Sea Limited bonds SE
Who owns Sea Limited'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. SE 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 |
|---|---|---|---|---|---|---|---|---|---|
| 81141RAG5 convertible | 0.25% fixed | 2026-09-15 | USD | 99.49 | — | — | 4 | $85.0M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Not enough US-dollar bonds with a yield.
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 | $85.0M | 99.49 | — | — | 4 |
| Jun 2026 | 1 | $15.3M | 98.99 | — | — | 2 |
| May 2026 | 1 | $26.7M | 98.94 | — | — | 2 |
| Apr 2026 | 1 | $83.8M | 98.32 | — | — | 4 |
| Mar 2026 | 1 | $14.6M | 97.84 | — | — | 2 |
| Feb 2026 | 1 | $24.8M | 97.85 | — | — | 1 |
| Jan 2026 | 1 | $84.7M | 97.46 | — | — | 4 |
| Dec 2025 | 1 | $15.5M | 96.77 | — | — | 2 |
| Nov 2025 | 1 | $24.0M | 96.72 | — | — | 1 |
| Oct 2025 | 2 | $104.0M | 134.53 | — | — | 5 |
| Sep 2025 | 2 | $75.6M | 146.61 | — | — | 16 |
| Aug 2025 | 2 | $30.3M | 150.99 | — | — | 3 |
| Jul 2025 | 2 | $125.0M | 134.07 | — | — | 9 |
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. 3 added, 1 cut, 1 new holders and 0 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $66.6M | $66.3M | $0 |
| Lord Abbett Convertible Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $25.3M | $25.0M | $0 |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $16.2M | $16.1M | $0 |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $15.3M | $15.2M | $600K |
| JPMorgan Strategic Income Opportunities Fund JPMorgan Trust I | 2026-05-31 | $1.7M | $1.7M | new |
| Multi-Asset Strategy Fund RUSSELL INVESTMENT CO | 2026-07-31 | $1.7M | $1.7M | $143K |
| Multi-Strategy Income Fund RUSSELL INVESTMENT CO | 2026-07-31 | $1.0M | $1.0M | $87K |
| 1290 VT Convertible Securities Portfolio EQ Advisors Trust | 2026-06-30 | $170K | $168K | -$50K |
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.
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 6.96: safer than 66% of companies (63th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $54.47B |
| Debt barrier (short-term + ½ long-term debt) | $1.77B |
| Equity volatility (1 year) | 50.1% |
| Asset value / asset volatility (solved) | $56.16B / 48.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
No US-dollar bond with a yield to compute it from.
Accounts: Altman Z
Altman Z'' = 2.28 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in SE'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 | 77 | $399.7M | 0 | — | 1 | $2.2M | 0 |
| 2026-06-30 | 767 | $32.36B | 31 | $843.8M | 39 | $1.05B | 36 |
| 2026-03-31 | 738 | $27.66B | 33 | $784.4M | 33 | $787.9M | 34 |
| 2025-12-31 | 853 | $45.32B | 31 | $920.1M | 35 | $1.05B | 39 |
| 2025-09-30 | 889 | $62.65B | 32 | $2.09B | 36 | $2.35B | 52 |
| 2025-06-30 | 846 | $55.37B | 38 | $1.59B | 40 | $2.37B | 66 |
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.