Pitney Bowes Inc. bonds PBI
Who owns Pitney Bowes 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. PBI 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 |
|---|---|---|---|---|---|---|---|---|---|
| 724479AP5 | 6.875% fixed | 2027-03-15 | USD | 100.03 | 6.81% | 308 bp | 6 | $4.2M | May 2026 |
| 724479AQ3 | 7.25% fixed | 2029-03-15 | USD | 100.83 | 6.90% | 265 bp | 17 | $21.3M | Jul 2026 |
| 724479AR1 convertible | 1.5% fixed | 2030-08-15 | USD | 134.51 | — | — | 5 | $49.4M | Jul 2026 |
| 724479506 | 6.7% fixed | 2043-03-07 | USD | — | — | — | 1 | $55K | May 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 | 2 | $70.8M | 117.67 | 6.90% | 265 bp | 17 |
| Jun 2026 | 2 | $144.3M | 118.16 | 6.66% | 252 bp | 28 |
| May 2026 | 4 | $20.8M | 100.79 | 6.93% | 290 bp | 14 |
| Apr 2026 | 3 | $92.2M | 100.60 | 7.01% | 319 bp | 17 |
| Mar 2026 | 3 | $201.1M | 100.12 | 7.20% | 347 bp | 25 |
| Feb 2026 | 4 | $16.4M | 100.10 | 7.04% | 354 bp | 11 |
| Jan 2026 | 3 | $92.9M | 100.11 | 6.82% | 326 bp | 21 |
| Dec 2025 | 3 | $174.8M | 100.21 | 6.68% | 314 bp | 30 |
| Nov 2025 | 4 | $11.8M | 100.41 | 6.77% | 317 bp | 9 |
| Oct 2025 | 3 | $94.1M | 100.51 | 6.70% | 313 bp | 22 |
| Sep 2025 | 3 | $173.0M | 101.62 | 6.78% | 318 bp | 31 |
| Aug 2025 | 4 | $17.5M | 100.76 | 6.80% | 305 bp | 9 |
| Jul 2025 | 2 | $65.2M | 100.09 | 7.04% | 313 bp | 21 |
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. 17 added, 26 cut, 8 new holders and 21 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $64.6M | $65.6M | $2.0M |
| Fidelity SAI Convertible Arbitrage Fund Fidelity Greenwood Street Trust | 2026-07-31 | $22.5M | $30.2M | -$5.0M |
| Intrepid Income Fund Intrepid Capital Management Funds Trust | 2026-06-30 | $29.6M | $30.0M | -$7.0M |
| American High Income Trust | 2026-06-30 | $13.9M | $14.1M | -$11.6M |
| ABSOLUTE CONVERTIBLE ARBITRAGE FUND Unified Series Trust | 2026-06-30 | $10.0M | $13.5M | $4.0M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $8.0M | $10.8M | $0 |
| Miller Market Neutral Income Fund Miller Investment Trust | 2026-07-31 | $6.0M | $8.1M | $2.0M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $7.4M | $7.5M | $418K |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $5.5M | $5.5M | new |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.9M | $4.0M | -$2.5M |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $3.9M | $3.9M | $580K |
| Brandes Separately Managed Account Reserve Trust Fund Datum One Series Trust | 2026-06-30 | $3.6M | $3.6M | $0 |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $3.4M | $3.4M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $3.3M | $3.4M | -$2.9M |
| Asset Allocation Fund AMERICAN FUNDS INSURANCE SERIES | 2026-06-30 | $2.6M | $2.6M | $0 |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $2.1M | $2.1M | new |
| Fidelity Convertible Securities Fund Fidelity Financial Trust | 2026-05-31 | $1.4M | $1.8M | $0 |
| Harbor Ares Systematic High Yield ETF Harbor ETF Trust | 2026-07-31 | $1.7M | $1.7M | $1.1M |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $1.7M | $1.7M | -$1.3M |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $1.4M | $1.4M | new |
| Fidelity Enhanced High Yield ETF Fidelity Covington Trust | 2026-05-31 | $1.4M | $1.4M | $0 |
| Lord Abbett Short Duration High Yield Fund LORD ABBETT TRUST I | 2026-07-31 | $1.4M | $1.4M | -$7.7M |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $1.3M | $1.3M | $708K |
| Brandes Core Plus Fixed Income Fund Datum One Series Trust | 2026-06-30 | $1.2M | $1.2M | $0 |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $1.1M | $1.1M | $460K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): BlackRock Strategic Income Opportunities Portfolio ($13.8M), BlackRock Total Return Fund ($6.4M), BlackRock Global Allocation Fund, Inc. ($6.2M), Bond Fund of America ($6.0M), State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF ($5.6M), NORTHEAST INVESTORS TRUST ($5.0M), PIA High Yield MACS Fund ($2.4M), ICON FLEXIBLE BOND FUND ($2.0M), BlackRock Capital Allocation Term Trust ($1.8M), iShares iBonds 2027 Term High Yield and Income ETF ($1.8M).
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 | $7.4M | $7.5M | 0.03% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 1 | $5.5M | $5.5M | 0.34% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $3.9M | $4.0M | 0.04% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $3.9M | $3.9M | 0.46% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $3.3M | $3.4M | 0.04% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 1 | $1.7M | $1.7M | 1.15% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.7M | $1.7M | 0.07% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 1 | $1.4M | $1.4M | 0.04% |
| FDHY Fidelity Enhanced High Yield ETF | 2026-05-31 | 1 | $1.4M | $1.4M | 0.27% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 1 | $1.1M | $1.1M | 0.02% |
| HYBL State Street(R) Blackstone High Income ETF | 2026-06-30 | 1 | $1.0M | $1.0M | 0.18% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $915K | $923K | 0.19% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $888K | $894K | 0.04% |
| SYSB iShares Systematic Bond ETF | 2026-07-31 | 1 | $742K | $748K | 0.06% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $590K | $595K | 0.00% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.88: safer than 48% of companies (46th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $2.31B |
| Debt barrier (short-term + ½ long-term debt) | $1.06B |
| Equity volatility (1 year) | 34.2% |
| Asset value / asset volatility (solved) | $3.33B / 23.7% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 265 bp spread prices in about 4.4% 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'' = 2.66 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PBI'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 | 35 | $41.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 341 | $1.98B | 12 | $25.1M | 15 | $84.5M | 0 |
| 2026-03-31 | 309 | $1.12B | 10 | $12.1M | 11 | $33.7M | 1 |
| 2025-12-31 | 314 | $1.28B | 10 | $14.3M | 14 | $40.0M | 1 |
| 2025-09-30 | 313 | $1.44B | 12 | $18.1M | 12 | $34.1M | 0 |
| 2025-06-30 | 310 | $1.36B | 9 | $13.1M | 11 | $27.8M | 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.