Southern Company (The) Series 2 bonds SOJE
Who owns Southern Company (The) Series 2'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. SOJE 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% | 46 bp | 11 | $60.7M | Jul 2026 |
| 842587DH7 | 1.75% fixed | 2028-03-15 | USD | 95.59 | 4.59% | 39 bp | 6 | $5.0M | Jul 2026 |
| 842587EC7 convertible | 3.25% fixed | 2028-06-15 | USD | 101.85 | — | — | 18 | $136.8M | Apr 2026 |
| 842587ED5 convertible | 3.25% fixed | 2028-06-15 | USD | 100.84 | — | — | 16 | $127.5M | Jul 2026 |
| 842587DQ7 | 4.85% fixed | 2028-06-15 | USD | 100.35 | 4.65% | 40 bp | 13 | $68.0M | 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% | 46 bp | 18 | $38.8M | Jul 2026 |
| 842587DE4 | 3.7% fixed | 2030-04-30 | USD | 95.94 | 4.90% | 51 bp | 15 | $24.1M | Jul 2026 |
| 842587DL8 | 5.7% fixed | 2032-10-15 | USD | 102.90 | 5.15% | 61 bp | 15 | $33.8M | Jul 2026 |
| 842587DR5 | 5.2% fixed | 2033-06-15 | USD | 99.26 | 5.33% | 75 bp | 11 | $65.4M | Jul 2026 |
| 842587DT1 | 5.7% fixed | 2034-03-15 | USD | 101.86 | 5.40% | 78 bp | 20 | $26.4M | Jul 2026 |
| 842587EA1 | 4.85% fixed | 2035-03-15 | USD | 95.63 | 5.49% | 82 bp | 15 | $19.5M | Jul 2026 |
| 842587CW5 | 4.25% fixed | 2036-07-01 | USD | 90.16 | 5.55% | 81 bp | 7 | $3.9M | Jul 2026 |
| 842587CX3 | 4.4% fixed | 2046-07-01 | USD | 80.05 | 6.15% | 88 bp | 16 | $12.9M | Jul 2026 |
| 842587DJ3 | 3.75% fixed | 2051-09-15 | USD | 99.86 | — | — | 20 | $30.4M | Jul 2026 |
| 842587EB9 | 6.375% fixed | 2055-03-15 | USD | 101.26 | 6.28% | 101 bp | 21 | $93.4M | Jul 2026 |
| 842587CZ8 | 5.325% fixed | 2057-06-21 | USD | 97.07 | 5.52% | 53 bp | 1 | $53K | May 2026 |
| 842587EJ2 | 6% fixed | 2058-04-01 | USD | 99.03 | 6.07% | 80 bp | 22 | $32.1M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over the month-end Treasury curve. Each month is compared with the month before on the same bonds, because the funds that file rotate from month to month. Fund-reported.
Price history
Fund-marked price of the US-dollar bonds, same bonds month to month, latest month = 100 (the plain median per 100 of face when too few bonds pair up).
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 | 15 | $376.6M | 99.88 | 5.40% | 79 bp | 16 |
| Jul 2026 | 17 | $726.1M | 100.11 | 5.24% | 68 bp | 22 |
| Jun 2026 | 18 | $2.60B | 100.50 | 5.01% | 73 bp | 55 |
| May 2026 | 19 | $1.16B | 100.48 | 4.95% | 71 bp | 32 |
| Apr 2026 | 18 | $752.9M | 100.83 | 4.94% | 76 bp | 22 |
| Mar 2026 | 18 | $2.63B | 100.87 | 4.94% | 85 bp | 52 |
| Feb 2026 | 18 | $1.06B | 101.64 | 4.53% | 82 bp | 31 |
| Jan 2026 | 17 | $701.5M | 100.85 | 4.72% | 71 bp | 23 |
| Dec 2025 | 18 | $2.71B | 99.98 | 4.70% | 76 bp | 48 |
| Nov 2025 | 18 | $1.10B | 101.28 | 4.63% | 83 bp | 30 |
| Oct 2025 | 18 | $903.6M | 101.67 | 4.70% | 79 bp | 22 |
| Sep 2025 | 19 | $2.63B | 101.37 | 4.72% | 76 bp | 47 |
| Aug 2025 | 19 | $1.17B | 100.72 | 4.83% | 86 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. 111 added, 90 cut, 29 new holders and 36 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Dodge & Cox Income Fund Dodge & Cox Funds | 2026-06-30 | $512.0M | $513.2M | $0 |
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $270.0M | $275.3M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $209.8M | $212.5M | $26.1M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $212.1M | $209.7M | $2.3M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $216.1M | $208.3M | $0 |
| T. Rowe Price Capital Appreciation Fund T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | 2026-06-30 | $166.6M | $166.9M | $31.4M |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $103.7M | $102.3M | $0 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $96.3M | $96.8M | $9.0M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $93.0M | $93.3M | -$14.8M |
| JPMorgan Ultra-Short Income ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $80.4M | $80.4M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $74.3M | $74.0M | -$3.1M |
| TCW METWEST TOTAL RETURN BOND FUND TCW Metropolitan West Funds | 2026-06-30 | $69.7M | $69.6M | -$33.3M |
| Calamos Market Neutral Income Fund CALAMOS INVESTMENT TRUST/IL | 2026-07-31 | $65.9M | $66.5M | $0 |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $76.6M | $63.9M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $61.4M | $62.1M | $6.4M |
| iShares Convertible Bond ETF iShares Trust | 2026-07-31 | $52.7M | $54.6M | $10.3M |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $47.3M | $47.4M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $47.5M | $46.1M | $1.8M |
| Dodge & Cox Balanced Fund Dodge & Cox Funds | 2026-06-30 | $44.3M | $44.3M | $0 |
| Invesco Variable Rate Preferred ETF Invesco Exchange-Traded Fund Trust II | 2026-05-31 | $42.7M | $43.2M | $17.2M |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $40.4M | $41.6M | $0 |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $42.3M | $41.3M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $39.0M | $39.8M | $4.3M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $41.2M | $39.2M | -$12.1M |
| State Street(R) SPDR(R) Bloomberg Convertible Securities ETF SPDR SERIES TRUST | 2026-06-30 | $36.5M | $38.1M | $4.0M |
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), CTIVP - American Century Diversified Bond Fund ($5.1M), UBS Ultra Short Income Fund ($4.0M), NYLIM VP MacKay Convertible Portfolio ($3.0M), Capital Group Central Corporate Bond Fund ($2.9M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($1.9M), Embark Commodity Strategy Fund ($1.6M), iShares iBonds 2026 Term High Yield and Income ETF ($1.4M).
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 |
|---|---|---|---|---|---|
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 6 | $209.8M | $212.5M | 0.31% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 13 | $212.1M | $209.7M | 0.05% |
| JPST JPMorgan Ultra-Short Income ETF | 2026-05-31 | 1 | $80.4M | $80.4M | 0.21% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 5 | $74.3M | $74.0M | 0.15% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 6 | $61.4M | $62.1M | 0.12% |
| ICVT iShares Convertible Bond ETF | 2026-07-31 | 2 | $52.7M | $54.6M | 0.76% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-08-31 | 13 | $50.1M | $47.8M | 0.03% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-08-31 | 7 | $48.0M | $47.4M | 0.25% |
| VRP Invesco Variable Rate Preferred ETF | 2026-05-31 | 3 | $42.7M | $43.2M | 1.49% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-08-31 | 5 | $44.7M | $41.0M | 0.13% |
| CWB State Street(R) SPDR(R) Bloomberg Convertible Securities ETF | 2026-06-30 | 2 | $36.5M | $38.1M | 0.61% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 6 | $33.3M | $33.8M | 0.29% |
| FPE First Trust Preferred Securities and Income ETF | 2026-07-31 | 1 | $31.0M | $31.4M | 0.50% |
| BSCQ Invesco BulletShares 2026 Corporate Bond ETF | 2026-05-31 | 1 | $28.9M | $28.9M | 0.76% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-08-31 | 5 | $25.6M | $25.4M | 0.11% |
Default risk, three ways
Stock market: risk of going bust
Risk of going bust: lower than 81% of companies (86th percentile in Utilities); distance to default 9.97. Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025). If the stock fell to about $0.44 (down 97% from the 2026-10-26 close), the company would be worth roughly what it owes. Market-implied, prices to 2026-10-26, balance sheet 2026-06-30.
| Equity value | $106.49B |
| Debt barrier (short-term + ½ long-term debt) | $41.20B |
| Equity volatility (1 year) | 17.9% |
| Asset value / asset volatility (solved) | $145.97B / 13.0% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 68 bp spread prices in about 1.1% 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'' = 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 SOJE'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 | 749 | $1.86B | 2 | $14.2M | 0 | — | 8 |
| 2026-06-30 | 2,367 | $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 | 2,264 | $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 |
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.