Packaging Corporation of America bonds PKG
Who owns Packaging Corporation of America'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. PKG 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 |
|---|---|---|---|---|---|---|---|---|---|
| 695156AT6 | 3.4% fixed | 2027-12-15 | USD | 98.42 | 4.60% | 49 bp | 9 | $22.6M | Jul 2026 |
| 695156AU3 | 3% fixed | 2029-12-15 | USD | 94.24 | 4.87% | 60 bp | 13 | $8.3M | Jul 2026 |
| 695156AX7 | 5.7% fixed | 2033-12-01 | USD | 102.09 | 5.35% | 87 bp | 11 | $9.2M | Jul 2026 |
| 695156AY5 | 5.2% fixed | 2035-08-15 | USD | 98.13 | 5.46% | 91 bp | 10 | $18.8M | Jul 2026 |
| 695156AV1 | 4.05% fixed | 2049-12-15 | USD | 74.38 | 6.13% | 102 bp | 4 | $1.2M | Jul 2026 |
| 695156AW9 | 3.05% fixed | 2051-10-01 | USD | 61.80 | 6.01% | 91 bp | 5 | $4.5M | 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 | 6 | $64.5M | 96.18 | 5.41% | 89 bp | 13 |
| Jun 2026 | 6 | $126.1M | 96.60 | 5.11% | 72 bp | 23 |
| May 2026 | 6 | $93.1M | 96.77 | 5.14% | 72 bp | 18 |
| Apr 2026 | 6 | $70.2M | 96.78 | 5.15% | 93 bp | 13 |
| Mar 2026 | 6 | $124.3M | 96.64 | 5.20% | 103 bp | 24 |
| Feb 2026 | 6 | $91.5M | 97.82 | 4.77% | 75 bp | 17 |
| Jan 2026 | 6 | $71.3M | 97.40 | 4.93% | 80 bp | 13 |
| Dec 2025 | 6 | $127.0M | 97.35 | 4.92% | 86 bp | 23 |
| Nov 2025 | 6 | $86.5M | 97.49 | 4.80% | 80 bp | 17 |
| Oct 2025 | 6 | $69.9M | 97.18 | 4.89% | 90 bp | 13 |
| Sep 2025 | 6 | $124.5M | 97.06 | 4.88% | 85 bp | 26 |
| Aug 2025 | 6 | $68.2M | 96.81 | 5.04% | 85 bp | 17 |
| Jul 2025 | 5 | $46.7M | 94.24 | 5.10% | 84 bp | 16 |
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. 31 added, 18 cut, 7 new holders and 4 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 | $38.9M | $33.6M | $170K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $32.3M | $28.4M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $26.1M | $26.2M | $4.4M |
| First Trust Enhanced Short Maturity ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $17.4M | $17.1M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $15.5M | $13.7M | $95K |
| THE HARTFORD BALANCED INCOME FUND HARTFORD MUTUAL FUNDS, INC | 2026-07-31 | $13.9M | $13.7M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $11.9M | $12.1M | $35K |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $10.6M | $11.1M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $6.1M | $6.2M | -$258K |
| First Trust Intermediate Duration Investment Grade Corporate ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $5.8M | $5.8M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $6.4M | $5.7M | $170K |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $5.8M | $5.6M | $10K |
| Invesco BulletShares 2027 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $5.1M | $5.0M | $80K |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $5.0M | $5.0M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $4.7M | $4.8M | $380K |
| Victory Income Fund Victory Portfolios III | 2026-07-31 | $6.9M | $4.7M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $4.5M | $4.4M | $325K |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $4.0M | $3.8M | -$4.4M |
| iShares iBonds Dec 2027 Term Corporate ETF iShares Trust | 2026-07-31 | $3.6M | $3.5M | -$102K |
| iShares iBonds Dec 2029 Term Corporate ETF iShares Trust | 2026-07-31 | $3.8M | $3.5M | -$143K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $4.0M | $3.5M | $635K |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.4M | $3.3M | -$156K |
| Invesco BulletShares 2029 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $3.4M | $3.2M | -$270K |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $4.7M | $3.1M | $1.9M |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $3.1M | $3.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): First Trust Limited Duration Investment Grade Corporate ETF ($5.3M), F/m 10-Year Investment Grade Corporate Bond ETF ($124K), BlackRock Total Return Fund ($100K), Morningstar Multisector Bond Fund ($44K).
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 | 5 | $38.9M | $33.6M | 0.01% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $26.1M | $26.2M | 0.04% |
| FTSM First Trust Enhanced Short Maturity ETF | 2026-07-31 | 1 | $17.4M | $17.1M | 0.26% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 6 | $15.5M | $13.7M | 0.01% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $11.9M | $12.1M | 0.02% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $6.1M | $6.2M | 0.03% |
| FIIG First Trust Intermediate Duration Investment Grade Corporate ETF | 2026-07-31 | 2 | $5.8M | $5.8M | 0.90% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $6.4M | $5.7M | 0.03% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $5.8M | $5.6M | 0.03% |
| BSCR Invesco BulletShares 2027 Corporate Bond ETF | 2026-05-31 | 1 | $5.1M | $5.0M | 0.11% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $4.7M | $4.8M | 0.04% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 1 | $4.5M | $4.4M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $4.0M | $3.8M | 0.01% |
| IBDS iShares iBonds Dec 2027 Term Corporate ETF | 2026-07-31 | 1 | $3.6M | $3.5M | 0.09% |
| IBDU iShares iBonds Dec 2029 Term Corporate ETF | 2026-07-31 | 1 | $3.8M | $3.5M | 0.09% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.56: safer than 80% of companies (78th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $21.11B |
| Debt barrier (short-term + ½ long-term debt) | $1.98B |
| Equity volatility (1 year) | 28.0% |
| Asset value / asset volatility (solved) | $23.01B / 25.7% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 89 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 = 3.92 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PKG'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 | 143 | $211.1M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 891 | $19.08B | 6 | $11.6M | 7 | $50.8M | 0 |
| 2026-03-31 | 865 | $13.58B | 7 | $27.7M | 7 | $27.5M | 0 |
| 2025-12-31 | 859 | $16.96B | 5 | $3.7M | 4 | $17.6M | 0 |
| 2025-09-30 | 851 | $17.66B | 5 | $3.6M | 6 | $28.4M | 0 |
| 2025-06-30 | 830 | $15.07B | 5 | $5.4M | 7 | $25.4M | 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.