Macy's, Inc. bonds M
Who owns Macy's, 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. M 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 |
|---|---|---|---|---|---|---|---|---|---|
| 55617LAQ5 | 5.875% fixed | 2030-03-15 | USD | 99.26 | 6.10% | 182 bp | 22 | $11.0M | Jul 2026 |
| 55617LAR3 | 6.125% fixed | 2032-03-15 | USD | 100.30 | 6.06% | 169 bp | 27 | $37.1M | Jul 2026 |
| 55617LAS1 | 7.375% fixed | 2033-08-01 | USD | 104.08 | 6.64% | 218 bp | 42 | $55.0M | Jul 2026 |
| 55617LAL6 | 6.7% fixed | 2034-07-15 | USD | 96.72 | 7.25% | 274 bp | 15 | $13.8M | Jul 2026 |
| 55616XAM9 | 4.5% fixed | 2034-12-15 | USD | 89.90 | 6.06% | 153 bp | 16 | $44.6M | Jul 2026 |
| 314275AC2 | 6.38% fixed | 2037-03-15 | USD | 92.80 | 7.37% | 274 bp | 9 | $10.4M | Jul 2026 |
| 55616XAG2 | 5.125% fixed | 2042-01-15 | USD | 81.23 | 7.15% | 227 bp | 11 | $22.8M | Jul 2026 |
| 55616XAJ6 | 4.3% fixed | 2043-02-15 | USD | 71.60 | 7.28% | 235 bp | 20 | $24.9M | 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 | 8 | $219.5M | 94.76 | 6.89% | 222 bp | 42 |
| Jun 2026 | 8 | $156.4M | 95.42 | 6.71% | 218 bp | 34 |
| May 2026 | 8 | $122.8M | 93.70 | 7.02% | 254 bp | 25 |
| Apr 2026 | 8 | $229.1M | 93.59 | 7.06% | 280 bp | 44 |
| Mar 2026 | 8 | $178.8M | 91.25 | 7.31% | 304 bp | 34 |
| Feb 2026 | 8 | $119.8M | 95.22 | 6.72% | 251 bp | 26 |
| Jan 2026 | 8 | $239.0M | 95.67 | 6.70% | 241 bp | 48 |
| Dec 2025 | 8 | $168.4M | 95.80 | 6.69% | 246 bp | 36 |
| Nov 2025 | 8 | $126.9M | 93.87 | 6.72% | 255 bp | 26 |
| Oct 2025 | 8 | $223.3M | 93.60 | 6.78% | 261 bp | 46 |
| Sep 2025 | 8 | $172.1M | 92.08 | 6.88% | 264 bp | 32 |
| Aug 2025 | 8 | $117.1M | 87.00 | 7.36% | 295 bp | 26 |
| Jul 2025 | 8 | $211.0M | 84.75 | 7.61% | 309 bp | 45 |
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. 41 added, 36 cut, 10 new holders and 14 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $37.5M | $38.2M | $0 |
| iShares Fallen Angels USD Bond ETF iShares Trust | 2026-07-31 | $42.2M | $36.2M | -$4.6M |
| VanEck Fallen Angel High Yield Bond ETF VanEck ETF Trust | 2026-07-31 | $43.0M | $35.4M | $1.2M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $35.6M | $32.9M | $3.6M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $24.7M | $24.5M | -$16.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $21.9M | $23.0M | new |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $16.1M | $16.5M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $14.6M | $14.4M | $1.4M |
| American High Income Trust | 2026-06-30 | $13.1M | $13.7M | $3.8M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $12.2M | $12.5M | -$1.5M |
| Nuveen High Yield Fund TIAA-CREF Funds | 2026-06-30 | $12.0M | $12.0M | $0 |
| RBC BlueBay High Yield Bond Fund RBC Funds Trust | 2026-06-30 | $7.8M | $8.0M | -$1.4M |
| Bramshill Income Performance Fund Advisor Managed Portfolios | 2026-06-30 | $10.1M | $7.6M | $0 |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $7.2M | $7.2M | $0 |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $7.2M | $6.9M | $0 |
| Touchstone Strategic Trust-Touchstone Flexible Income Fund Touchstone Strategic Trust | 2026-06-30 | $8.5M | $6.4M | $0 |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $6.1M | $6.3M | -$751K |
| Victory Pioneer High Yield Fund Victory Portfolios IV | 2026-07-31 | $5.7M | $5.9M | $0 |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $5.7M | $5.7M | new |
| BBH Income Fund BBH Trust | 2026-07-31 | $5.3M | $5.4M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.1M | $5.4M | -$682K |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $4.9M | $5.0M | $0 |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $4.7M | $4.8M | -$43K |
| Transamerica Multi-Asset Income TRANSAMERICA FUNDS | 2026-07-31 | $4.7M | $4.7M | $3.0M |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $4.5M | $4.6M | -$300K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Dodge & Cox Income Fund ($54.5M), Intrepid Income Fund ($4.5M), BNY Mellon Core Plus Fund ($3.7M), Dodge & Cox Balanced Fund ($2.5M), AST Multi-Sector Fixed Income Portfolio ($1.9M), TCW Flexible Income ETF ($676K), STERLING CAPITAL ENHANCED CORE BOND ETF ($676K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($641K), GMO High Yield Fund ($440K), Invesco Multi-Asset Income Fund ($437K).
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 |
|---|---|---|---|---|---|
| FALN iShares Fallen Angels USD Bond ETF | 2026-07-31 | 5 | $42.2M | $36.2M | 2.24% |
| ANGL VanEck Fallen Angel High Yield Bond ETF | 2026-07-31 | 3 | $43.0M | $35.4M | 1.16% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 5 | $35.6M | $32.9M | 0.12% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 2 | $16.1M | $16.5M | 0.50% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 5 | $14.6M | $14.4M | 0.13% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $12.2M | $12.5M | 0.08% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 2 | $6.1M | $6.3M | 0.39% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $5.1M | $5.4M | 0.07% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 6 | $4.4M | $4.1M | 0.38% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 5 | $3.6M | $3.3M | 0.14% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 4 | $3.3M | $3.1M | 0.12% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $2.8M | $2.9M | 0.08% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 8 | $2.8M | $2.6M | 0.01% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 4 | $2.0M | $1.8M | 1.23% |
| IFLN Invesco Bloomberg Enhanced Fallen Angels ETF | 2026-05-31 | 1 | $2.0M | $1.8M | 0.56% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.20: safer than 51% of companies (49th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-08-01.
| Equity value | $6.16B |
| Debt barrier (short-term + ½ long-term debt) | $1.22B |
| Equity volatility (1 year) | 40.7% |
| Asset value / asset volatility (solved) | $7.32B / 34.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 222 bp spread prices in about 3.7% 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'' = 3.43 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in M'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 | 54 | $90.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 476 | $5.86B | 15 | $135.3M | 20 | $113.2M | 0 |
| 2026-03-31 | 464 | $3.96B | 17 | $109.9M | 18 | $65.3M | 0 |
| 2025-12-31 | 486 | $5.06B | 27 | $258.3M | 23 | $156.7M | 0 |
| 2025-09-30 | 427 | $4.15B | 31 | $234.0M | 25 | $160.1M | 0 |
| 2025-06-30 | 399 | $2.80B | 22 | $113.3M | 24 | $105.1M | 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.