Nokia Oyj bonds NOK
Who owns Nokia Oyj'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. NOK 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 |
|---|---|---|---|---|---|---|---|---|---|
| 654902AE5 | 4.38% fixed | 2027-06-12 | USD | 99.39 | 5.10% | 111 bp | 4 | $4.3M | Jul 2026 |
| ACI1M8CF5 | 3.125% fixed | 2028-05-15 | EUR | 99.68 | 3.29% | — | 3 | $9.9M | Apr 2026 |
| X61873BA6 | 4.375% fixed | 2031-08-21 | EUR | 102.56 | 3.81% | — | 2 | $3.0M | Jul 2026 |
| XS3397145767 | 3.63% fixed | 2032-06-05 | EUR | 98.31 | 3.96% | — | 1 | $425K | Jul 2026 |
| 654902AC9 | 6.625% fixed | 2039-05-15 | USD | 100.32 | 6.59% | 184 bp | 11 | $19.1M | 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 | 4 | $26.8M | 99.85 | 6.59% | 184 bp | 11 |
| Jun 2026 | 2 | $37.1M | 102.85 | 5.93% | 132 bp | 17 |
| May 2026 | 3 | $44.2M | 104.16 | 5.32% | 110 bp | 18 |
| Apr 2026 | 4 | $39.1M | 101.58 | 5.31% | 121 bp | 13 |
| Mar 2026 | 2 | $47.3M | 102.08 | 5.51% | 145 bp | 21 |
| Feb 2026 | 3 | $38.6M | 105.81 | 5.05% | 116 bp | 18 |
| Jan 2026 | 4 | $38.4M | 103.03 | 5.09% | 113 bp | 13 |
| Dec 2025 | 2 | $58.1M | 103.60 | 5.12% | 119 bp | 14 |
| Nov 2025 | 3 | $34.8M | 105.10 | 5.04% | 109 bp | 19 |
| Oct 2025 | 4 | $37.3M | 103.19 | 5.10% | 119 bp | 13 |
| Sep 2025 | 2 | $54.0M | 102.49 | 5.30% | 133 bp | 14 |
| Aug 2025 | 3 | $35.8M | 102.27 | 5.57% | 146 bp | 20 |
| Jul 2025 | 4 | $35.8M | 101.40 | 5.67% | 142 bp | 14 |
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. 15 added, 13 cut, 6 new holders and 18 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| River Canyon Total Return Bond Fund Advisers Investment Trust | 2026-06-30 | $13.0M | $13.8M | $0 |
| Dimensional Global Core Plus Fixed Income ETF Dimensional ETF Trust | 2026-07-31 | $9.2M | $9.2M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $7.5M | $8.0M | -$686K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $6.7M | $6.8M | $90K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $5.2M | $5.6M | $0 |
| DFA Investment Grade Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $5.1M | $5.1M | $0 |
| Invesco BulletShares 2027 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $5.1M | $5.1M | $89K |
| iShares ESG Aware 1-5 Year USD Corporate Bond ETF iShares Trust | 2026-05-31 | $4.6M | $4.6M | $2.0M |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $4.1M | $4.3M | $3.9M |
| Allspring Core Plus Bond Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $3.5M | $3.8M | -$620K |
| iShares ESG Aware U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $3.6M | $3.7M | $85K |
| iShares iBonds Dec 2027 Term Corporate ETF iShares Trust | 2026-07-31 | $3.6M | $3.5M | $68K |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $3.2M | $3.4M | $0 |
| Saturna Global Sustainable Bond Fund SATURNA INVESTMENT TRUST | 2026-05-31 | $2.5M | $3.0M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $2.8M | $2.8M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $2.6M | $2.6M | -$135K |
| iShares ESG Aware USD Corporate Bond ETF iShares Trust | 2026-05-31 | $2.0M | $2.0M | $35K |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $1.9M | $1.9M | $30K |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $1.5M | $1.8M | -$4.0M |
| DFA Intermediate-Term Extended Quality Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $1.5M | $1.5M | $0 |
| High Income Fund American Century Investment Trust | 2026-06-30 | $1.4M | $1.5M | $0 |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $1.0M | $1.2M | -$4.0M |
| Guggenheim Core Bond Fund Guggenheim Funds Trust | 2026-06-30 | $980K | $1.0M | $0 |
| Federated Hermes SDG Engagement High Yield Credit Fund Federated Hermes Adviser Series | 2026-05-31 | $950K | $1.0M | $100K |
| DFA Global Core Plus Fixed Income Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $1.0M | $1.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VANGUARD SHORT-TERM BOND INDEX FUND ($5.3M), State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF ($2.3M), State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF ($1.9M), Virtus Newfleet Multi-Sector Intermediate Bond Fund ($535K), Empower Multi-Sector Bond Fund ($415K), iShares U.S. Intermediate Credit Bond Index Fund ($350K), FlexShares Credit-Scored US Corporate Bond Index Fund ($325K), Virtus Newfleet Multi-Sector Bond ETF ($295K), State Street(R) SPDR(R) Portfolio Aggregate Bond ETF ($200K), iShares Core 1-5 Year USD Bond ETF ($200K).
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 |
|---|---|---|---|---|---|
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 1 | $9.2M | $9.2M | 0.27% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 1 | $7.5M | $8.0M | 0.00% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 2 | $6.7M | $6.8M | 0.01% |
| BSCR Invesco BulletShares 2027 Corporate Bond ETF | 2026-05-31 | 1 | $5.1M | $5.1M | 0.11% |
| SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 2026-05-31 | 1 | $4.6M | $4.6M | 0.38% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $4.1M | $4.3M | 0.05% |
| EAGG iShares ESG Aware U.S. Aggregate Bond ETF | 2026-05-31 | 2 | $3.6M | $3.7M | 0.08% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 1 | $3.6M | $3.5M | 0.09% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $2.8M | $2.8M | 0.01% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $2.6M | $2.6M | 0.01% |
| SUSC iShares ESG Aware USD Corporate Bond ETF | 2026-05-31 | 2 | $2.0M | $2.0M | 0.14% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $1.9M | $1.9M | 0.01% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 1 | $1.0M | $1.2M | 0.00% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $835K | $840K | 0.00% |
| VTC VANGUARD TOTAL CORPORATE BOND ETF | 2026-05-31 | 2 | $595K | $610K | 0.03% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.41: safer than 53% of companies (51th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $49.34B |
| Debt barrier (short-term + ½ long-term debt) | $1.61B |
| Equity volatility (1 year) | 63.0% |
| Asset value / asset volatility (solved) | $50.88B / 61.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 184 bp spread prices in about 3.1% 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'' = 2.61 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in NOK'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 | 101 | $158.1M | 0 | — | 3 | $1.9M | 0 |
| 2026-06-30 | 785 | $13.07B | 37 | $1.42B | 56 | $2.01B | 0 |
| 2026-03-31 | 610 | $8.31B | 24 | $132.5M | 27 | $255.1M | 1 |
| 2025-12-31 | 534 | $6.06B | 19 | $84.3M | 17 | $94.2M | 2 |
| 2025-09-30 | 461 | $2.97B | 12 | $23.2M | 16 | $44.1M | 1 |
| 2025-06-30 | 503 | $2.93B | 13 | $26.0M | 12 | $24.2M | 2 |
Officials trading NOK bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2025-04-23 | John Fetterman | sale | Nokia Corp | $1,001 - $15,000 | filing |
| 2025-04-23 | John Karl Fetterman | sale | Nokia Corp | $1,001 - $15,000 | filing |
| 2025-04-23 | John Fetterman | sale full | Nokia Corp Note Rate/Coupon: 6.625% Matures: 05/15/2039 | $1,001 - $15,000 | filing |
| 2024-06-06 | John Fetterman | purchase | Nokia Corp | $1,001 - $15,000 | filing |
| 2024-06-06 | John Karl Fetterman | purchase | Nokia Corp | $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.