Mercer International Inc. bonds MERC
Who owns Mercer International 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. MERC 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 |
|---|---|---|---|---|---|---|---|---|---|
| 588056BC4 | 12.875% fixed | 2028-10-01 | USD | 47.85 | 57.91% | 5368 bp | 19 | $21.7M | Jul 2026 |
| 588056BB6 | 5.125% fixed | 2029-02-01 | USD | 59.11 | 29.30% | 2506 bp | 14 | $44.0M | 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 | $65.7M | 53.48 | 43.61% | 3937 bp | 19 |
| Jun 2026 | 2 | $19.2M | 54.90 | 39.86% | 3573 bp | 14 |
| May 2026 | 2 | $14.7M | 50.18 | 43.44% | 3942 bp | 11 |
| Apr 2026 | 2 | $70.6M | 45.02 | 48.17% | 4436 bp | 28 |
| Mar 2026 | 2 | $20.4M | 57.59 | 34.33% | 3060 bp | 13 |
| Feb 2026 | 2 | $20.3M | 65.85 | 27.26% | 2375 bp | 13 |
| Jan 2026 | 2 | $121.2M | 67.48 | 25.66% | 2206 bp | 38 |
| Dec 2025 | 2 | $44.0M | 70.56 | 23.26% | 1971 bp | 29 |
| Nov 2025 | 2 | $22.4M | 65.88 | 25.82% | 2226 bp | 13 |
| Oct 2025 | 3 | $172.3M | 64.66 | 20.54% | 1699 bp | 44 |
| Sep 2025 | 2 | $134.7M | 82.44 | 16.12% | 1256 bp | 40 |
| Aug 2025 | 2 | $37.8M | 88.20 | 13.42% | 974 bp | 17 |
| Jul 2025 | 3 | $221.5M | 80.57 | 12.10% | 823 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. 5 added, 20 cut, 1 new holders and 11 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $59.8M | $34.8M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $19.8M | $10.9M | $0 |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $16.7M | $10.0M | $0 |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $15.8M | $9.0M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $15.9M | $7.9M | -$1.3M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $11.4M | $6.4M | -$12.1M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.2M | $3.3M | -$1.0M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.1M | $2.7M | -$363K |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $3.9M | $1.9M | -$300K |
| BondBloxx CCC Rated USD High Yield Corporate Bond ETF BondBloxx ETF Trust | 2026-07-31 | $3.2M | $1.8M | -$760K |
| Principal Active High Yield ETF Principal Exchange-Traded Funds | 2026-06-30 | $3.1M | $1.7M | $163K |
| PIA High Yield MACS Fund Advisors Series Trust | 2026-05-31 | $3.0M | $1.5M | $0 |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $2.1M | $1.1M | $0 |
| PIA High Yield Fund Advisors Series Trust | 2026-05-31 | $1.6M | $775K | $0 |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $1.2M | $654K | $0 |
| BNY Mellon Floating Rate Income Fund BNY Mellon Investment Funds IV, Inc. | 2026-05-31 | $1.0M | $526K | $0 |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $944K | $495K | $0 |
| High Income Fund American Century Investment Trust | 2026-06-30 | $750K | $408K | $0 |
| JPMorgan BetaBuilders USD High Yield Corporate Bond ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $615K | $293K | -$45K |
| Invesco Global ex-US High Yield Corporate Bond ETF Invesco Exchange-Traded Fund Trust II | 2026-07-31 | $489K | $285K | $100K |
| SEI High Yield Bond & Alternative Credit ETF SEI EXCHANGE TRADED FUNDS | 2026-06-30 | $513K | $282K | first report |
| BNY Mellon High Yield Fund BNY Mellon Investment Funds III | 2026-06-30 | $490K | $270K | $0 |
| CALAMOS STRATEGIC TOTAL RETURN FUND | 2026-07-31 | $530K | $237K | -$1.3M |
| NYLIM MacKay Core Plus Bond ETF NYLIM Active ETF Trust | 2026-07-31 | $395K | $230K | $0 |
| Xtrackers Short Duration High Yield Bond ETF DBX ETF Trust | 2026-05-29 | $460K | $227K | -$10K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares 0-5 Year High Yield Corporate Bond ETF ($3.4M), Angel Oak Multi-Strategy Income Fund ($1.4M), Mercer Opportunistic Fixed Income Fund ($1.1M), iShares iBonds 2028 Term High Yield and Income ETF ($919K), Angel Oak High Yield Opportunities ETF ($750K), Hotchkis and Wiley High Yield Fund ($674K), Angel Oak Income ETF ($420K), Angel Oak Strategic Credit Fund ($235K), John Hancock High Yield ETF ($40K), State Street(R) My2029 High Yield Corporate Bond ETF ($25K).
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 | $19.8M | $10.9M | 0.04% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $15.9M | $7.9M | 0.05% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $6.2M | $3.3M | 0.03% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 2 | $5.1M | $2.7M | 0.06% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $3.9M | $1.9M | 0.05% |
| XCCC BondBloxx CCC Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $3.2M | $1.8M | 0.67% |
| YLD Principal Active High Yield ETF | 2026-06-30 | 2 | $3.1M | $1.7M | 0.30% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $2.1M | $1.1M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.2M | $654K | 0.00% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $615K | $293K | 0.05% |
| PGHY Invesco Global ex-US High Yield Corporate Bond ETF | 2026-07-31 | 1 | $489K | $285K | 0.13% |
| CPLB NYLIM MacKay Core Plus Bond ETF | 2026-07-31 | 1 | $395K | $230K | 0.06% |
| SHYL Xtrackers Short Duration High Yield Bond ETF | 2026-05-29 | 2 | $460K | $227K | 0.09% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 2 | $372K | $205K | 0.00% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 1 | $235K | $137K | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 0.76: safer than 6% of companies (7th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $12.7M |
| Debt barrier (short-term + ½ long-term debt) | $970.0M |
| Equity volatility (1 year) | 87.8% |
| Asset value / asset volatility (solved) | $940.3M / 1.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 3937 bp spread prices in about 65.6% 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'' = -1.78 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in MERC'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 | 7 | $62K | 0 | — | 0 | — | 0 |
| 2026-06-30 | 64 | $16.2M | 3 | $18K | 3 | $67K | 0 |
| 2026-03-31 | 69 | $65.7M | 2 | $38K | 1 | $56K | 0 |
| 2025-12-31 | 70 | $92.6M | 3 | $628K | 4 | $291K | 2 |
| 2025-09-30 | 82 | $136.8M | 5 | $956K | 6 | $522K | 2 |
| 2025-06-30 | 103 | $180.6M | 5 | $1.1M | 7 | $5.8M | 2 |
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.