Tenet Healthcare Corporation bonds THC
Who owns Tenet Healthcare Corporation'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. THC 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 |
|---|---|---|---|---|---|---|---|---|---|
| 88033GDB3 | 5.125% fixed | 2027-11-01 | USD | 99.96 | 5.16% | 106 bp | 36 | $147.2M | Jul 2026 |
| 88033GDH0 | 4.625% fixed | 2028-06-15 | USD | 99.02 | 5.18% | 98 bp | 29 | $63.1M | Jul 2026 |
| 88033GDK3 | 6.125% fixed | 2028-10-01 | USD | 100.09 | 6.07% | 185 bp | 40 | $166.0M | Jul 2026 |
| 88033GDM9 | 4.25% fixed | 2029-06-01 | USD | 96.97 | 5.42% | 116 bp | 36 | $134.2M | Jul 2026 |
| 88033GDR8 | 4.375% fixed | 2030-01-15 | USD | 96.45 | 5.52% | 124 bp | 44 | $193.8M | Jul 2026 |
| 88033GDQ0 | 6.125% fixed | 2030-06-15 | USD | 100.61 | 5.94% | 165 bp | 44 | $227.3M | Jul 2026 |
| 88033GDU1 | 6.75% fixed | 2031-05-15 | USD | 102.01 | 6.25% | 193 bp | 44 | $150.3M | Jul 2026 |
| 88033GAV2 | 6.875% fixed | 2031-11-15 | USD | 106.15 | 5.52% | 117 bp | 25 | $66.1M | Jul 2026 |
| 88033GDW7 | 5.5% fixed | 2032-11-15 | USD | 98.49 | 5.79% | 137 bp | 78 | $220.5M | Jul 2026 |
| 88033GDV9 | 6% fixed | 2033-11-15 | USD | 100.34 | 5.94% | 147 bp | 48 | $64.1M | 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 | 2 | $33.4M | 99.49 | 5.85% | 135 bp | 2 |
| Jul 2026 | 10 | $1.43B | 100.02 | 5.65% | 131 bp | 78 |
| Jun 2026 | 10 | $2.20B | 100.23 | 5.52% | 125 bp | 102 |
| May 2026 | 10 | $1.37B | 100.18 | 5.54% | 132 bp | 48 |
| Apr 2026 | 10 | $1.47B | 100.08 | 5.51% | 148 bp | 76 |
| Mar 2026 | 10 | $2.21B | 100.11 | 5.57% | 162 bp | 102 |
| Feb 2026 | 10 | $1.41B | 100.75 | 5.18% | 146 bp | 53 |
| Jan 2026 | 10 | $1.49B | 100.60 | 5.21% | 142 bp | 83 |
| Dec 2025 | 10 | $2.29B | 100.95 | 5.12% | 142 bp | 112 |
| Nov 2025 | 10 | $1.38B | 100.97 | 5.20% | 148 bp | 56 |
| Oct 2025 | 9 | $1.44B | 100.15 | 5.18% | 165 bp | 53 |
| Sep 2025 | 9 | $2.53B | 100.04 | 5.19% | 162 bp | 81 |
| Aug 2025 | 9 | $1.28B | 100.06 | 5.46% | 156 bp | 51 |
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. 99 added, 122 cut, 14 new holders and 28 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $1.11B | $1.12B | $0 |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $277.6M | $273.6M | $0 |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $238.1M | $237.0M | $8.4M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $223.7M | $222.4M | $12.1M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $158.4M | $158.1M | -$3.9M |
| American High Income Trust | 2026-06-30 | $126.6M | $125.9M | -$165K |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $115.5M | $113.7M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $92.9M | $92.4M | $3.4M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $79.9M | $79.0M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $74.4M | $73.6M | -$1.4M |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $71.3M | $72.2M | -$2.4M |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $73.0M | $70.8M | $0 |
| Income Fund of America | 2026-07-31 | $70.6M | $70.4M | $0 |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $62.0M | $62.7M | -$4.2M |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $62.1M | $62.2M | $0 |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $49.1M | $49.3M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $49.3M | $48.8M | -$7.5M |
| JPMorgan Income Fund JPMorgan Trust I | 2026-05-31 | $46.5M | $46.7M | $1.1M |
| Franklin Income VIP Fund Franklin Templeton Variable Insurance Products Trust | 2026-06-30 | $46.1M | $46.6M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $45.4M | $44.7M | $62K |
| Federated Hermes Institutional High Yield Bond Fund Federated Hermes Institutional Trust | 2026-07-31 | $44.7M | $44.7M | $0 |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $43.1M | $43.9M | -$5.4M |
| Franklin Templeton SMACS Series I Franklin Strategic Series | 2026-05-31 | $38.0M | $38.6M | $0 |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $36.4M | $36.4M | -$4.0M |
| High Yield Fund Principal Funds, Inc | 2026-07-31 | $36.1M | $36.2M | -$23.4M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Senior Debt Portfolio ($22.4M), Invesco High Yield Fund ($7.9M), Putnam Diversified Income Trust ($3.1M), Invesco Corporate Bond Fund ($2.3M), Floating-Rate Portfolio ($2.1M), TCW Flexible Income ETF ($1.9M), THRIVENT MODERATE ALLOCATION PORTFOLIO ($1.9M), BlackRock Systematic Multi-Strategy Fund ($1.7M), Eaton Vance VT Floating-Rate Income Fund ($1.7M), Payden Absolute Return Bond Fund ($1.6M).
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 |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 10 | $223.7M | $222.4M | 0.78% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 9 | $158.4M | $158.1M | 0.98% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 10 | $92.9M | $92.4M | 0.82% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 6 | $74.4M | $73.6M | 0.97% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 7 | $49.3M | $48.8M | 0.66% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 6 | $45.4M | $44.7M | 0.92% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 9 | $36.4M | $36.4M | 1.04% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 10 | $25.1M | $25.1M | 1.05% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 2 | $23.4M | $23.5M | 1.06% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 10 | $22.4M | $22.4M | 0.88% |
| ANGL VanEck Fallen Angel High Yield Bond ETF | 2026-07-31 | 1 | $18.0M | $19.1M | 0.63% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $16.8M | $16.8M | 1.98% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 4 | $16.2M | $16.2M | 0.18% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 5 | $16.2M | $16.1M | 0.13% |
| PHYL PGIM Active High Yield Bond ETF | 2026-05-29 | 4 | $15.0M | $14.8M | 1.14% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.38: safer than 42% of companies (39th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $21.55B |
| Debt barrier (short-term + ½ long-term debt) | $6.70B |
| Equity volatility (1 year) | 42.0% |
| Asset value / asset volatility (solved) | $27.97B / 32.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 131 bp spread prices in about 2.2% 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'' = 2.25 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in THC'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 | 94 | $149.5M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 666 | $13.14B | 23 | $239.2M | 19 | $175.4M | 0 |
| 2026-03-31 | 671 | $11.49B | 26 | $103.8M | 22 | $92.9M | 0 |
| 2025-12-31 | 684 | $14.67B | 26 | $208.2M | 24 | $337.5M | 1 |
| 2025-09-30 | 666 | $15.35B | 26 | $299.7M | 27 | $390.3M | 1 |
| 2025-06-30 | 610 | $13.79B | 28 | $237.7M | 29 | $338.1M | 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.