Kernel Holding S.A. bonds KER.WA
Who owns Kernel Holding S.A.'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. KER.WA 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 |
|---|---|---|---|---|---|---|---|---|---|
| BM0392811 | 6.75% fixed | 2027-10-27 | USD | 97.75 | 8.69% | 460 bp | 5 | $35.9M | Jul 2026 |
| 49229QAC8 | 6.75% fixed | 2027-10-27 | USD | 97.69 | 8.74% | 465 bp | 2 | $592K | Jul 2026 |
| L5829PAC3 | 6.75% fixed | 2027-10-27 | USD | 97.42 | 8.85% | 487 bp | 1 | $1.5M | Jun 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 | $36.5M | 97.72 | 8.71% | 462 bp | 5 |
| Jun 2026 | 2 | $9.7M | 97.50 | 8.78% | 480 bp | 5 |
| May 2026 | 1 | $2.0M | 97.73 | 8.49% | 461 bp | 1 |
| Apr 2026 | 2 | $31.1M | 96.93 | 9.00% | 525 bp | 4 |
| Mar 2026 | 3 | $11.0M | 96.80 | 8.97% | 528 bp | 4 |
| Feb 2026 | 1 | $2.1M | 98.77 | 7.55% | 407 bp | 1 |
| Jan 2026 | 2 | $29.6M | 98.38 | 7.75% | 422 bp | 4 |
| Dec 2025 | 3 | $10.7M | 94.25 | 10.28% | 678 bp | 4 |
| Nov 2025 | 1 | $2.0M | 94.53 | 9.96% | 640 bp | 1 |
| Oct 2025 | 2 | $30.6M | 93.24 | 10.61% | 708 bp | 3 |
| Sep 2025 | 3 | $10.3M | 91.09 | 11.70% | 814 bp | 4 |
| Aug 2025 | 1 | $1.9M | 90.80 | 11.69% | 799 bp | 1 |
| Jul 2025 | 2 | $24.9M | 89.44 | 12.27% | 840 bp | 3 |
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. 2 added, 1 cut, 2 new holders and 0 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Eaton Vance Emerging Markets Debt Opportunities Fund Eaton Vance Series Fund, Inc. | 2026-07-31 | $14.8M | $14.4M | $0 |
| Global Opportunities Portfolio | 2026-07-31 | $10.1M | $9.9M | $0 |
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | $8.5M | $8.3M | $3.2M |
| CITY NATIONAL ROCHDALE FIXED INCOME OPPORTUNITIES FUND City National Rochdale Funds | 2026-06-30 | $3.9M | $3.8M | -$1.4M |
| T. Rowe Price Global Multi-Sector Bond Fund, Inc. T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. | 2026-05-31 | $2.1M | $2.0M | $0 |
| T. Rowe Price Emerging Markets Corporate Bond Fund T. ROWE PRICE INTERNATIONAL FUNDS, INC. | 2026-06-30 | $2.0M | $2.0M | $0 |
| Global Macro Portfolio | 2026-07-31 | $2.0M | $2.0M | $745K |
| PIMCO Emerging Markets Bond Fund PIMCO FUNDS | 2026-06-30 | $1.5M | $1.5M | $0 |
| Six Circles Credit Opportunities Fund SIX CIRCLES TRUST | 2026-06-30 | $1.5M | $1.5M | $0 |
| ABERDEEN MULTI-MARKET INCOME FUND | 2026-07-31 | $1.3M | $1.3M | new |
| MORGAN STANLEY EMERGING MARKETS DEBT FUND INC | 2026-06-30 | $613K | $598K | $0 |
| Emerging Markets Debt Portfolio MORGAN STANLEY VARIABLE INSURANCE FUND INC. | 2026-06-30 | $404K | $394K | $0 |
| VanEck Emerging Markets High Yield Bond ETF VanEck ETF Trust | 2026-07-31 | $400K | $391K | $0 |
| ABRDN ASIA-PACIFIC INCOME FUND, INC. | 2026-07-31 | $206K | $201K | new |
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 |
|---|---|---|---|---|---|
| HYEM VanEck Emerging Markets High Yield Bond ETF | 2026-07-31 | 1 | $400K | $391K | 0.07% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.25: safer than 68% of companies (58th percentile in Consumer Defensive). Market-implied, prices to 2026-10-19, balance sheet 2026-06-30.
| Equity value | $1.52B |
| Debt barrier (short-term + ½ long-term debt) | $746.6M |
| Equity volatility (1 year) | 22.9% |
| Asset value / asset volatility (solved) | $2.24B / 15.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 462 bp spread prices in about 7.7% 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'' = 5.74 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
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.