Plains All American Pipeline, L.P. bonds PAA
Who owns Plains All American Pipeline, L.P.'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. PAA 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 |
|---|---|---|---|---|---|---|---|---|---|
| 72650RBL5 | 4.5% fixed | 2026-12-15 | USD | 100.08 | 4.35% | 68 bp | 9 | $23.7M | May 2026 |
| 72650RBM3 | 3.55% fixed | 2029-12-15 | USD | 95.94 | 4.87% | 60 bp | 21 | $90.2M | Jul 2026 |
| 72650RBN1 | 3.8% fixed | 2030-09-15 | USD | 95.41 | 5.05% | 75 bp | 18 | $19.0M | Jul 2026 |
| 72650RBR2 | 4.7% fixed | 2031-01-15 | USD | 98.31 | 5.13% | 82 bp | 22 | $42.6M | Jul 2026 |
| 72650RBP6 | 5.7% fixed | 2034-09-15 | USD | 100.59 | 5.61% | 110 bp | 15 | $36.9M | Jul 2026 |
| 72650RBQ4 | 5.95% fixed | 2035-06-15 | USD | 101.21 | 5.77% | 122 bp | 19 | $27.7M | Jul 2026 |
| 72650RBS0 | 5.6% fixed | 2036-01-15 | USD | 98.48 | 5.81% | 124 bp | 30 | $68.2M | Jul 2026 |
| 72650RAM4 | 6.7% fixed | 2036-05-15 | USD | 106.77 | 5.78% | 119 bp | 7 | $4.2M | Jul 2026 |
| 72650RAR3 | 6.65% fixed | 2037-01-15 | USD | 106.33 | 5.83% | 121 bp | 11 | $32.1M | Jul 2026 |
| 72650RBA9 | 5.15% fixed | 2042-06-01 | USD | 89.10 | 6.24% | 134 bp | 10 | $20.6M | Jul 2026 |
| 72650RBC5 | 4.3% fixed | 2043-01-31 | USD | 79.40 | 6.33% | 140 bp | 12 | $13.5M | Jul 2026 |
| 72650RBE1 | 4.7% fixed | 2044-06-15 | USD | 83.43 | 6.25% | 125 bp | 12 | $11.3M | Jul 2026 |
| 72650RBH4 | 4.9% fixed | 2045-02-15 | USD | 85.18 | 6.26% | 123 bp | 10 | $14.0M | 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 | 13 | $497.0M | 98.31 | 5.80% | 122 bp | 30 |
| Jun 2026 | 13 | $780.9M | 99.15 | 5.54% | 106 bp | 52 |
| May 2026 | 14 | $617.3M | 99.78 | 5.51% | 101 bp | 33 |
| Apr 2026 | 14 | $575.3M | 99.92 | 5.61% | 127 bp | 34 |
| Mar 2026 | 14 | $866.0M | 99.76 | 5.62% | 134 bp | 64 |
| Feb 2026 | 15 | $628.9M | 100.00 | 5.31% | 116 bp | 34 |
| Jan 2026 | 14 | $575.4M | 100.08 | 5.49% | 121 bp | 33 |
| Dec 2025 | 14 | $847.1M | 100.29 | 5.41% | 129 bp | 62 |
| Nov 2025 | 14 | $576.9M | 100.35 | 5.29% | 124 bp | 35 |
| Oct 2025 | 14 | $582.4M | 100.18 | 5.46% | 139 bp | 29 |
| Sep 2025 | 15 | $838.2M | 100.18 | 5.44% | 130 bp | 59 |
| Aug 2025 | 13 | $481.9M | 100.00 | 5.60% | 131 bp | 35 |
| Jul 2025 | 13 | $670.4M | 99.95 | 5.69% | 123 bp | 22 |
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. 73 added, 71 cut, 4 new holders and 61 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 | $103.7M | $100.0M | $1.4M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $94.6M | $91.3M | $5.6M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $80.2M | $82.5M | -$5.0M |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $70.9M | $72.0M | $0 |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $59.7M | $59.5M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $54.3M | $53.3M | $8.2M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $45.3M | $45.3M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $36.2M | $35.9M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $36.8M | $35.7M | $440K |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $35.8M | $35.4M | -$3.1M |
| MFS Total Return Bond Fund MFS Series Trust IX | 2026-07-31 | $33.2M | $31.8M | $0 |
| DNP Select Income Fund Inc | 2026-07-31 | $30.0M | $31.3M | $0 |
| MFS Income Fund MFS Series Trust VIII | 2026-07-31 | $30.2M | $30.0M | $0 |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $28.4M | $26.3M | -$3.5M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $25.6M | $26.1M | $1.2M |
| DFA Investment Grade Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $29.9M | $25.7M | $0 |
| Lord Abbett Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $25.0M | $25.1M | $1.1M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $25.7M | $24.5M | $0 |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $21.5M | $22.2M | $0 |
| Fidelity Investment Grade Bond Central Fund Fidelity Central Investment Portfolios II LLC | 2026-06-30 | $21.9M | $21.1M | $0 |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $20.2M | $20.1M | $10.0M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $20.0M | $19.5M | $0 |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $20.0M | $19.3M | $4.8M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $18.7M | $19.1M | $1.3M |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $18.7M | $18.7M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): PIMCO Short-Term Fund ($30.7M), PIMCO Enhanced Short Maturity Active Exchange-Traded Fund ($20.9M), First Trust Enhanced Short Maturity ETF ($19.5M), Core Fixed Income Fund ($13.5M), PIMCO Short Asset Portfolio ($11.4M), iShares iBonds Dec 2026 Term Corporate ETF ($9.0M), T. Rowe Price Ultra Short-Term Bond ETF ($8.5M), Columbia Ultra Short Term Bond Fund ($7.5M), Columbia Select Short Corporate Income Fund ($6.8M), Multi-Manager Total Return Bond Strategies Fund ($4.6M).
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 | 10 | $103.7M | $100.0M | 0.03% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $80.2M | $82.5M | 0.12% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $54.3M | $53.3M | 0.11% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 11 | $36.8M | $35.7M | 0.03% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $35.8M | $35.4M | 0.12% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $25.6M | $26.1M | 0.05% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 6 | $20.2M | $20.1M | 0.17% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $18.7M | $19.1M | 0.11% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 8 | $17.9M | $17.5M | 0.16% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $16.9M | $16.5M | 0.07% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 11 | $15.4M | $15.0M | 0.09% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $15.9M | $14.7M | 0.16% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $14.5M | $14.3M | 0.02% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $14.0M | $14.3M | 0.12% |
| BSCQ Invesco BulletShares 2026 Corporate Bond ETF | 2026-05-31 | 1 | $12.4M | $12.4M | 0.33% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.61: safer than 83% of companies (88th percentile in Energy). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $17.82B |
| Debt barrier (short-term + ½ long-term debt) | $4.22B |
| Equity volatility (1 year) | 19.4% |
| Asset value / asset volatility (solved) | $21.86B / 15.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 122 bp spread prices in about 2.0% 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'' = 1.42 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PAA'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 | 59 | $149.6M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 413 | $5.86B | 9 | $42.5M | 10 | $218.5M | 0 |
| 2026-03-31 | 402 | $5.14B | 8 | $62.4M | 9 | $301.1M | 0 |
| 2025-12-31 | 369 | $4.12B | 10 | $47.3M | 9 | $194.9M | 0 |
| 2025-09-30 | 368 | $4.48B | 9 | $56.6M | 10 | $172.6M | 0 |
| 2025-06-30 | 376 | $5.06B | 11 | $72.7M | 12 | $201.9M | 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.