The Southern Company bonds SO
Who owns The Southern Company'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. SO 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 |
|---|---|---|---|---|---|---|---|---|---|
| 842587DZ7 convertible | 4.5% fixed | 2027-06-15 | USD | 109.00 | — | — | 9 | $56.1M | Jul 2026 |
| 842587DD6 | 5.113% fixed | 2027-08-01 | USD | 100.56 | 4.54% | 49 bp | 11 | $60.7M | Jul 2026 |
| 010392FY9 | 3.75% fixed | 2027-09-01 | USD | 99.31 | 4.40% | 34 bp | 7 | $5.8M | Jul 2026 |
| 842587DH7 | 1.75% fixed | 2028-03-15 | USD | 95.59 | 4.59% | 44 bp | 6 | $5.0M | Jul 2026 |
| 605417CB8 | 3.95% fixed | 2028-03-30 | USD | 98.98 | 4.59% | 42 bp | 5 | $4.8M | Jul 2026 |
| 373334KS9 | 4.65% fixed | 2028-05-16 | USD | 100.14 | 4.57% | 38 bp | 12 | $19.6M | Jul 2026 |
| 842587ED5 convertible | 3.25% fixed | 2028-06-15 | USD | 100.84 | — | — | 16 | $127.5M | Jul 2026 |
| 842587EC7 convertible | 3.25% fixed | 2028-06-15 | USD | 101.85 | — | — | 18 | $136.8M | Apr 2026 |
| 842587DQ7 | 4.85% fixed | 2028-06-15 | USD | 100.35 | 4.65% | 45 bp | 13 | $68.0M | Jul 2026 |
| 373334LC3 | 4% fixed | 2028-10-01 | USD | 98.87 | 4.55% | 32 bp | 11 | $23.7M | Jul 2026 |
| 842587842 | 7.125% fixed | 2028-12-15 | USD | — | — | — | 7 | $28.0M | Jul 2026 |
| 842587DS3 | 5.5% fixed | 2029-03-15 | USD | 101.76 | 4.78% | 53 bp | 18 | $38.8M | Jul 2026 |
| 373334KL4 | 2.65% fixed | 2029-09-15 | USD | 94.02 | 4.73% | 46 bp | 11 | $11.2M | Jul 2026 |
| 373334KY6 | 4.55% fixed | 2030-03-15 | USD | 99.14 | 4.81% | 53 bp | 11 | $13.8M | Jul 2026 |
| 842587DE4 | 3.7% fixed | 2030-04-30 | USD | 95.94 | 4.90% | 61 bp | 15 | $24.1M | Jul 2026 |
| 010392FU7 | 1.45% fixed | 2030-09-15 | USD | 87.46 | 4.84% | 54 bp | 9 | $27.5M | Jul 2026 |
| 8426EPAD0 | 1.75% fixed | 2031-01-15 | USD | 87.51 | 4.90% | 59 bp | 16 | $14.5M | Jul 2026 |
| 373334LA7 | 4.85% fixed | 2031-03-15 | USD | 99.66 | 4.93% | 62 bp | 11 | $13.1M | Jul 2026 |
| 843646AZ3 | 4.8% fixed | 2031-06-15 | USD | 98.88 | 5.06% | 74 bp | 21 | $56.9M | Jul 2026 |
| 373334KQ3 | 4.7% fixed | 2032-05-15 | USD | 98.93 | 4.91% | 53 bp | 8 | $38.8M | Jul 2026 |
| 8426EPAF5 | 5.15% fixed | 2032-09-15 | USD | 100.25 | 5.10% | 70 bp | 6 | $3.5M | Jul 2026 |
| 842587DL8 | 5.7% fixed | 2032-10-15 | USD | 102.90 | 5.15% | 74 bp | 15 | $33.8M | Jul 2026 |
| 373334KT7 | 4.95% fixed | 2033-05-17 | USD | 98.91 | 5.14% | 69 bp | 22 | $77.0M | Jul 2026 |
| 842587DR5 | 5.2% fixed | 2033-06-15 | USD | 99.26 | 5.33% | 88 bp | 11 | $65.4M | Jul 2026 |
| 8426EPAG3 | 5.75% fixed | 2033-09-15 | USD | 102.49 | 5.32% | 86 bp | 14 | $42.9M | Jul 2026 |
| 010392GB8 | 5.85% fixed | 2033-11-15 | USD | 103.34 | 5.29% | 82 bp | 12 | $19.2M | Jul 2026 |
| 373334KW0 | 5.25% fixed | 2034-03-15 | USD | 99.76 | 5.29% | 80 bp | 17 | $17.3M | Jul 2026 |
| 842587DT1 | 5.7% fixed | 2034-03-15 | USD | 101.86 | 5.40% | 91 bp | 20 | $26.4M | Jul 2026 |
| 8426EPAH1 | 4.95% fixed | 2034-09-15 | USD | 97.17 | 5.38% | 87 bp | 18 | $25.0M | Jul 2026 |
| 842587EA1 | 4.85% fixed | 2035-03-15 | USD | 95.63 | 5.49% | 96 bp | 15 | $19.5M | Jul 2026 |
| 373334LB5 | 5.2% fixed | 2035-03-15 | USD | 99.16 | 5.32% | 79 bp | 6 | $3.0M | Jul 2026 |
| 010392GC6 | 5.1% fixed | 2035-04-02 | USD | 98.55 | 5.31% | 77 bp | 7 | $20.4M | Jul 2026 |
| 8426EPAK4 | 5.1% fixed | 2035-09-15 | USD | 96.97 | 5.53% | 97 bp | 15 | $34.7M | Jul 2026 |
| 843646AY6 | 4.9% fixed | 2035-10-01 | USD | 95.00 | 5.60% | 104 bp | 25 | $31.1M | Jul 2026 |
| 842587CW5 | 4.25% fixed | 2036-07-01 | USD | 90.16 | 5.55% | 96 bp | 7 | $3.9M | Jul 2026 |
| 373334JN2 | 5.95% fixed | 2039-02-01 | USD | 103.09 | 5.60% | 101 bp | 5 | $1.8M | Jun 2026 |
| 010392FB9 | 6% fixed | 2039-03-01 | USD | 102.67 | 5.70% | 97 bp | 8 | $7.8M | Jul 2026 |
| 373334JS1 | 4.75% fixed | 2040-09-01 | USD | 90.81 | 5.71% | 90 bp | 10 | $23.5M | Jul 2026 |
| 001192AH6 | 5.875% fixed | 2041-03-15 | USD | 99.84 | 5.89% | 106 bp | 10 | $19.9M | Jul 2026 |
| 010392FF0 | 5.2% fixed | 2041-06-01 | USD | 94.13 | 5.79% | 95 bp | 3 | $7.2M | Jul 2026 |
| 605417BZ6 | 4.25% fixed | 2042-03-15 | USD | 81.62 | 6.09% | 120 bp | 11 | $7.3M | Jul 2026 |
| 373334JW2 | 4.3% fixed | 2042-03-15 | USD | 83.55 | 5.93% | 104 bp | 14 | $32.2M | Jul 2026 |
| 010392FJ2 | 3.85% fixed | 2042-12-01 | USD | 78.23 | 5.95% | 103 bp | 7 | $4.4M | Jul 2026 |
| 373334KA8 | 4.3% fixed | 2043-03-15 | USD | 82.43 | 5.98% | 104 bp | 7 | $4.5M | Jul 2026 |
| 001192AK9 | 4.4% fixed | 2043-06-01 | USD | 82.30 | 6.10% | 115 bp | 11 | $10.6M | Jul 2026 |
| 010392FL7 | 4.15% fixed | 2044-08-15 | USD | 79.52 | 6.03% | 102 bp | 6 | $1.4M | Jul 2026 |
| 010392FM5 | 3.75% fixed | 2045-03-01 | USD | 74.53 | 6.05% | 101 bp | 7 | $14.7M | Jul 2026 |
| 842587CX3 | 4.4% fixed | 2046-07-01 | USD | 80.05 | 6.15% | 104 bp | 16 | $12.9M | Jul 2026 |
| 8426EPAB4 | 3.95% fixed | 2046-10-01 | USD | 75.03 | 6.12% | 101 bp | 8 | $3.8M | Jul 2026 |
| 8426EPAC2 | 4.4% fixed | 2047-05-30 | USD | 79.39 | 6.17% | 106 bp | 6 | $2.3M | Jul 2026 |
| 010392FR4 | 3.7% fixed | 2047-12-01 | USD | 71.62 | 6.09% | 99 bp | 4 | $2.2M | Jul 2026 |
| 010392FS2 | 4.3% fixed | 2048-07-15 | USD | 78.82 | 6.06% | 95 bp | 4 | $1.1M | Jul 2026 |
| 010392FT0 | 3.45% fixed | 2049-10-01 | USD | 67.24 | 6.11% | 100 bp | 9 | $31.5M | Jul 2026 |
| 373334KN0 | 3.7% fixed | 2050-01-30 | USD | 70.34 | 6.09% | 98 bp | 12 | $10.5M | Jul 2026 |
| 373334KP5 | 3.25% fixed | 2051-03-15 | USD | 64.01 | 6.09% | 98 bp | 8 | $4.6M | Jul 2026 |
| 605417CD4 | 3.1% fixed | 2051-07-30 | USD | 61.66 | 6.11% | 101 bp | 3 | $2.0M | Jul 2026 |
| 842587DJ3 | 3.75% fixed | 2051-09-15 | USD | 99.86 | 3.76% | -135 bp | 20 | $30.4M | Jul 2026 |
| 010392FW3 | 3% fixed | 2052-03-15 | USD | 60.61 | 6.04% | 94 bp | 5 | $1.3M | Jul 2026 |
| 373334KR1 | 5.125% fixed | 2052-05-15 | USD | 88.09 | 6.04% | 94 bp | 10 | $14.1M | Jul 2026 |
| 842587EB9 | 6.375% fixed | 2055-03-15 | USD | 101.26 | 6.28% | 118 bp | 21 | $93.4M | Jul 2026 |
| 8426EPAL2 | 6.05% fixed | 2056-09-15 | USD | 99.44 | 6.09% | 99 bp | 15 | $27.4M | Jul 2026 |
| 842587CZ8 | 5.325% fixed | 2057-06-21 | USD | 97.07 | 5.52% | 49 bp | 1 | $53K | May 2026 |
| 842587EJ2 | 6% fixed | 2058-04-01 | USD | 99.03 | 6.07% | 97 bp | 22 | $32.1M | Jul 2026 |
| U84258AF6 | 1.875% fixed | 2081-09-15 | EUR | 98.28 | 1.93% | — | 1 | $168K | Jun 2026 |
| BR3544508 | 1.88% variable | 2081-09-15 | EUR | 98.04 | — | — | 6 | $35.2M | 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 |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $9.3M | 101.58 | 4.83% | 58 bp | 1 |
| Jul 2026 | 61 | $1.50B | 97.61 | 5.40% | 90 bp | 25 |
| Jun 2026 | 64 | $4.54B | 98.99 | 5.17% | 74 bp | 66 |
| May 2026 | 65 | $2.65B | 99.02 | 5.15% | 68 bp | 32 |
| Apr 2026 | 60 | $1.47B | 98.62 | 5.19% | 88 bp | 27 |
| Mar 2026 | 64 | $4.48B | 98.67 | 5.23% | 95 bp | 65 |
| Feb 2026 | 62 | $2.57B | 99.79 | 4.80% | 72 bp | 32 |
| Jan 2026 | 60 | $1.47B | 99.38 | 4.99% | 79 bp | 35 |
| Dec 2025 | 63 | $4.66B | 99.31 | 4.95% | 83 bp | 78 |
| Nov 2025 | 61 | $2.55B | 99.64 | 4.86% | 78 bp | 32 |
| Oct 2025 | 61 | $1.68B | 99.43 | 4.88% | 82 bp | 32 |
| Sep 2025 | 64 | $4.58B | 99.44 | 4.94% | 77 bp | 76 |
| Aug 2025 | 59 | $2.38B | 99.10 | 5.01% | 79 bp | 33 |
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. 206 added, 149 cut, 51 new holders and 38 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 | $566.3M | $539.3M | $27.8M |
| Dodge & Cox Income Fund Dodge & Cox Funds | 2026-06-30 | $512.0M | $513.2M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $536.1M | $508.7M | $11.2M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $436.8M | $441.0M | $32.6M |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $390.2M | $360.2M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $289.2M | $287.6M | $2.6M |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | $303.6M | $278.5M | $0 |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $270.0M | $275.3M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $175.4M | $171.6M | $3.8M |
| T. Rowe Price Capital Appreciation Fund T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | 2026-06-30 | $166.6M | $166.9M | $31.4M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $165.9M | $154.0M | $6.3M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $145.2M | $145.1M | $28.7M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $125.7M | $127.0M | $5.8M |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $137.9M | $115.8M | -$500K |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $110.7M | $109.1M | -$6.7M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $99.6M | $91.7M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $87.0M | $88.2M | $2.2M |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $83.0M | $82.3M | $0 |
| JPMorgan Ultra-Short Income ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $80.4M | $80.4M | -$42.2M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $82.3M | $77.2M | -$14.5M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $76.2M | $75.5M | $7.1M |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $70.7M | $71.5M | $12.1M |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $69.8M | $69.6M | -$33.3M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $70.8M | $66.5M | $4.3M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $65.9M | $66.5M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares iBonds Dec 2026 Term Corporate ETF ($17.9M), TRI-CONTINENTAL Corp ($5.4M), iShares Short Duration Bond Active ETF ($5.1M), UBS Ultra Short Income Fund ($4.0M), Aristotle Core Income Fund ($4.0M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($3.3M), NYLIM VP MacKay Convertible Portfolio ($3.0M), Embark Commodity Strategy Fund ($1.6M), Global X Investment Grade Corporate Bond ETF ($1.6M), Eventide Limited-Term Bond Fund ($1.5M).
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 | 51 | $566.3M | $539.3M | 0.14% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 19 | $436.8M | $441.0M | 0.64% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 13 | $175.4M | $171.6M | 0.34% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 54 | $165.9M | $154.0M | 0.11% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 18 | $125.7M | $127.0M | 0.24% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 17 | $87.0M | $88.2M | 0.48% |
| JPST JPMorgan Ultra-Short Income ETF | 2026-05-31 | 1 | $80.4M | $80.4M | 0.21% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 11 | $82.3M | $77.2M | 0.26% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 13 | $76.2M | $75.5M | 0.11% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 18 | $70.7M | $71.5M | 0.62% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 55 | $70.8M | $66.5M | 0.38% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 15 | $58.6M | $57.6M | 0.26% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 2 | $52.7M | $54.6M | 0.76% |
| VRP Invesco Variable Rate Preferred ETF | 2026-05-31 | 4 | $47.7M | $48.2M | 1.67% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 21 | $58.3M | $45.9M | 0.50% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.16: safer than 82% of companies (86th percentile in Utilities). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $103.05B |
| Debt barrier (short-term + ½ long-term debt) | $41.20B |
| Equity volatility (1 year) | 17.4% |
| Asset value / asset volatility (solved) | $142.53B / 12.6% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 90 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'' = 0.86 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in SO'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 | 421 | $995.6M | 1 | $13.9M | 0 | — | 4 |
| 2026-06-30 | 2,364 | $76.28B | 30 | $456.8M | 27 | $492.8M | 83 |
| 2026-03-31 | 2,353 | $62.08B | 31 | $349.2M | 31 | $482.0M | 64 |
| 2025-12-31 | 2,263 | $67.36B | 28 | $1.62B | 32 | $1.97B | 55 |
| 2025-09-30 | 2,204 | $71.32B | 29 | $220.2M | 32 | $481.2M | 78 |
| 2025-06-30 | 2,164 | $68.69B | 34 | $206.1M | 39 | $586.1M | 81 |
Officials trading SO bonds
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.