Paychex, Inc. bonds PAYX
Who owns Paychex, 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. PAYX 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 |
|---|---|---|---|---|---|---|---|---|---|
| 704326AA5 | 5.1% fixed | 2030-04-15 | USD | 100.05 | 5.08% | 80 bp | 22 | $55.8M | Jul 2026 |
| 704326AB3 | 5.35% fixed | 2032-04-15 | USD | 100.24 | 5.30% | 92 bp | 20 | $38.5M | Jul 2026 |
| 704326AC1 | 5.6% fixed | 2035-04-15 | USD | 99.38 | 5.69% | 115 bp | 16 | $75.1M | 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 | 3 | $169.4M | 100.05 | 5.30% | 92 bp | 22 |
| Jun 2026 | 3 | $431.1M | 101.03 | 5.11% | 85 bp | 69 |
| May 2026 | 3 | $406.4M | 101.15 | 5.09% | 87 bp | 47 |
| Apr 2026 | 3 | $134.9M | 100.88 | 5.18% | 115 bp | 29 |
| Mar 2026 | 3 | $435.4M | 100.53 | 5.25% | 130 bp | 72 |
| Feb 2026 | 3 | $404.9M | 102.50 | 4.86% | 106 bp | 48 |
| Jan 2026 | 3 | $110.1M | 103.37 | 4.72% | 81 bp | 29 |
| Dec 2025 | 3 | $419.1M | 103.58 | 4.68% | 86 bp | 67 |
| Nov 2025 | 3 | $433.7M | 104.01 | 4.61% | 81 bp | 45 |
| Oct 2025 | 3 | $105.0M | 103.70 | 4.68% | 90 bp | 28 |
| Sep 2025 | 3 | $421.1M | 103.76 | 4.68% | 86 bp | 72 |
| Aug 2025 | 3 | $412.7M | 103.41 | 4.74% | 78 bp | 47 |
| Jul 2025 | 3 | $103.4M | 102.49 | 4.91% | 79 bp | 30 |
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. 49 added, 24 cut, 11 new holders and 29 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $86.8M | $87.8M | -$2.6M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $56.7M | $57.3M | $225K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $49.9M | $50.4M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $43.4M | $43.8M | $725K |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $40.9M | $41.4M | $3.9M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $31.2M | $31.5M | -$819K |
| MFS Income Fund MFS Series Trust VIII | 2026-07-31 | $29.7M | $29.5M | $8.8M |
| MFS Total Return Bond Fund MFS Series Trust IX | 2026-07-31 | $29.2M | $29.0M | new |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $23.5M | $23.7M | $110K |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $21.9M | $22.1M | $100K |
| MFS Corporate Bond Fund MFS Series Trust IX | 2026-07-31 | $19.3M | $19.4M | $1.5M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $18.4M | $18.6M | -$95K |
| Bond Fund of America | 2026-06-30 | $17.0M | $17.2M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $14.7M | $14.8M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $14.5M | $14.6M | $1.4M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $14.3M | $14.5M | $0 |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $14.1M | $14.3M | $0 |
| Fidelity Series Investment Grade Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $13.0M | $13.2M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $13.0M | $13.1M | $250K |
| MFS Limited Maturity Fund MFS Series Trust IX | 2026-07-31 | $13.1M | $13.1M | $626K |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $12.9M | $12.9M | $0 |
| Fidelity Investment Grade Bond Central Fund Fidelity Central Investment Portfolios II LLC | 2026-06-30 | $12.7M | $12.8M | $0 |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $12.6M | $12.7M | $0 |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $11.6M | $11.7M | $0 |
| Fidelity Total Bond Fund Fidelity Income Fund | 2026-05-31 | $10.4M | $10.5M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): DoubleLine Core Fixed Income Fund ($9.1M), T. Rowe Price New Income Fund, Inc. ($6.1M), iShares Short Duration Bond Active ETF ($4.6M), JNL/DoubleLine Core Fixed Income Fund ($3.3M), Strategic Bond Fund ($2.7M), State Street(R) DoubleLine(R) Total Return Tactical ETF ($2.5M), MFS INTERMEDIATE INCOME TRUST ($1.9M), Lord Abbett Total Return Fund ($1.1M), Lord Abbett Core Fixed Income Fund ($850K), Lord Abbett Core Plus Bond Fund ($635K).
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 |
|---|---|---|---|---|---|
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $86.8M | $87.8M | 0.13% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 3 | $56.7M | $57.3M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $43.4M | $43.8M | 0.09% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $31.2M | $31.5M | 0.11% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $23.5M | $23.7M | 0.05% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 1 | $21.9M | $22.1M | 0.03% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $18.4M | $18.6M | 0.10% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $14.5M | $14.6M | 0.13% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 3 | $13.0M | $13.1M | 0.01% |
| BSCU Invesco BulletShares 2030 Corporate Bond ETF | 2026-05-31 | 1 | $10.2M | $10.3M | 0.40% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 1 | $9.5M | $9.6M | 0.04% |
| IBDV iShares iBonds Dec 2030 Term Corporate ETF | 2026-07-31 | 1 | $8.8M | $8.8M | 0.27% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 3 | $8.4M | $8.5M | 0.03% |
| IBDX iShares iBonds Dec 2032 Term Corporate ETF | 2026-07-31 | 1 | $7.9M | $7.9M | 0.46% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $7.7M | $7.8M | 0.04% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.22: safer than 82% of companies (83th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-08-31.
| Equity value | $39.45B |
| Debt barrier (short-term + ½ long-term debt) | $2.28B |
| Equity volatility (1 year) | 30.0% |
| Asset value / asset volatility (solved) | $41.63B / 28.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 92 bp spread prices in about 1.5% 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'' = 2.56 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PAYX'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 | 246 | $683.1M | 1 | $98K | 0 | — | 0 |
| 2026-06-30 | 1,521 | $28.75B | 24 | $174.5M | 20 | $221.5M | 1 |
| 2026-03-31 | 1,496 | $22.69B | 22 | $149.0M | 27 | $182.0M | 1 |
| 2025-12-31 | 1,576 | $32.33B | 28 | $116.0M | 30 | $233.0M | 1 |
| 2025-09-30 | 1,609 | $34.44B | 33 | $244.9M | 28 | $324.5M | 1 |
| 2025-06-30 | 1,662 | $40.27B | 37 | $300.2M | 35 | $302.0M | 1 |
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.