Papa John's International, Inc. bonds PZZA
Who owns Papa John's International, 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. PZZA 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 |
|---|---|---|---|---|---|---|---|---|---|
| 698813AA0 | 3.875% fixed | 2029-09-15 | USD | 93.64 | 6.14% | 188 bp | 21 | $50.2M | 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 | $50.2M | 93.64 | 6.14% | 188 bp | 21 |
| Jun 2026 | 1 | $45.2M | 95.98 | 5.25% | 109 bp | 27 |
| May 2026 | 1 | $10.6M | 96.03 | 5.20% | 114 bp | 15 |
| Apr 2026 | 1 | $51.1M | 95.81 | 5.24% | 140 bp | 24 |
| Mar 2026 | 1 | $47.1M | 95.18 | 5.42% | 166 bp | 29 |
| Feb 2026 | 1 | $10.7M | 94.92 | 5.47% | 191 bp | 15 |
| Jan 2026 | 1 | $51.7M | 95.52 | 5.25% | 159 bp | 21 |
| Dec 2025 | 1 | $46.7M | 95.27 | 5.30% | 169 bp | 26 |
| Nov 2025 | 1 | $12.0M | 96.28 | 4.96% | 136 bp | 18 |
| Oct 2025 | 1 | $49.1M | 97.23 | 4.66% | 108 bp | 19 |
| Sep 2025 | 1 | $50.7M | 95.88 | 5.04% | 143 bp | 26 |
| Aug 2025 | 1 | $10.8M | 96.28 | 4.90% | 117 bp | 16 |
| Jul 2025 | 1 | $51.9M | 95.32 | 5.15% | 124 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. 7 added, 4 cut, 1 new holders and 6 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $20.6M | $19.3M | $0 |
| Thornburg Strategic Income Fund THORNBURG INVESTMENT TRUST | 2026-06-30 | $12.6M | $12.1M | $0 |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $9.2M | $8.8M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $7.4M | $6.9M | $569K |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $6.3M | $5.9M | $0 |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $5.5M | $5.3M | $0 |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $5.6M | $5.2M | $0 |
| Performance Trust Total Return Bond Fund Trust for Professional Managers | 2026-05-31 | $4.4M | $4.2M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $3.7M | $3.5M | $0 |
| Hotchkis and Wiley High Yield Fund HOTCHKIS & WILEY FUNDS/DE/ | 2026-06-30 | $3.4M | $3.3M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $2.8M | $2.7M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $2.6M | $2.4M | $0 |
| Credit Suisse Strategic Income Fund CREDIT SUISSE OPPORTUNITY FUNDS | 2026-07-31 | $2.6M | $2.4M | $0 |
| TCW Flexible Income ETF TCW ETF Trust | 2026-07-31 | $2.5M | $2.4M | $0 |
| TCW METWEST HIGH YIELD BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $2.2M | $2.1M | $0 |
| TCW METWEST UNCONSTRAINED BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $1.6M | $1.5M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $1.4M | $1.4M | -$1.1M |
| Touchstone Funds Group Trust-Touchstone Ares Credit Opportunities Fund Touchstone Funds Group Trust | 2026-06-30 | $1.3M | $1.2M | $0 |
| NAA ALLOCATION FUND New Age Alpha Funds Trust | 2026-06-30 | $1.0M | $957K | $0 |
| SBH QUALITY HIGH YIELD FUND Segall Bryant & Hamill Trust | 2026-06-30 | $1.0M | $957K | $0 |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $915K | $880K | -$27K |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $908K | $873K | $160K |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $872K | $834K | $0 |
| Fidelity High Income Central Fund Fidelity Central Investment Portfolios LLC | 2026-05-31 | $870K | $832K | $0 |
| Xtrackers USD High Yield BB-B ex Financials ETF DBX ETF Trust | 2026-05-31 | $803K | $768K | $88K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): DWS High Income Fund ($1.2M), AB Short Duration High Yield ETF ($938K), Voya Multi-Sector Income ETF ($350K), DWS Global High Income Fund ($315K), DWS High Income VIP ($103K), BNY Mellon High Yield ETF ($26K).
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 | $6.9M | 0.02% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $3.7M | $3.5M | 0.05% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $1.4M | $1.4M | 0.03% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $915K | $880K | 0.03% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $803K | $768K | 0.03% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $730K | $687K | 0.14% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 1 | $708K | $666K | 0.04% |
| TMB Thornburg Multi Sector Bond ETF | 2026-05-31 | 1 | $492K | $473K | 0.26% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $435K | $409K | 0.00% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $335K | $322K | 0.00% |
| BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 2026-05-31 | 1 | $162K | $155K | 0.03% |
| HYXF iShares ESG Advanced High Yield Corporate Bond ETF | 2026-07-31 | 1 | $150K | $141K | 0.07% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 1 | $120K | $113K | 0.00% |
| CPLB NYLIM MacKay Core Plus Bond ETF | 2026-07-31 | 1 | $100K | $94K | 0.03% |
| XB BondBloxx B Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $55K | $52K | 0.07% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 2.90: safer than 24% of companies (23th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-28.
| Equity value | $621.6M |
| Debt barrier (short-term + ½ long-term debt) | $402.8M |
| Equity volatility (1 year) | 50.8% |
| Asset value / asset volatility (solved) | $1.01B / 31.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 188 bp spread prices in about 3.1% 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'' = 1.23 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in PZZA'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 | 24 | $3.2M | 1 | $690K | 1 | $321K | 0 |
| 2026-06-30 | 250 | $1.36B | 16 | $89.0M | 19 | $100.9M | 1 |
| 2026-03-31 | 235 | $956.3M | 15 | $46.9M | 20 | $63.3M | 1 |
| 2025-12-31 | 255 | $1.28B | 16 | $62.8M | 26 | $200.5M | 0 |
| 2025-09-30 | 265 | $1.69B | 12 | $61.3M | 23 | $119.7M | 0 |
| 2025-06-30 | 270 | $1.70B | 18 | $58.7M | 24 | $130.0M | 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.