Steel Dynamics, Inc. bonds STLD
Who owns Steel Dynamics, 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. STLD 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 |
|---|---|---|---|---|---|---|---|---|---|
| 858119BN9 | 1.65% fixed | 2027-10-15 | USD | 96.64 | 4.54% | 46 bp | 5 | $3.5M | Jul 2026 |
| 858119BU3 | 4% fixed | 2028-12-15 | USD | 98.45 | 4.70% | 46 bp | 14 | $117.0M | Jul 2026 |
| 858119BK5 | 3.45% fixed | 2030-04-15 | USD | 94.90 | 4.97% | 69 bp | 9 | $11.3M | Jul 2026 |
| 858119BM1 | 3.25% fixed | 2031-01-15 | USD | 92.88 | 5.05% | 74 bp | 13 | $23.5M | Jul 2026 |
| 858119BQ2 | 5.375% fixed | 2034-08-15 | USD | 99.64 | 5.43% | 92 bp | 8 | $4.3M | Jul 2026 |
| 858119BS8 | 5.25% fixed | 2035-05-15 | USD | 98.37 | 5.49% | 94 bp | 9 | $2.7M | Jul 2026 |
| 858119BP4 | 3.25% fixed | 2050-10-15 | USD | 64.13 | 6.11% | 100 bp | 4 | $1.1M | Jul 2026 |
| 858119BT6 | 5.75% fixed | 2055-05-15 | USD | 95.12 | 6.11% | 101 bp | 4 | $2.9M | 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 | 8 | $166.2M | 95.88 | 5.24% | 83 bp | 14 |
| Jun 2026 | 8 | $407.7M | 97.47 | 4.99% | 70 bp | 43 |
| May 2026 | 8 | $243.7M | 97.60 | 4.92% | 66 bp | 24 |
| Apr 2026 | 8 | $182.5M | 96.96 | 4.89% | 82 bp | 15 |
| Mar 2026 | 8 | $423.8M | 96.15 | 4.98% | 97 bp | 45 |
| Feb 2026 | 8 | $231.9M | 98.48 | 4.52% | 68 bp | 21 |
| Jan 2026 | 8 | $185.8M | 97.91 | 4.71% | 77 bp | 15 |
| Dec 2025 | 8 | $395.3M | 98.13 | 4.60% | 75 bp | 44 |
| Nov 2025 | 9 | $234.0M | 99.74 | 4.79% | 80 bp | 20 |
| Oct 2025 | 8 | $104.5M | 98.19 | 4.88% | 88 bp | 12 |
| Sep 2025 | 8 | $294.8M | 98.19 | 4.92% | 85 bp | 39 |
| Aug 2025 | 8 | $194.5M | 96.73 | 4.99% | 88 bp | 24 |
| Jul 2025 | 8 | $134.9M | 96.19 | 5.14% | 88 bp | 13 |
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. 40 added, 34 cut, 2 new holders and 15 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $93.6M | $92.2M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $69.5M | $67.1M | -$4.1M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $66.3M | $62.9M | $1.3M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $63.5M | $60.7M | $11.9M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $58.7M | $59.3M | $2.5M |
| Baird Short-Term Bond Fund Baird Funds Inc | 2026-06-30 | $41.9M | $41.3M | $0 |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $35.1M | $35.4M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $25.5M | $24.2M | -$205K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $20.3M | $19.1M | $20K |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $19.0M | $19.1M | -$500K |
| DFA Investment Grade Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $19.7M | $18.3M | $0 |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $18.1M | $18.3M | $0 |
| VANGUARD CORE BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $12.3M | $12.1M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.0M | $11.5M | $180K |
| T. Rowe Price Short-Term Bond Fund, Inc. T. ROWE PRICE SHORT-TERM BOND FUND, INC. | 2026-05-31 | $11.6M | $11.5M | $0 |
| iMGP Dolan McEniry Corporate Bond Fund LITMAN GREGORY FUNDS TRUST | 2026-06-30 | $11.0M | $10.4M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.9M | $10.0M | -$328K |
| Transamerica Short-Term Bond TRANSAMERICA FUNDS | 2026-07-31 | $9.3M | $9.2M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $8.9M | $8.4M | $250K |
| Federated Hermes Total Return Bond Fund Federated Hermes Total Return Series, Inc. | 2026-05-31 | $8.0M | $8.1M | $0 |
| Strategic Advisers Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $8.4M | $8.0M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $7.3M | $7.4M | $850K |
| Loomis Sayles Income Fund LOOMIS SAYLES FUNDS I | 2026-06-30 | $7.3M | $7.4M | $0 |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $6.9M | $6.7M | -$1.4M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $7.0M | $6.6M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): JPMorgan Core Bond Fund ($8.8M), iShares Flexible Income Active ETF ($8.7M), Payden Limited Maturity Fund ($5.9M), Short Duration Bond Portfolio ($3.5M), BlackRock ESG Capital Allocation Term Trust ($3.1M), BlackRock Managed Income Fund ($1.4M), AB GLOBAL BOND FUND, INC. ($675K), Goldman Sachs Bond Fund ($275K), Transamerica PineBridge Inflation Opportunities VP ($150K), JPMorgan Inflation Managed Bond ETF ($100K).
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 | 8 | $66.3M | $62.9M | 0.02% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $63.5M | $60.7M | 0.12% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $58.7M | $59.3M | 0.09% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $25.5M | $24.2M | 0.03% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 8 | $20.3M | $19.1M | 0.01% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $19.0M | $19.1M | 0.04% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $12.0M | $11.5M | 0.05% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $9.9M | $10.0M | 0.05% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 8 | $8.9M | $8.4M | 0.05% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $7.3M | $7.4M | 0.06% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $6.9M | $6.7M | 0.06% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $7.0M | $6.2M | 0.07% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 5 | $6.3M | $6.2M | 0.05% |
| BSCS Invesco BulletShares 2028 Corporate Bond ETF | 2026-05-31 | 1 | $5.3M | $5.2M | 0.15% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 8 | $5.3M | $4.8M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.36: safer than 74% of companies (79th percentile in Basic Materials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $35.11B |
| Debt barrier (short-term + ½ long-term debt) | $2.09B |
| Equity volatility (1 year) | 36.2% |
| Asset value / asset volatility (solved) | $37.11B / 34.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 83 bp spread prices in about 1.4% 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 = 6.07 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in STLD'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 | 154 | $471.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 1,007 | $26.17B | 23 | $215.3M | 27 | $291.0M | 1 |
| 2026-03-31 | 921 | $16.85B | 19 | $154.4M | 20 | $196.1M | 1 |
| 2025-12-31 | 900 | $19.30B | 22 | $153.7M | 18 | $209.8M | 1 |
| 2025-09-30 | 794 | $14.81B | 22 | $145.8M | 18 | $213.8M | 1 |
| 2025-06-30 | 804 | $14.10B | 22 | $134.1M | 17 | $112.3M | 1 |
Officials trading STLD bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2025-12-22 | John Fetterman | sale | Steel Dynamics Inc | $1,001 - $15,000 | filing |
| 2025-12-22 | John Karl Fetterman | sale | Steel Dynamics Inc | $1,001 - $15,000 | filing |
| 2025-12-22 | John Fetterman | sale full | Steel Dynamics Inc Ser B Note Rate/Coupon: 5.0% Matures: 12/15/2026 | $1,001 - $15,000 | filing |
| 2023-05-02 | John Fetterman | purchase | Steel Dynamics Inc Ser B Note Rate/Coupon: 5.0% Matures: 12/15/2026 | $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.