Restaurant Brands International Inc. bonds QSR
Who owns Restaurant Brands 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. QSR 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 |
|---|---|---|---|---|---|---|---|---|---|
| 68245XAH2 | 3.875% fixed | 2028-01-15 | USD | 98.04 | 5.29% | 116 bp | 50 | $218.3M | Jul 2026 |
| 68245XAJ8 | 4.375% fixed | 2028-01-15 | USD | 98.64 | 5.36% | 123 bp | 36 | $72.0M | Jul 2026 |
| 68245XAP4 | 3.5% fixed | 2029-02-15 | USD | 95.80 | 5.29% | 105 bp | 21 | $41.0M | Jul 2026 |
| 68245XAR0 | 6.125% fixed | 2029-06-15 | USD | 101.05 | 5.72% | 147 bp | 47 | $175.0M | Jul 2026 |
| 68245XAT6 | 5.625% fixed | 2029-09-15 | USD | 99.81 | 5.69% | 143 bp | 38 | $111.4M | Jul 2026 |
| 68245XAM1 | 4% fixed | 2030-10-15 | USD | 94.03 | 5.61% | 131 bp | 73 | $489.8M | 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 | $1.11B | 98.34 | 5.48% | 127 bp | 73 |
| Jun 2026 | 6 | $725.7M | 98.52 | 5.29% | 120 bp | 117 |
| May 2026 | 6 | $507.8M | 98.61 | 5.20% | 119 bp | 53 |
| Apr 2026 | 6 | $1.11B | 98.46 | 5.19% | 135 bp | 76 |
| Mar 2026 | 6 | $759.4M | 98.22 | 5.35% | 158 bp | 113 |
| Feb 2026 | 6 | $527.8M | 99.13 | 4.85% | 127 bp | 58 |
| Jan 2026 | 6 | $1.09B | 98.95 | 4.94% | 126 bp | 72 |
| Dec 2025 | 6 | $769.8M | 99.04 | 4.85% | 129 bp | 107 |
| Nov 2025 | 6 | $520.1M | 98.98 | 4.92% | 134 bp | 57 |
| Oct 2025 | 6 | $1.09B | 98.47 | 5.05% | 150 bp | 73 |
| Sep 2025 | 6 | $760.9M | 98.00 | 5.22% | 162 bp | 110 |
| Aug 2025 | 6 | $530.8M | 97.86 | 5.19% | 148 bp | 57 |
| Jul 2025 | 6 | $1.07B | 97.11 | 5.43% | 155 bp | 69 |
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. 79 added, 103 cut, 28 new holders and 26 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $250.5M | $242.4M | -$5.9M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $144.3M | $139.8M | $2.3M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $114.0M | $108.4M | -$2.8M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $102.6M | $99.1M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $99.0M | $96.5M | -$13.6M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $62.0M | $60.2M | -$1.4M |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $61.7M | $59.0M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $58.8M | $57.6M | $2.3M |
| PIMCO Multisector Bond Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $47.1M | $44.7M | $4.8M |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $44.8M | $43.5M | $0 |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $44.2M | $42.8M | -$960K |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $44.5M | $42.6M | -$4.1M |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $43.2M | $41.9M | -$18.6M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $43.0M | $40.9M | $0 |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $35.4M | $33.9M | $0 |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $34.0M | $32.7M | $0 |
| Invesco Senior Loan ETF Invesco Exchange-Traded Fund Trust II | 2026-05-31 | $31.0M | $30.8M | $0 |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $28.3M | $27.4M | $2.0M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $28.2M | $27.3M | -$16.6M |
| First Trust Tactical High Yield ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $26.2M | $24.7M | $0 |
| AB HIGH INCOME FUND INC | 2026-07-31 | $23.8M | $23.2M | $0 |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $23.0M | $22.4M | -$2.4M |
| Loomis Sayles Strategic Income Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $21.8M | $21.1M | $0 |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $20.6M | $20.9M | $0 |
| MFS Total Return Bond Fund MFS Series Trust IX | 2026-07-31 | $18.6M | $18.8M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): State Street(R) SPDR(R) Bloomberg High Yield Bond ETF ($12.9M), THRIVENT CORE HIGH YIELD BOND FUND ($4.3M), iShares iBonds 2029 Term High Yield and Income ETF ($3.6M), THE HARTFORD HIGH YIELD FUND ($3.5M), Columbia High Yield Bond Fund ($2.3M), Virtus Convertible & Income Fund ($1.6M), Voya VACS Series HYB Fund ($1.3M), Virtus Convertible & Income Fund II ($1.1M), Strategic Income Opportunities Fund ($1.1M), Palmer Square Income Plus Fund ($1.0M).
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 | 6 | $144.3M | $139.8M | 0.49% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 6 | $99.0M | $96.5M | 0.60% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 6 | $62.0M | $60.2M | 0.79% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 6 | $58.8M | $57.6M | 0.51% |
| BKLN Invesco Senior Loan ETF | 2026-05-31 | 5 | $31.0M | $30.8M | 0.43% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 5 | $28.2M | $27.3M | 0.56% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 2 | $26.2M | $24.7M | 1.52% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 6 | $23.0M | $22.4M | 0.64% |
| FTSL First Trust Senior Loan Fund | 2026-07-31 | 1 | $16.8M | $15.8M | 0.68% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 6 | $15.1M | $14.8M | 0.62% |
| FSIG First Trust Limited Duration Investment Grade Corporate ETF | 2026-07-31 | 1 | $14.5M | $14.5M | 0.96% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 6 | $13.7M | $13.4M | 0.53% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 5 | $12.1M | $11.9M | 0.71% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 6 | $9.1M | $8.8M | 0.02% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 6 | $7.8M | $7.7M | 0.86% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.21: safer than 73% of companies (72th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $25.95B |
| Debt barrier (short-term + ½ long-term debt) | $6.90B |
| Equity volatility (1 year) | 24.1% |
| Asset value / asset volatility (solved) | $32.56B / 19.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 127 bp spread prices in about 2.1% 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'' = 1.17 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in QSR'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 | 60 | $284.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 571 | $23.34B | 19 | $71.8M | 26 | $220.2M | 0 |
| 2026-03-31 | 533 | $20.76B | 17 | $87.7M | 19 | $108.4M | 0 |
| 2025-12-31 | 494 | $19.76B | 16 | $65.6M | 18 | $92.6M | 0 |
| 2025-09-30 | 456 | $18.60B | 21 | $88.9M | 20 | $96.7M | 0 |
| 2025-06-30 | 445 | $18.92B | 16 | $57.5M | 19 | $98.7M | 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.