Penske Automotive Group, Inc. bonds PAG
Who owns Penske Automotive Group, 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. PAG 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 |
|---|---|---|---|---|---|---|---|---|---|
| 70959WAK9 | 3.75% fixed | 2029-06-15 | USD | 95.49 | 5.47% | 121 bp | 19 | $69.3M | 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 | 1 | $69.3M | 95.49 | 5.47% | 121 bp | 19 |
| Jun 2026 | 1 | $24.3M | 95.73 | 5.33% | 118 bp | 18 |
| May 2026 | 1 | $30.5M | 95.85 | 5.24% | 120 bp | 19 |
| Apr 2026 | 1 | $69.1M | 95.88 | 5.19% | 137 bp | 21 |
| Mar 2026 | 1 | $23.0M | 95.16 | 5.41% | 167 bp | 19 |
| Feb 2026 | 1 | $30.3M | 96.73 | 4.83% | 129 bp | 18 |
| Jan 2026 | 1 | $72.9M | 96.63 | 4.84% | 120 bp | 22 |
| Dec 2025 | 1 | $25.7M | 96.94 | 4.72% | 114 bp | 18 |
| Nov 2025 | 1 | $32.7M | 96.71 | 4.77% | 118 bp | 20 |
| Oct 2025 | 1 | $72.9M | 96.05 | 4.95% | 139 bp | 23 |
| Sep 2025 | 1 | $26.2M | 95.45 | 5.11% | 152 bp | 18 |
| Aug 2025 | 2 | $49.0M | 97.69 | 5.10% | 139 bp | 23 |
| Jul 2025 | 2 | $91.7M | 97.22 | 5.29% | 140 bp | 23 |
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. 12 added, 9 cut, 1 new holders and 2 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| MFS Total Return Bond Fund MFS Series Trust IX | 2026-07-31 | $34.6M | $33.0M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $9.9M | $9.4M | $915K |
| Performance Trust Total Return Bond Fund Trust for Professional Managers | 2026-05-31 | $9.4M | $9.1M | $0 |
| Income Fund of America | 2026-07-31 | $7.3M | $7.0M | $0 |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $6.6M | $6.3M | $180K |
| American High Income Trust | 2026-06-30 | $6.3M | $6.0M | $0 |
| MFS Total Return Bond Series MFS VARIABLE INSURANCE TRUST | 2026-06-30 | $5.5M | $5.3M | $0 |
| JPMorgan Core Plus Bond Fund JPMorgan Trust II | 2026-05-31 | $5.1M | $4.8M | $0 |
| MFS High Income Fund MFS Series Trust III | 2026-07-31 | $4.7M | $4.5M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.7M | $4.5M | $85K |
| AB Short Duration High Yield ETF AB Active ETFs, Inc. | 2026-05-31 | $3.9M | $3.7M | $0 |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $3.8M | $3.7M | $0 |
| SA JPMorgan MFS Core Bond Portfolio SUNAMERICA SERIES TRUST | 2026-07-31 | $3.2M | $3.0M | $0 |
| Goldman Sachs Income Builder Fund GOLDMAN SACHS TRUST | 2026-07-31 | $2.1M | $2.0M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $2.1M | $2.0M | $30K |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $1.8M | $1.7M | $1.8M |
| Lazard US High Yield Portfolio LAZARD FUNDS INC | 2026-06-30 | $1.8M | $1.7M | $0 |
| AMG GW&K ESG Bond Fund AMG Funds III | 2026-06-30 | $1.5M | $1.4M | $0 |
| MFS High Yield Pooled Portfolio MFS Series Trust III | 2026-07-31 | $1.3M | $1.3M | $80K |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $1.1M | $1.1M | $200K |
| Xtrackers USD High Yield BB-B ex Financials ETF DBX ETF Trust | 2026-05-31 | $1.0M | $969K | $109K |
| JPMorgan Core Plus Bond ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $989K | $948K | $0 |
| iShares iBonds 2029 Term High Yield and Income ETF iShares Trust | 2026-07-31 | $849K | $811K | $135K |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $794K | $760K | -$28K |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $750K | $716K | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): MFS MULTIMARKET INCOME TRUST ($393K), Goldman Sachs Income Fund ($290K).
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 | 1 | $9.9M | $9.4M | 0.03% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.7M | $4.5M | 0.06% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 1 | $3.9M | $3.7M | 0.41% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $2.1M | $2.0M | 0.03% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $1.8M | $1.7M | 0.02% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.0M | $969K | 0.04% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 1 | $989K | $948K | 0.01% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $849K | $811K | 0.16% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $794K | $760K | 0.02% |
| HYFI AB High Yield ETF | 2026-05-31 | 1 | $715K | $685K | 0.20% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $650K | $623K | 0.02% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $500K | $477K | 0.00% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 1 | $354K | $339K | 0.00% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $332K | $317K | 0.06% |
| HYBB iShares BB Rated Corporate Bond ETF | 2026-07-31 | 1 | $255K | $243K | 0.06% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 6.25: safer than 60% of companies (58th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $13.92B |
| Debt barrier (short-term + ½ long-term debt) | $5.80B |
| Equity volatility (1 year) | 27.7% |
| Asset value / asset volatility (solved) | $19.48B / 19.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 121 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 = 3.11 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PAG'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 | 48 | $22.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 385 | $3.12B | 3 | $3.8M | 8 | $26.8M | 0 |
| 2026-03-31 | 360 | $2.32B | 4 | $8.4M | 5 | $11.1M | 0 |
| 2025-12-31 | 386 | $2.67B | 3 | $5.8M | 4 | $3.1M | 0 |
| 2025-09-30 | 380 | $2.90B | 4 | $6.9M | 3 | $3.0M | 0 |
| 2025-06-30 | 360 | $2.86B | 3 | $2.6M | 6 | $5.1M | 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.