Smurfit Westrock plc bonds SW
Who owns Smurfit Westrock plc'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. SW 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 |
|---|---|---|---|---|---|---|---|---|---|
| 83272GAD3 | 5.2% fixed | 2030-01-15 | USD | 100.68 | 4.98% | 71 bp | 19 | $67.3M | Jul 2026 |
| 83272GAE1 | 5.438% fixed | 2034-04-03 | USD | 99.98 | 5.44% | 95 bp | 17 | $81.8M | 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 | 2 | $149.0M | 100.33 | 5.21% | 83 bp | 19 |
| Jun 2026 | 2 | $213.0M | 101.40 | 4.99% | 72 bp | 36 |
| May 2026 | 2 | $164.7M | 101.62 | 4.94% | 72 bp | 26 |
| Apr 2026 | 2 | $153.8M | 101.74 | 4.91% | 89 bp | 19 |
| Mar 2026 | 2 | $223.1M | 101.60 | 4.94% | 100 bp | 38 |
| Feb 2026 | 2 | $166.2M | 103.94 | 4.49% | 70 bp | 25 |
| Jan 2026 | 2 | $160.2M | 103.15 | 4.65% | 76 bp | 20 |
| Dec 2025 | 2 | $223.3M | 103.35 | 4.62% | 81 bp | 35 |
| Nov 2025 | 2 | $169.1M | 103.66 | 4.58% | 78 bp | 25 |
| Oct 2025 | 3 | $166.7M | 103.09 | 4.66% | 89 bp | 21 |
| Sep 2025 | 3 | $257.4M | 102.99 | 4.67% | 86 bp | 36 |
| Aug 2025 | 3 | $160.9M | 102.68 | 4.71% | 77 bp | 24 |
| Jul 2025 | 3 | $144.3M | 102.24 | 4.85% | 74 bp | 23 |
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. 20 added, 16 cut, 4 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $64.1M | $64.1M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $55.9M | $56.8M | $2.6M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $31.5M | $32.1M | $3.2M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $31.8M | $32.1M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $30.3M | $30.7M | $525K |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $28.5M | $28.9M | $130K |
| PGIM Short-Term Corporate Bond Fund Prudential Short-Term Corporate Bond Fund, Inc. | 2026-06-30 | $26.7M | $27.1M | $0 |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $20.0M | $20.3M | $0 |
| VANGUARD CORE BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $16.2M | $16.4M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $16.0M | $16.2M | -$80K |
| First Trust Limited Duration Investment Grade Corporate ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $13.0M | $13.1M | $0 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.5M | $12.7M | -$1.1M |
| Strategic Advisers Fidelity Core Income Fund Fidelity Rutland Square Trust II | 2026-05-31 | $10.5M | $10.7M | $0 |
| VANGUARD CORE BOND ETF VANGUARD MALVERN FUNDS | 2026-06-30 | $8.5M | $8.7M | $1.2M |
| Virtus Newfleet Multi-Sector Short Term Bond Fund Virtus Opportunities Trust | 2026-06-30 | $8.0M | $8.1M | $0 |
| Short-Term Income Fund Principal Funds, Inc | 2026-07-31 | $8.0M | $8.1M | $0 |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $7.5M | $7.6M | -$630K |
| Calvert Green Bond Fund Calvert Impact Fund, Inc. | 2026-06-30 | $7.4M | $7.5M | $0 |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $7.0M | $7.1M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $6.9M | $7.0M | -$375K |
| First Trust Intermediate Duration Investment Grade Corporate ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $5.7M | $5.7M | $0 |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $5.6M | $5.7M | $950K |
| Fidelity Corporate Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $5.1M | $5.2M | $0 |
| Invesco BulletShares 2030 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $5.0M | $5.1M | $269K |
| iShares iBonds Dec 2030 Term Corporate ETF iShares Trust | 2026-07-31 | $4.9M | $4.9M | $166K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): DoubleLine Core Fixed Income Fund ($4.8M), JNL/DoubleLine Core Fixed Income Fund ($1.7M), Dunham International Opportunity Bond Fund ($390K), 1290 VT DoubleLine Opportunistic Bond Portfolio ($335K).
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 | 3 | $137.1M | $137.7M | 0.20% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $65.4M | $65.7M | 0.02% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $43.2M | $43.5M | 0.08% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $31.5M | $32.1M | 0.06% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 1 | $28.5M | $28.9M | 0.04% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $25.7M | $25.9M | 0.09% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 4 | $21.9M | $22.0M | 0.30% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $16.8M | $16.9M | 0.09% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $14.7M | $14.8M | 0.13% |
| FSIG First Trust Limited Duration Investment Grade Corporate ETF | 2026-07-31 | 1 | $13.0M | $13.1M | 0.86% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 4 | $13.0M | $13.1M | 0.01% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 3 | $5.7M | $5.7M | 0.05% |
| FIIG First Trust Intermediate Duration Investment Grade Corporate ETF | 2026-07-31 | 1 | $5.7M | $5.7M | 0.88% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $5.4M | $5.5M | 0.03% |
| BSCU Invesco BulletShares 2030 Corporate Bond ETF | 2026-05-31 | 1 | $5.0M | $5.1M | 0.20% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.07: safer than 38% of companies (37th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $21.49B |
| Debt barrier (short-term + ½ long-term debt) | $7.55B |
| Equity volatility (1 year) | 43.5% |
| Asset value / asset volatility (solved) | $28.72B / 32.5% |
| 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'' = 1.57 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in SW'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 | 86 | $634.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 633 | $22.97B | 12 | $16.0M | 11 | $79.7M | 1 |
| 2026-03-31 | 598 | $15.50B | 10 | $11.8M | 9 | $22.2M | 0 |
| 2025-12-31 | 585 | $17.35B | 8 | $7.3M | 10 | $19.8M | 0 |
| 2025-09-30 | 588 | $19.17B | 5 | $4.3M | 10 | $34.1M | 0 |
| 2025-06-30 | 557 | $19.32B | 8 | $4.9M | 7 | $15.9M | 1 |
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.