Southwest Airlines Co. bonds LUV
Who owns Southwest Airlines Co.'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. LUV 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 |
|---|---|---|---|---|---|---|---|---|---|
| 844741BC1 | 3% fixed | 2026-11-15 | USD | 99.57 | 4.49% | 74 bp | 4 | $10.2M | Jul 2026 |
| 844741AN8 | 7.375% fixed | 2027-03-01 | USD | 101.29 | 5.11% | 124 bp | 3 | $11.4M | Jul 2026 |
| 844741BK3 | 5.125% fixed | 2027-06-15 | USD | 100.29 | 4.78% | 78 bp | 12 | $80.3M | Jul 2026 |
| 844741BE7 | 3.45% fixed | 2027-11-16 | USD | 98.42 | 4.72% | 62 bp | 5 | $13.5M | Jul 2026 |
| 844741BL1 | 4.375% fixed | 2028-11-15 | USD | 98.88 | 4.89% | 66 bp | 19 | $44.7M | Jul 2026 |
| 844741BF4 | 2.625% fixed | 2030-02-10 | USD | 91.88 | 5.17% | 89 bp | 14 | $5.9M | Jul 2026 |
| 844741BM9 | 5.25% fixed | 2035-11-15 | USD | 94.78 | 5.99% | 142 bp | 16 | $13.4M | 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 | 7 | $179.5M | 98.88 | 5.03% | 78 bp | 19 |
| Jun 2026 | 7 | $368.9M | 99.20 | 4.82% | 67 bp | 39 |
| May 2026 | 6 | $242.4M | 98.87 | 4.67% | 72 bp | 25 |
| Apr 2026 | 7 | $260.5M | 99.25 | 4.71% | 100 bp | 24 |
| Mar 2026 | 7 | $354.1M | 98.72 | 4.90% | 118 bp | 44 |
| Feb 2026 | 6 | $258.1M | 99.22 | 4.18% | 70 bp | 29 |
| Jan 2026 | 7 | $268.8M | 99.21 | 4.29% | 76 bp | 27 |
| Dec 2025 | 7 | $345.1M | 99.12 | 4.41% | 83 bp | 50 |
| Nov 2025 | 6 | $227.0M | 98.72 | 4.38% | 82 bp | 29 |
| Oct 2025 | 7 | $256.3M | 98.74 | 4.45% | 92 bp | 26 |
| Sep 2025 | 5 | $196.1M | 98.57 | 4.36% | 77 bp | 47 |
| Aug 2025 | 4 | $138.5M | 98.28 | 4.44% | 66 bp | 27 |
| Jul 2025 | 5 | $196.8M | 97.81 | 4.78% | 91 bp | 21 |
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. 44 added, 42 cut, 5 new holders and 42 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $125.7M | $126.0M | $103.4M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $59.4M | $58.7M | -$588K |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $38.3M | $38.4M | $0 |
| VANGUARD ULTRA-SHORT-TERM BOND FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $34.7M | $34.6M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $30.8M | $29.8M | $7.2M |
| VANGUARD ULTRA-SHORT BOND ETF VANGUARD BOND INDEX FUNDS | 2026-06-30 | $23.7M | $23.7M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $23.6M | $22.7M | -$30.7M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $21.7M | $21.3M | $400K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $20.0M | $19.2M | -$21.6M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $19.2M | $19.0M | -$115K |
| Invesco BulletShares 2027 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $17.6M | $17.7M | $256K |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $15.8M | $15.8M | $0 |
| PIMCO Low Duration Fund PIMCO FUNDS | 2026-06-30 | $15.7M | $15.8M | new |
| AST PGIM Fixed Income Central Portfolio Advanced Series Trust | 2026-06-30 | $15.4M | $15.4M | $0 |
| iShares iBonds Dec 2027 Term Corporate ETF iShares Trust | 2026-07-31 | $14.3M | $14.3M | $334K |
| PIMCO Short Asset Portfolio PIMCO FUNDS | 2026-06-30 | $13.2M | $13.2M | $5.6M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $12.3M | $12.2M | $0 |
| First Trust Smith Opportunistic Fixed Income ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $12.2M | $11.8M | $0 |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.9M | $10.8M | -$11.0M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $9.9M | $9.8M | -$53.9M |
| FlexShares Ultra-Short Income Fund FlexShares Trust | 2026-07-31 | $9.0M | $9.1M | new |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.0M | $8.8M | $455K |
| ALPS | Smith Core Plus Bond ETF ALPS ETF TRUST | 2026-05-31 | $8.0M | $7.8M | $0 |
| T. Rowe Price Short-Term Bond Fund, Inc. T. ROWE PRICE SHORT-TERM BOND FUND, INC. | 2026-05-31 | $7.7M | $7.7M | $0 |
| AST Multi-Sector Fixed Income Portfolio Advanced Series Trust | 2026-06-30 | $7.5M | $7.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): LORD ABBETT BOND DEBENTURE FUND INC ($23.5M), Allspring Core Plus Bond Fund ($9.7M), iShares Investment Grade Systematic Bond ETF ($5.8M), VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND ($4.9M), Transamerica Bond ($4.9M), Transamerica Aegon Bond VP ($3.8M), Transamerica Core Bond ($3.7M), Transamerica Aegon Core Bond VP ($3.1M), SIIT CORE FIXED INCOME FUND ($2.9M), Core Bond Fund ($1.7M).
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 |
|---|---|---|---|---|---|
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2026-06-30 | 2 | $125.7M | $126.0M | 0.77% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $59.4M | $58.7M | 0.12% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $30.8M | $29.8M | 0.04% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 2 | $23.7M | $23.7M | 0.27% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $23.6M | $22.7M | 0.01% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $21.7M | $21.3M | 0.02% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $19.2M | $19.0M | 0.09% |
| BSCR Invesco BulletShares 2027 Corporate Bond ETF | 2026-05-31 | 1 | $17.6M | $17.7M | 0.38% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 2 | $14.3M | $14.3M | 0.37% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 1 | $12.2M | $11.8M | 0.36% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $10.9M | $10.8M | 0.10% |
| RAVI FlexShares Ultra-Short Income Fund | 2026-07-31 | 1 | $9.0M | $9.1M | 0.61% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $9.0M | $8.8M | 0.05% |
| SMTH ALPS | Smith Core Plus Bond ETF | 2026-05-31 | 1 | $8.0M | $7.8M | 0.28% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $7.4M | $7.0M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.73: safer than 46% of companies (45th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $19.04B |
| Debt barrier (short-term + ½ long-term debt) | $4.05B |
| Equity volatility (1 year) | 43.6% |
| Asset value / asset volatility (solved) | $22.92B / 36.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 78 bp spread prices in about 1.3% 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'' = 0.90 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in LUV'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 | 116 | $120.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 923 | $22.51B | 28 | $383.6M | 35 | $493.9M | 0 |
| 2026-03-31 | 850 | $12.94B | 36 | $405.0M | 31 | $681.5M | 0 |
| 2025-12-31 | 837 | $18.83B | 30 | $419.3M | 28 | $417.3M | 0 |
| 2025-09-30 | 753 | $15.74B | 34 | $592.1M | 36 | $444.6M | 0 |
| 2025-06-30 | 786 | $15.82B | 36 | $625.4M | 33 | $620.2M | 0 |
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.