TriNet Group, Inc. bonds TNET
Who owns TriNet Group, 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. TNET 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 |
|---|---|---|---|---|---|---|---|---|---|
| 896288AA5 | 3.5% fixed | 2029-03-01 | USD | 94.39 | 5.87% | 163 bp | 24 | $46.4M | Jul 2026 |
| 896288AC1 | 7.125% fixed | 2031-08-15 | USD | 101.41 | 6.79% | 246 bp | 22 | $31.1M | 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 |
|---|---|---|---|---|---|---|
| Jul 2026 | 2 | $77.4M | 97.90 | 6.33% | 204 bp | 24 |
| Jun 2026 | 2 | $104.1M | 97.37 | 6.44% | 226 bp | 40 |
| May 2026 | 2 | $28.9M | 97.08 | 6.53% | 243 bp | 22 |
| Apr 2026 | 2 | $85.9M | 96.12 | 6.76% | 287 bp | 26 |
| Mar 2026 | 2 | $75.8M | 93.80 | 7.47% | 367 bp | 36 |
| Feb 2026 | 2 | $36.3M | 93.40 | 7.58% | 396 bp | 24 |
| Jan 2026 | 2 | $102.0M | 98.74 | 5.97% | 224 bp | 32 |
| Dec 2025 | 2 | $61.2M | 98.82 | 5.93% | 226 bp | 37 |
| Nov 2025 | 2 | $39.6M | 98.99 | 5.88% | 223 bp | 25 |
| Oct 2025 | 2 | $108.9M | 98.84 | 5.93% | 229 bp | 29 |
| Sep 2025 | 2 | $72.6M | 98.46 | 6.00% | 234 bp | 30 |
| Aug 2025 | 2 | $47.0M | 98.83 | 5.91% | 212 bp | 27 |
| Jul 2025 | 2 | $105.1M | 97.97 | 6.11% | 214 bp | 28 |
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. 29 added, 18 cut, 7 new holders and 11 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Artisan High Income Fund Artisan Partners Funds Inc. | 2026-06-30 | $33.6M | $32.0M | $19.3M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $18.0M | $17.5M | $2.4M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $11.1M | $11.2M | $0 |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $10.2M | $9.6M | new |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $8.9M | $8.4M | $0 |
| MFS High Income Fund MFS Series Trust III | 2026-07-31 | $7.5M | $7.2M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.5M | $7.2M | $1.7M |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $7.0M | $6.6M | $0 |
| JPMorgan Active High Yield ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $6.4M | $6.5M | $80K |
| High Yield Fund John Hancock Bond Trust | 2026-05-31 | $6.0M | $6.1M | $1.6M |
| JPMorgan High Yield Fund JPMorgan Trust II | 2026-05-31 | $5.8M | $5.8M | $72K |
| Loomis Sayles Income Fund LOOMIS SAYLES FUNDS I | 2026-06-30 | $5.8M | $5.5M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $4.6M | $4.3M | -$25K |
| Fidelity Advisor Strategic Income Fund Fidelity Advisor Series II | 2026-06-30 | $4.5M | $4.3M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.5M | $4.2M | -$24K |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $3.5M | $3.5M | $0 |
| Loomis Sayles Global Allocation Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $3.0M | $2.8M | $0 |
| FlexShares High Yield Value - Scored Bond Index Fund FlexShares Trust | 2026-07-31 | $2.9M | $2.8M | -$3.7M |
| Guggenheim Total Return Bond Fund Guggenheim Funds Trust | 2026-06-30 | $2.7M | $2.7M | $0 |
| Loomis Sayles High Income Opportunities Fund LOOMIS SAYLES FUNDS I | 2026-06-30 | $2.9M | $2.7M | $0 |
| Guggenheim Macro Opportunities Fund Guggenheim Funds Trust | 2026-06-30 | $2.2M | $2.2M | $0 |
| JPMorgan Income Builder Fund JPMorgan Trust I | 2026-07-31 | $2.1M | $2.2M | $32K |
| MFS High Yield Pooled Portfolio MFS Series Trust III | 2026-07-31 | $2.1M | $2.1M | $73K |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $2.1M | $2.0M | $351K |
| Loomis Sayles Strategic Income Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $2.1M | $2.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): iShares High Yield Systematic Bond ETF ($6.4M), Victory Core Plus Intermediate Bond Fund ($3.6M), Lord Abbett High Yield Fund ($2.7M), VictoryShares Core Plus Bond ETF ($2.2M), Victory Short-Term Bond Fund ($2.1M), First Trust High Yield Opportunities 2027 Term Fund ($1.5M), AB Short Duration High Yield ETF ($1.4M), MFS MULTIMARKET INCOME TRUST ($630K), Janus Henderson Multi-Sector Income Fund ($305K), AB High Yield ETF ($202K).
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 | 2 | $18.0M | $17.5M | 0.06% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $7.5M | $7.2M | 0.06% |
| JPHY JPMorgan Active High Yield ETF | 2026-05-31 | 1 | $6.4M | $6.5M | 0.29% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $4.6M | $4.3M | 0.06% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $4.5M | $4.2M | 0.09% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 2 | $2.9M | $2.8M | 0.25% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $2.1M | $2.0M | 0.08% |
| USTB VictoryShares Short-Term Bond ETF | 2026-06-30 | 1 | $2.1M | $2.0M | 0.09% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $2.1M | $1.9M | 0.11% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $1.8M | $1.8M | 0.07% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 1 | $1.6M | $1.6M | 0.03% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.1M | $1.1M | 0.00% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $827K | $781K | 0.16% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 2 | $700K | $675K | 0.45% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $573K | $560K | 0.11% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.70: safer than 46% of companies (44th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $3.17B |
| Debt barrier (short-term + ½ long-term debt) | $448.0M |
| Equity volatility (1 year) | 49.1% |
| Asset value / asset volatility (solved) | $3.60B / 43.2% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 204 bp spread prices in about 3.4% 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'' = 0.17 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in TNET'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 | 24 | $10.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 272 | $2.16B | 3 | $1.5M | 5 | $2.2M | 0 |
| 2026-03-31 | 234 | $1.48B | 1 | $4K | 6 | $6.3M | 0 |
| 2025-12-31 | 252 | $2.65B | 4 | $2.2M | 6 | $5.0M | 0 |
| 2025-09-30 | 256 | $3.05B | 3 | $2.1M | 4 | $3.4M | 0 |
| 2025-06-30 | 248 | $3.37B | 3 | $3.3M | 4 | $4.3M | 0 |
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.