Norwegian Cruise Line Holdings Ltd. bonds NCLH
Who owns Norwegian Cruise Line Holdings Ltd.'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. NCLH 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 |
|---|---|---|---|---|---|---|---|---|---|
| 62886HBD2 convertible | 1.125% fixed | 2027-02-15 | USD | 98.00 | — | — | 5 | $20.7M | Jul 2026 |
| 62888HAA7 | 6.125% fixed | 2028-03-15 | USD | 100.62 | 5.72% | 156 bp | 24 | $68.6M | Jul 2026 |
| 62886HBG5 | 7.75% fixed | 2029-02-15 | USD | 103.84 | 6.10% | 185 bp | 39 | $94.7M | Jul 2026 |
| 62886HBP5 | 6.25% fixed | 2030-03-01 | USD | 99.21 | 6.50% | 222 bp | 19 | $32.2M | Jul 2026 |
| 62886HBT7 convertible | 0.875% fixed | 2030-04-15 | USD | 104.22 | — | — | 18 | $49.3M | Jul 2026 |
| 62886HBW0 convertible | 0.75% fixed | 2030-09-15 | USD | 91.99 | — | — | 19 | $100.0M | Jul 2026 |
| 62886HBY6 | 5.875% fixed | 2031-01-15 | USD | 95.61 | 7.04% | 273 bp | 71 | $129.0M | Jul 2026 |
| 62886HBR1 | 6.75% fixed | 2032-02-01 | USD | 98.03 | 7.19% | 283 bp | 94 | $215.3M | Jul 2026 |
| 62886HBZ3 | 6.25% fixed | 2033-09-15 | USD | 95.06 | 7.15% | 268 bp | 71 | $91.6M | 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 |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 2 | $38K | 94.73 | 7.21% | 277 bp | 1 |
| Jul 2026 | 9 | $801.4M | 98.03 | 6.77% | 245 bp | 94 |
| Jun 2026 | 9 | $1.05B | 99.77 | 6.47% | 228 bp | 139 |
| May 2026 | 9 | $459.6M | 98.76 | 6.68% | 257 bp | 56 |
| Apr 2026 | 9 | $790.9M | 99.53 | 6.43% | 254 bp | 92 |
| Mar 2026 | 9 | $1.19B | 99.24 | 6.52% | 269 bp | 131 |
| Feb 2026 | 9 | $517.0M | 102.63 | 5.60% | 196 bp | 57 |
| Jan 2026 | 10 | $822.7M | 101.38 | 5.64% | 204 bp | 101 |
| Dec 2025 | 10 | $1.28B | 100.98 | 5.83% | 219 bp | 138 |
| Nov 2025 | 10 | $536.7M | 100.38 | 5.96% | 233 bp | 61 |
| Oct 2025 | 10 | $836.5M | 101.34 | 5.83% | 217 bp | 99 |
| Sep 2025 | 10 | $1.31B | 101.71 | 5.87% | 218 bp | 142 |
| Aug 2025 | 10 | $634.5M | 103.44 | 5.79% | 201 bp | 61 |
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. 137 added, 132 cut, 34 new holders and 33 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $383.2M | $384.1M | $17.0M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $127.4M | $124.4M | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $108.3M | $109.2M | $8.3M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $106.4M | $104.3M | $11.7M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $66.8M | $66.0M | -$7.8M |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $59.0M | $58.9M | $24.0M |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $43.5M | $43.4M | $8.2M |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $41.8M | $42.9M | $15.7M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $38.5M | $36.4M | $7.3M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $34.2M | $34.0M | $3.3M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $36.0M | $33.2M | $0 |
| Virtus Income & Growth Fund Virtus Investment Trust | 2026-06-30 | $28.4M | $28.0M | -$4.7M |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $26.9M | $27.0M | $3.4M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $26.2M | $26.2M | $3.5M |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $24.0M | $23.7M | $0 |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $23.8M | $23.6M | -$15.4M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $23.4M | $23.3M | -$9.6M |
| Aristotle Strategic Income Fund Aristotle Fund Series Trust | 2026-06-30 | $22.9M | $22.2M | -$5.0M |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $21.4M | $21.4M | $0 |
| Allspring Short-Term High Income Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $21.4M | $20.7M | $6.2M |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $21.2M | $20.6M | -$29.8M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $20.7M | $20.4M | $210K |
| NYLIM MacKay Convertible Fund NYLIM FUNDS | 2026-07-31 | $20.2M | $19.8M | $0 |
| Franklin High Income Fund Franklin High Income Trust | 2026-06-30 | $18.5M | $18.2M | $0 |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $18.1M | $17.9M | -$412K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Janus Henderson Balanced Fund ($61.6M), Bond Fund ($36.4M), Janus Henderson Balanced Portfolio ($20.9M), Columbia Convertible Securities Fund ($12.0M), Janus Henderson Flexible Bond Fund ($10.2M), First Trust Smith Unconstrained Bond ETF ($7.3M), NYLIM VP Janus Henderson Balanced Portfolio ($4.3M), JNL/PPM America High Yield Bond Fund ($3.7M), Janus Henderson Short Duration Flexible Bond Fund ($3.2M), John Hancock Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio ($3.1M).
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 | 6 | $106.4M | $104.3M | 0.36% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 5 | $66.8M | $66.0M | 0.41% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 6 | $43.5M | $43.4M | 0.38% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 2 | $38.5M | $36.4M | 0.51% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 5 | $34.2M | $34.0M | 0.46% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 2 | $26.2M | $26.2M | 0.42% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 3 | $20.7M | $20.4M | 0.27% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 2 | $16.4M | $15.9M | 0.98% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 4 | $13.4M | $13.3M | 0.38% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 3 | $11.5M | $11.5M | 0.24% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 6 | $10.6M | $10.5M | 0.44% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 6 | $9.2M | $9.1M | 0.36% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 5 | $9.1M | $9.1M | 0.70% |
| FLHY Franklin High Yield Corporate ETF | 2026-06-30 | 3 | $6.3M | $6.4M | 0.54% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 3 | $6.6M | $6.3M | 0.58% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.34: safer than 17% of companies (16th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $7.00B |
| Debt barrier (short-term + ½ long-term debt) | $8.09B |
| Equity volatility (1 year) | 54.6% |
| Asset value / asset volatility (solved) | $14.75B / 26.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 245 bp spread prices in about 4.1% 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'' = -1.54 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
Against its own government
Yield minus the government's fitted curve at the same maturity, same currency, bonds with at least $25M held and 3 funds pricing them: USD 1.6y +71 bp (as of Jul 2026).
The stock side: 13F filings
What institutions report holding in NCLH'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 | 77 | $15.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 624 | $9.67B | 35 | $421.8M | 35 | $502.5M | 0 |
| 2026-03-31 | 620 | $6.71B | 31 | $362.7M | 36 | $405.0M | 0 |
| 2025-12-31 | 631 | $8.35B | 36 | $433.7M | 30 | $399.2M | 0 |
| 2025-09-30 | 635 | $9.09B | 36 | $431.6M | 30 | $362.8M | 0 |
| 2025-06-30 | 606 | $7.10B | 36 | $442.5M | 38 | $404.2M | 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.