NiSource Inc bonds NI
Who owns NiSource 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. NI 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 |
|---|---|---|---|---|---|---|---|---|---|
| 65473QBE2 | 3.49% fixed | 2027-05-15 | USD | 99.30 | 4.39% | 43 bp | 12 | $26.4M | Jul 2026 |
| 65473PAN5 | 5.25% fixed | 2028-03-30 | USD | 100.93 | 4.66% | 50 bp | 24 | $64.7M | Jul 2026 |
| 65473PAS4 | 5.2% fixed | 2029-07-01 | USD | 101.17 | 4.76% | 51 bp | 18 | $95.4M | Jul 2026 |
| 65473PAH8 | 2.95% fixed | 2029-09-01 | USD | 94.68 | 4.82% | 56 bp | 10 | $37.3M | Jul 2026 |
| 65473PAJ4 | 3.6% fixed | 2030-05-01 | USD | 95.41 | 4.95% | 67 bp | 20 | $61.6M | Jul 2026 |
| 65473PAL9 | 1.7% fixed | 2031-02-15 | USD | 86.61 | 5.04% | 72 bp | 20 | $20.7M | Jul 2026 |
| 65473PBA2 | 4.75% fixed | 2031-05-18 | USD | 98.82 | 5.03% | 70 bp | 24 | $56.8M | Jul 2026 |
| 65473PAP0 | 5.4% fixed | 2033-06-30 | USD | 100.75 | 5.27% | 81 bp | 11 | $24.1M | Jul 2026 |
| 65473PAQ8 | 5.35% fixed | 2034-04-01 | USD | 100.03 | 5.34% | 85 bp | 19 | $67.4M | Jul 2026 |
| 65473PAX3 | 5.35% fixed | 2035-07-15 | USD | 98.77 | 5.53% | 97 bp | 14 | $88.9M | Jul 2026 |
| 65473PBB0 | 5.3% fixed | 2036-05-18 | USD | 97.78 | 5.60% | 100 bp | 20 | $36.8M | Jul 2026 |
| 65473QAX1 | 5.95% fixed | 2041-06-15 | USD | 99.53 | 6.00% | 115 bp | 7 | $2.0M | Jul 2026 |
| 65473QAZ6 | 5.8% fixed | 2042-02-01 | USD | 100.04 | 5.80% | 105 bp | 9 | $9.6M | Jun 2026 |
| 65473QBB8 | 5.25% fixed | 2043-02-15 | USD | 90.63 | 6.16% | 123 bp | 7 | $1.1M | Jul 2026 |
| 65473QBC6 | 4.8% fixed | 2044-02-15 | USD | 85.24 | 6.19% | 121 bp | 9 | $4.6M | Jul 2026 |
| 65473QBD4 | 5.65% fixed | 2045-02-01 | USD | 94.08 | 6.19% | 116 bp | 11 | $2.6M | Jul 2026 |
| 65473QBF9 | 4.375% fixed | 2047-05-15 | USD | 78.87 | 6.20% | 109 bp | 12 | $8.5M | Jul 2026 |
| 65473QBG7 | 3.95% fixed | 2048-03-30 | USD | 73.04 | 6.23% | 113 bp | 11 | $2.6M | Jul 2026 |
| 65473PAM7 | 5% fixed | 2052-06-15 | USD | 84.24 | 6.23% | 113 bp | 9 | $1.9M | Jul 2026 |
| 65473PAR6 | 6.95% fixed | 2054-11-30 | USD | 102.81 | 6.73% | 162 bp | 26 | $10.3M | Jul 2026 |
| 65473PAT2 | 6.375% variable | 2055-03-31 | USD | 101.56 | — | — | 14 | $43.5M | Jul 2026 |
| 65473PAU9 | 5.85% fixed | 2055-04-01 | USD | 93.89 | 6.31% | 121 bp | 19 | $42.5M | Jul 2026 |
| 65473PAY1 | 5.75% fixed | 2056-07-15 | USD | 98.52 | 5.85% | 76 bp | 26 | $34.2M | 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 | 22 | $734.0M | 98.15 | 5.73% | 99 bp | 26 |
| Jun 2026 | 23 | $1.81B | 99.61 | 5.48% | 87 bp | 62 |
| May 2026 | 23 | $1.30B | 99.35 | 5.51% | 82 bp | 41 |
| Apr 2026 | 20 | $658.7M | 98.21 | 5.49% | 100 bp | 25 |
| Mar 2026 | 21 | $1.72B | 98.38 | 5.78% | 118 bp | 63 |
| Feb 2026 | 21 | $1.28B | 100.83 | 5.47% | 92 bp | 40 |
| Jan 2026 | 20 | $697.2M | 99.49 | 5.37% | 94 bp | 29 |
| Dec 2025 | 21 | $1.73B | 99.70 | 5.63% | 94 bp | 68 |
| Nov 2025 | 21 | $1.22B | 101.17 | 5.48% | 94 bp | 38 |
| Oct 2025 | 20 | $691.2M | 100.72 | 5.46% | 100 bp | 25 |
| Sep 2025 | 20 | $1.32B | 100.53 | 5.51% | 93 bp | 69 |
| Aug 2025 | 20 | $1.13B | 98.70 | 5.55% | 92 bp | 43 |
| Jul 2025 | 21 | $774.5M | 98.27 | 5.82% | 91 bp | 25 |
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. 158 added, 90 cut, 49 new holders and 22 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $205.4M | $197.9M | -$5.3M |
| T. Rowe Price Capital Appreciation Fund T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | 2026-06-30 | $194.9M | $194.6M | $3.4M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $202.5M | $192.3M | $6.9M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $127.0M | $128.9M | -$7.3M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $118.0M | $118.6M | $13.6M |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $106.0M | $103.5M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $101.4M | $100.7M | $11.9M |
| Fidelity Series Investment Grade Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $98.9M | $96.0M | $0 |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $99.6M | $94.3M | $7.9M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $88.9M | $88.4M | -$29.2M |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $83.2M | $80.0M | $4.9M |
| Fidelity Investment Grade Bond Central Fund Fidelity Central Investment Portfolios II LLC | 2026-06-30 | $76.2M | $73.2M | $12.6M |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | $72.9M | $68.4M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $69.4M | $66.1M | $2.6M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $64.7M | $61.7M | $0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $62.2M | $56.9M | -$6.3M |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $55.6M | $52.1M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $44.2M | $44.7M | $5.9M |
| JNL/T. Rowe Price Capital Appreciation Fund JNL Series Trust | 2026-06-30 | $43.1M | $43.0M | $3.1M |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $40.7M | $40.7M | -$5.0M |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $41.3M | $39.8M | $0 |
| VANGUARD CORE BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $38.4M | $38.5M | $8.5M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $36.4M | $35.6M | -$7.7M |
| Fidelity Total Bond ETF Fidelity Merrimack Street Trust | 2026-05-31 | $36.7M | $35.6M | $400K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $35.2M | $34.4M | $2.6M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Cohen & Steers Preferred Securities & Income Fund, Inc. ($7.1M), Aristotle Short Duration Income Fund ($2.7M), THE HARTFORD TOTAL RETURN BOND FUND ($2.6M), Hartford Total Return Bond ETF ($1.4M), COHEN & STEERS REIT & PREFERRED & INCOME FUND INC ($1.4M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($1.2M), Global X Investment Grade Corporate Bond ETF ($1.0M), Core Income Portfolio ($750K), Cohen & Steers Select Preferred & Income Fund, Inc. ($519K), VALUE LINE CAPITAL APPRECIATION FUND INC ($500K).
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 |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 17 | $205.4M | $197.9M | 0.05% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 6 | $127.0M | $128.9M | 0.19% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 7 | $88.9M | $88.4M | 0.18% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 22 | $69.4M | $66.1M | 0.05% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 9 | $62.2M | $56.9M | 0.19% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 6 | $44.2M | $44.7M | 0.09% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 7 | $36.4M | $35.6M | 0.05% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 3 | $36.7M | $35.6M | 0.14% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 8 | $35.2M | $34.4M | 0.16% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $27.8M | $28.2M | 0.15% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 23 | $29.5M | $28.1M | 0.16% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 6 | $22.6M | $22.8M | 0.20% |
| FPE First Trust Preferred Securities and Income ETF | 2026-07-31 | 1 | $21.7M | $22.0M | 0.35% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 2 | $21.1M | $21.3M | 0.24% |
| VRP Invesco Variable Rate Preferred ETF | 2026-05-31 | 3 | $20.8M | $21.2M | 0.73% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.34: safer than 79% of companies (82th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $20.16B |
| Debt barrier (short-term + ½ long-term debt) | $9.60B |
| Equity volatility (1 year) | 18.0% |
| Asset value / asset volatility (solved) | $29.36B / 12.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 99 bp spread prices in about 1.7% 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'' = 0.33 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NI'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 | 107 | $172.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 897 | $19.91B | 8 | $17.5M | 8 | $22.0M | 0 |
| 2026-03-31 | 863 | $15.00B | 6 | $5.8M | 9 | $19.1M | 0 |
| 2025-12-31 | 816 | $16.36B | 7 | $6.1M | 8 | $25.0M | 0 |
| 2025-09-30 | 772 | $16.88B | 9 | $70.0M | 11 | $168.1M | 0 |
| 2025-06-30 | 753 | $16.35B | 7 | $11.8M | 10 | $9.8M | 0 |
Officials trading NI bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2026-06-16 | John Fetterman | purchase | NiSource Inc | $1,001 - $15,000 | filing |
| 2026-06-16 | John Karl Fetterman | purchase | NiSource Inc | $1,001 - $15,000 | filing |
| 2026-06-16 | John Fetterman | purchase | NISOURCE INC NOTE Rate/Coupon: 6.95% Matures: 2054-11-30 | $1,001 - $15,000 | filing |
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.