Royal Caribbean Cruises Ltd. bonds RCL
Who owns Royal Caribbean Cruises Ltd.'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. RCL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 780153BK7 | 5.375% fixed | 2027-07-15 | USD | 100.18 | 5.18% | 114 bp | 10 | $19.1M | Jul 2026 |
| 780153AG7 | 7.5% fixed | 2027-10-15 | USD | 103.16 | 4.77% | 68 bp | 6 | $6.3M | Jul 2026 |
| 780153AW2 | 3.7% fixed | 2028-03-15 | USD | 98.41 | 4.73% | 57 bp | 5 | $4.9M | Jul 2026 |
| 780153BG6 | 5.5% fixed | 2028-04-01 | USD | 100.80 | 4.99% | 83 bp | 17 | $39.6M | Jul 2026 |
| 780153BW1 | 5.625% fixed | 2031-09-30 | USD | 100.34 | 5.55% | 121 bp | 20 | $30.7M | Jul 2026 |
| 780153BU5 | 6.25% fixed | 2032-03-15 | USD | 101.68 | 5.89% | 152 bp | 18 | $41.0M | Jul 2026 |
| 780153BV3 | 6% fixed | 2033-02-01 | USD | 100.80 | 5.85% | 142 bp | 28 | $69.9M | Jul 2026 |
| 78017TAC7 | 4.75% fixed | 2033-05-15 | USD | 95.75 | 5.51% | 106 bp | 20 | $66.9M | Jul 2026 |
| 78017TAB9 | 5.375% fixed | 2036-01-15 | USD | 96.87 | 5.81% | 124 bp | 23 | $42.4M | Jul 2026 |
| 78017TAD5 | 5.25% fixed | 2038-02-27 | USD | 93.96 | 5.98% | 130 bp | 18 | $56.0M | 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 | 10 | $376.8M | 100.26 | 5.55% | 121 bp | 28 |
| Jun 2026 | 10 | $2.49B | 100.54 | 5.32% | 104 bp | 100 |
| May 2026 | 10 | $1.09B | 100.63 | 5.32% | 101 bp | 55 |
| Apr 2026 | 10 | $387.0M | 100.71 | 5.30% | 132 bp | 32 |
| Mar 2026 | 10 | $2.50B | 100.70 | 5.37% | 137 bp | 101 |
| Feb 2026 | 12 | $1.17B | 101.46 | 4.88% | 98 bp | 59 |
| Jan 2026 | 10 | $526.5M | 101.41 | 4.94% | 117 bp | 33 |
| Dec 2025 | 10 | $2.20B | 101.31 | 5.00% | 125 bp | 104 |
| Nov 2025 | 10 | $990.5M | 101.45 | 5.03% | 120 bp | 56 |
| Oct 2025 | 10 | $545.8M | 101.25 | 5.07% | 128 bp | 40 |
| Sep 2025 | 10 | $1.88B | 101.43 | 5.04% | 121 bp | 117 |
| Aug 2025 | 9 | $943.2M | 101.61 | 4.89% | 116 bp | 58 |
| Jul 2025 | 10 | $676.9M | 100.74 | 5.14% | 120 bp | 47 |
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. 95 added, 103 cut, 21 new holders and 36 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| American Balanced Fund | 2026-06-30 | $410.7M | $410.0M | $49.9M |
| Bond Fund of America | 2026-06-30 | $267.9M | $264.7M | $36.1M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $227.9M | $229.9M | $9.0M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $176.4M | $176.9M | -$47.2M |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $98.1M | $98.3M | -$25.6M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $98.1M | $96.5M | $1.6M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $89.8M | $88.4M | -$10.0M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $87.3M | $85.9M | -$16.4M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $81.5M | $82.3M | $0 |
| Income Fund of America | 2026-07-31 | $83.2M | $80.7M | $15.2M |
| Intermediate Bond Fund of America | 2026-05-31 | $80.3M | $78.4M | $28.2M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $77.9M | $76.6M | $2.8M |
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $75.2M | $76.1M | $0 |
| PIMCO Short-Term Fund PIMCO FUNDS | 2026-06-30 | $60.9M | $61.2M | $0 |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $60.4M | $59.3M | $0 |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $50.0M | $50.5M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $45.8M | $46.0M | $3.0M |
| Lord Abbett Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $45.0M | $45.2M | $14.6M |
| Lord Abbett Ultra Short Bond Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $44.6M | $44.8M | -$88.2M |
| PIMCO Short Asset Portfolio PIMCO FUNDS | 2026-06-30 | $43.1M | $43.4M | $0 |
| American Funds Strategic Bond Fund | 2026-06-30 | $42.2M | $42.0M | $4.0M |
| American High Income Trust | 2026-06-30 | $41.7M | $41.8M | -$15.5M |
| Capital Income Builder | 2026-07-31 | $36.5M | $34.7M | $10.1M |
| Allspring Core Plus Bond Fund ALLSPRING FUNDS TRUST | 2026-05-31 | $34.2M | $34.3M | $255K |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $33.1M | $33.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): T. Rowe Price High Yield Fund, Inc. ($14.4M), Lord Abbett Short Duration High Yield Fund ($12.0M), THE HARTFORD SHORT DURATION FUND ($6.7M), Janus Henderson Flexible Bond Fund ($5.3M), T. Rowe Price Institutional High Yield Fund ($3.5M), Fidelity SAI High Income Fund ($2.9M), CTIVP - American Century Diversified Bond Fund ($2.9M), Sterling Capital Total Return Bond Fund ($2.7M), Fidelity High Income Fund ($2.5M), Voya High Yield Portfolio ($2.4M).
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 | $87.3M | $85.9M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $77.9M | $76.6M | 0.11% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $45.8M | $46.0M | 0.25% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $27.6M | $28.0M | 1.27% |
| CGMS Capital Group U.S. Multi-Sector Income ETF | 2026-06-30 | 4 | $27.5M | $27.0M | 0.52% |
| CGCP Capital Group Core Plus Income ETF | 2026-06-30 | 4 | $20.1M | $19.7M | 0.24% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $19.7M | $19.3M | 0.04% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 9 | $19.3M | $19.3M | 0.11% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $17.2M | $17.4M | 0.08% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 5 | $16.9M | $16.5M | 0.01% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $14.7M | $14.5M | 0.12% |
| VNLA Janus Henderson Short Duration Income ETF | 2026-07-31 | 1 | $13.1M | $13.2M | 0.39% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 10 | $13.0M | $12.9M | 0.03% |
| LDUR PIMCO Enhanced Low Duration Active Exchange-Traded Fund | 2026-06-30 | 2 | $11.8M | $11.9M | 0.87% |
| CGCB Capital Group Core Bond ETF | 2026-06-30 | 1 | $10.5M | $10.2M | 0.18% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.69: safer than 45% of companies (44th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $75.60B |
| Debt barrier (short-term + ½ long-term debt) | $12.20B |
| Equity volatility (1 year) | 47.5% |
| Asset value / asset volatility (solved) | $87.29B / 41.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 121 bp spread prices in about 2.0% 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'' = 0.31 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in RCL'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 | 152 | $247.3M | 1 | $266K | 1 | $798K | 0 |
| 2026-06-30 | 1,215 | $74.51B | 39 | $2.07B | 39 | $1.88B | 1 |
| 2026-03-31 | 1,154 | $51.07B | 42 | $1.71B | 40 | $1.42B | 0 |
| 2025-12-31 | 1,174 | $60.67B | 42 | $1.15B | 42 | $1.20B | 0 |
| 2025-09-30 | 1,174 | $69.93B | 45 | $1.67B | 44 | $1.75B | 0 |
| 2025-06-30 | 1,138 | $70.33B | 44 | $1.58B | 48 | $2.11B | 0 |
Officials trading RCL bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2026-03-03 | President Donald J. Trump | purchase | ROYAL CARIBBEAN CRUISES 04.750% 051533 DTD022726 FC111526 CALL@MW+15BP YTM = 4.782 UNSOLIC | $250,001 - $500,000 | filing |
| 2025-10-31 | President Donald J. Trump | purchase | ROYAL CARIBBEAN CRUISES 03.700% 031528 DTD112817 | $1,001 - $15,000 | filing |
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.