 |
| Jan 2026 | 2 | $77.4M | 98.67 | 5.50% | 156 bp | 45 |
| Dec 2025 | 2 | $197.8M | 98.53 | 5.51% | 164 bp | 52 |
| Nov 2025 | 2 | $52.4M | 97.82 | 5.64% | 180 bp | 23 |
| Oct 2025 | 3 | $151.1M | 99.64 | 5.46% | 175 bp | 44 |
| Sep 2025 | 2 | $223.6M | 96.59 | 5.40% | 176 bp | 50 |
| Aug 2025 | 2 | $59.1M | 96.10 | 5.55% | 178 bp | 22 |
| Jul 2025 | 2 | $110.7M | 95.50 | 5.73% | 178 bp | 34 |
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. 32 added, 30 cut, 13 new holders and 16 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $82.2M | $79.7M | $3.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $29.3M | $28.1M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $21.7M | $20.8M | $3.1M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $14.0M | $13.7M | $1.2M |
| Guggenheim Macro Opportunities Fund Guggenheim Funds Trust | 2026-06-30 | $13.2M | $12.7M | $0 |
| Columbia Strategic Income Fund COLUMBIA FUNDS SERIES TRUST I | 2026-05-31 | $11.6M | $11.4M | $2.5M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $8.3M | $8.2M | $2.9M |
| BlackRock Corporate High Yield Fund, Inc. | 2026-06-30 | $8.2M | $8.0M | $0 |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $8.1M | $7.7M | new |
| BlackRock High Yield V.I. Fund BlackRock Variable Series Funds II, Inc. | 2026-06-30 | $6.8M | $6.6M | $1.6M |
| Columbia High Yield Bond Fund Columbia Funds Series Trust II | 2026-05-31 | $6.3M | $6.2M | -$2.2M |
| BlackRock Multi-Asset Income Portfolio BlackRock Funds II | 2026-07-31 | $5.9M | $5.6M | $614K |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.5M | $5.4M | -$1.5M |
| Credit Suisse Strategic Income Fund CREDIT SUISSE OPPORTUNITY FUNDS | 2026-07-31 | $5.2M | $4.9M | $0 |
| THE HARTFORD HIGH YIELD FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $4.8M | $4.7M | $250K |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $4.9M | $4.7M | $0 |
| Guggenheim Active Allocation Fund | 2026-05-29 | $4.3M | $4.2M | $0 |
| Six Circles Credit Opportunities Fund SIX CIRCLES TRUST | 2026-06-30 | $3.8M | $3.7M | $20K |
| Columbia Income Opportunities Fund Columbia Funds Series Trust II | 2026-07-31 | $3.8M | $3.7M | -$1.9M |
| Payden High Income Fund PAYDEN & RYGEL INVESTMENT GROUP | 2026-07-31 | $3.8M | $3.6M | $50K |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $3.8M | $3.5M | new |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $3.1M | $3.1M | -$324K |
| Columbia Variable Portfolio - Income Opportunities Fund Columbia Funds Variable Series Trust II | 2026-06-30 | $3.1M | $3.0M | -$1.6M |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $3.0M | $3.0M | $810K |
| THE HARTFORD BALANCED INCOME FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $3.0M | $3.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): High Yield Fixed Income Fund ($2.4M), Neuberger High Income Bond Fund ($1.9M), Neuberger High Yield Strategies Fund Inc. ($1.4M), Fidelity Enhanced High Yield ETF ($655K), Muzinich Dynamic Income Fund ($400K), Jackson Credit Opportunities Fund ($335K), Payden Managed Income Fund ($250K), Janus Henderson Multi-Sector Income Fund ($210K), Neuberger Flexible Credit Income ETF ($115K), BlackRock ESG Capital Allocation Term Trust ($100K).
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 | 2 | $21.7M | $20.8M | 0.07% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $14.0M | $13.7M | 0.09% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $8.3M | $8.2M | 0.07% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $5.5M | $5.4M | 0.07% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $3.8M | $3.5M | 0.05% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.1M | $3.1M | 0.09% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $2.1M | $2.0M | 0.08% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $2.0M | $2.0M | 0.04% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $1.8M | $1.8M | 0.07% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $1.2M | $1.2M | 0.00% |
| HTRB Hartford Total Return Bond ETF | 2026-07-31 | 2 | $1.2M | $1.2M | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.2M | $1.2M | 0.00% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $649K | $624K | 0.12% |
| QHY WisdomTree U.S. High Yield Corporate Bond Fund | 2026-06-30 | 2 | $585K | $570K | 0.24% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $448K | $430K | 0.07% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.97: safer than 37% of companies (42th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.45B |
| Debt barrier (short-term + ½ long-term debt) | $519.1M |
| Equity volatility (1 year) | 51.2% |
| Asset value / asset volatility (solved) | $2.94B / 42.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 163 bp spread prices in about 2.7% 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 = 3.09 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in KALU'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 | 25 | $10.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 324 | $3.14B | 4 | $2.9M | 5 | $14.3M | 0 |
| 2026-03-31 | 269 | $1.60B | 5 | $2.3M | 5 | $13.5M | 0 |
| 2025-12-31 | 255 | $1.78B | 3 | $655K | 5 | $7.1M | 1 |
| 2025-09-30 | 203 | $1.20B | 2 | $648K | 2 | $424K | 1 |
| 2025-06-30 | 190 | $1.22B | 4 | $639K | 3 | $503K | 1 |
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.