Keurig Dr Pepper Inc. bonds KDP
Who owns Keurig Dr Pepper Inc.'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. KDP 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 |
|---|---|---|---|---|---|---|---|---|---|
| 49271KH56 | 0% none | 2026-08-05 | USD | 99.57 | — | — | 1 | $617K | Jun 2026 |
| 49271KHH0 | 0% fixed | 2026-08-17 | USD | 99.80 | 4.26% | 53 bp | 1 | $15.0M | Jul 2026 |
| 49271KHQ0 | 0% fixed | 2026-08-24 | USD | 99.72 | 4.33% | 60 bp | 1 | $11.5M | Jul 2026 |
| 49271KJ96 | 0% fixed | 2026-09-09 | USD | 99.53 | 4.42% | 69 bp | 1 | $13.9M | Jul 2026 |
| 26138EAU3 | 2.55% fixed | 2026-09-15 | USD | 99.77 | 4.42% | 69 bp | 7 | $32.7M | Jul 2026 |
| 49271VAY6 | 4.211% floating | 2026-11-15 | USD | 100.02 | — | — | 11 | $110.3M | Jul 2026 |
| 49271VAS9 | 4.53% floating | 2027-03-15 | USD | 100.20 | — | — | 13 | $54.1M | Jul 2026 |
| 49271VAW0 | 5.1% fixed | 2027-03-15 | USD | 100.33 | 4.55% | 66 bp | 12 | $37.1M | Jul 2026 |
| 26138EAX7 | 3.43% fixed | 2027-06-15 | USD | 99.13 | 4.45% | 46 bp | 4 | $29.9M | Jul 2026 |
| 49271VAZ3 | 4.35% fixed | 2028-05-15 | USD | 99.29 | 4.77% | 58 bp | 13 | $18.4M | Jul 2026 |
| 49271VAF7 | 4.597% fixed | 2028-05-25 | USD | 99.83 | 4.69% | 50 bp | 12 | $25.9M | Jul 2026 |
| 49271VAT7 | 5.05% fixed | 2029-03-15 | USD | 100.34 | 4.91% | 66 bp | 9 | $12.9M | Jul 2026 |
| 56530KAA4 | 4.75% fixed | 2029-03-26 | USD | 99.59 | 4.91% | 67 bp | 24 | $25.9M | Jul 2026 |
| 49271VAP5 | 3.95% fixed | 2029-04-15 | USD | 97.65 | 4.89% | 64 bp | 18 | $21.3M | Jul 2026 |
| 49271VAJ9 | 3.2% fixed | 2030-05-01 | USD | 93.57 | 5.10% | 82 bp | 20 | $27.7M | Jul 2026 |
| 49271VBA7 | 4.6% fixed | 2030-05-15 | USD | 98.27 | 5.10% | 82 bp | 19 | $30.4M | Jul 2026 |
| 49271VAN0 | 2.25% fixed | 2031-03-15 | USD | 88.28 | 5.13% | 81 bp | 15 | $23.7M | Jul 2026 |
| 49271VAU4 | 5.2% fixed | 2031-03-15 | USD | 100.14 | 5.17% | 85 bp | 10 | $9.4M | Jul 2026 |
| 56530KAB2 | 5.05% fixed | 2031-03-26 | USD | 99.16 | 5.25% | 94 bp | 15 | $14.2M | Jul 2026 |
| 49271VAQ3 | 4.05% fixed | 2032-04-15 | USD | 94.05 | 5.27% | 89 bp | 14 | $13.9M | Jul 2026 |
| 49271VAV2 | 5.3% fixed | 2034-03-15 | USD | 98.77 | 5.50% | 101 bp | 22 | $26.3M | Jul 2026 |
| 49271VBB5 | 5.15% fixed | 2035-05-15 | USD | 97.23 | 5.55% | 101 bp | 10 | $25.3M | Jul 2026 |
| 56530KAC0 | 5.7% fixed | 2036-03-26 | USD | 99.40 | 5.78% | 120 bp | 22 | $12.1M | Jul 2026 |
| 49271VAC4 | 4.99% fixed | 2038-05-25 | USD | 90.80 | 6.09% | 140 bp | 1 | $1.2M | Jul 2026 |
| 26138EAT6 | 4.5% fixed | 2045-11-15 | USD | 79.39 | 6.37% | 130 bp | 6 | $1.6M | Jul 2026 |
| 26138EAY5 | 4.42% fixed | 2046-12-15 | USD | 77.86 | 6.38% | 127 bp | 4 | $832K | Jul 2026 |
| 49271VAD2 | 5.09% fixed | 2048-05-25 | USD | 84.78 | 6.39% | 128 bp | 3 | $623K | Jul 2026 |
| 49271VAK6 | 3.8% fixed | 2050-05-01 | USD | 68.31 | 6.42% | 131 bp | 9 | $2.1M | Jul 2026 |
| 49271VAM2 | 3.35% fixed | 2051-03-15 | USD | 62.77 | 6.36% | 126 bp | 4 | $1.1M | Jul 2026 |
| 49271VAR1 | 4.5% fixed | 2052-04-15 | USD | 76.97 | 6.32% | 122 bp | 11 | $6.1M | Jul 2026 |
| 56530KAD8 | 6.625% fixed | 2056-03-26 | USD | 101.04 | 6.54% | 144 bp | 10 | $2.9M | 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 | 30 | $608.3M | 99.14 | 5.38% | 97 bp | 24 |
| Jun 2026 | 28 | $1.35B | 99.44 | 5.08% | 86 bp | 58 |
| May 2026 | 38 | $1.02B | 99.70 | 5.03% | 89 bp | 28 |
| Apr 2026 | 29 | $588.9M | 99.33 | 5.05% | 107 bp | 25 |
| Mar 2026 | 40 | $2.07B | 99.61 | 5.12% | 122 bp | 51 |
| Feb 2026 | 29 | $881.8M | 99.73 | 4.51% | 76 bp | 27 |
| Jan 2026 | 23 | $533.3M | 99.09 | 4.68% | 83 bp | 20 |
| Dec 2025 | 26 | $963.6M | 99.88 | 4.62% | 90 bp | 40 |
| Nov 2025 | 29 | $907.6M | 99.84 | 4.68% | 91 bp | 23 |
| Oct 2025 | 24 | $496.8M | 98.92 | 4.73% | 97 bp | 17 |
| Sep 2025 | 25 | $884.3M | 99.10 | 4.73% | 102 bp | 35 |
| Aug 2025 | 25 | $893.8M | 98.39 | 4.72% | 87 bp | 27 |
| Jul 2025 | 24 | $540.5M | 98.13 | 4.74% | 70 bp | 19 |
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. 125 added, 96 cut, 64 new holders and 60 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $165.9M | $149.6M | -$6.3M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $149.3M | $138.5M | $4.1M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $106.0M | $104.8M | $13.2M |
| JPMorgan Strategic Income Opportunities Fund JPMorgan Trust I | 2026-05-31 | $93.5M | $93.6M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $79.0M | $76.9M | -$21.7M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $64.2M | $64.1M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $67.0M | $62.2M | $5.3M |
| First Trust Enhanced Short Maturity ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $59.5M | $59.2M | $20.0M |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $59.0M | $59.1M | -$206.3M |
| PIMCO Short-Term Fund PIMCO Funds | 2026-06-30 | $58.6M | $58.7M | -$92.9M |
| Navigator Tactical Fixed Income Fund Northern Lights Fund Trust | 2026-07-31 | $57.5M | $57.5M | $0 |
| Invesco Ultra Short Duration ETF Invesco Actively Managed Exchange-Traded Fund Trust | 2026-07-31 | $57.5M | $57.4M | $11.0M |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $63.6M | $56.0M | $1.9M |
| Bond Fund of America | 2026-06-30 | $54.0M | $52.4M | $44.1M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $51.2M | $51.0M | $42.6M |
| Baird Short-Term Bond Fund Baird Funds Inc | 2026-06-30 | $48.8M | $48.8M | $0 |
| PGIM Ultra Short Bond ETF PGIM ETF Trust | 2026-05-29 | $46.0M | $46.0M | $0 |
| Strategic Advisers Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $44.9M | $44.8M | -$3.3M |
| American Funds Strategic Bond Fund | 2026-06-30 | $43.9M | $43.6M | $23.4M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $41.2M | $40.5M | $4.4M |
| PIMCO Short Asset Portfolio PIMCO FUNDS | 2026-06-30 | $38.5M | $38.5M | -$65.1M |
| T. Rowe Price Short-Term Bond Fund, Inc. T. ROWE PRICE SHORT-TERM BOND FUND, INC. | 2026-05-31 | $37.6M | $37.6M | $25.5M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $35.0M | $34.6M | $8.2M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $33.7M | $31.8M | $0 |
| Invesco Conservative Income Fund Invesco Management Trust | 2026-05-31 | $31.1M | $31.1M | $21.1M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): PIMCO CommoditiesPLUS Strategy Fund ($83.2M), PIMCO StocksPLUS International Fund (U.S. Dollar-Hedged) ($38.3M), Fidelity Conservative Income Bond Fund ($24.0M), PIMCO All Asset: Multi-RAE PLUS Fund ($14.8M), Janus Henderson Balanced Fund ($12.8M), PIMCO Short-Term Floating NAV Portfolio III ($12.2M), PIMCO International Bond Fund (U.S. Dollar-Hedged) ($10.4M), PIMCO Commodity Strategy Active Exchange-Traded Fund ($10.1M), PIMCO Low Duration Fund ($9.2M), PIMCO Short-Term Floating NAV Portfolio II ($9.2M).
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 | 16 | $165.9M | $149.6M | 0.04% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 9 | $106.0M | $104.8M | 0.21% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $79.0M | $76.9M | 0.11% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 22 | $67.0M | $62.2M | 0.05% |
| FTSM First Trust Enhanced Short Maturity ETF | 2026-07-31 | 4 | $59.5M | $59.2M | 0.91% |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2026-06-30 | 3 | $59.0M | $59.1M | 0.36% |
| GSY Invesco Ultra Short Duration ETF | 2026-07-31 | 5 | $57.5M | $57.4M | 1.46% |
| PULS PGIM Ultra Short Bond ETF | 2026-05-29 | 2 | $46.0M | $46.0M | 0.28% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 11 | $41.2M | $40.5M | 0.18% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 9 | $35.0M | $34.6M | 0.05% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 5 | $26.4M | $26.3M | 0.25% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 22 | $27.9M | $26.0M | 0.15% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $29.8M | $25.3M | 0.09% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 14 | $21.9M | $21.6M | 0.19% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $20.3M | $19.9M | 0.04% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 6.15: safer than 60% of companies (51th percentile in Consumer Defensive). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $47.08B |
| Debt barrier (short-term + ½ long-term debt) | $21.40B |
| Equity volatility (1 year) | 27.4% |
| Asset value / asset volatility (solved) | $67.58B / 19.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 97 bp spread prices in about 1.6% 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 = 0.77 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in KDP'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 | 107 | $182.1M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 843 | $45.06B | 17 | $53.9M | 22 | $102.8M | 0 |
| 2026-03-31 | 802 | $28.16B | 20 | $70.0M | 20 | $87.2M | 0 |
| 2025-12-31 | 834 | $34.60B | 22 | $186.9M | 32 | $253.4M | 0 |
| 2025-09-30 | 821 | $30.26B | 26 | $93.1M | 46 | $342.3M | 0 |
| 2025-06-30 | 806 | $40.32B | 23 | $45.0M | 25 | $235.0M | 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.