Travel + Leisure Co. bonds TNL
Who owns Travel + Leisure Co.'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. TNL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 98310WAN8 | 6% fixed | 2027-04-01 | USD | 100.33 | 5.47% | 156 bp | 7 | $8.5M | Jul 2026 |
| 894164AA0 | 4.5% fixed | 2029-12-01 | USD | 96.36 | 5.71% | 144 bp | 27 | $77.7M | Jul 2026 |
| 98310WAQ1 | 4.625% fixed | 2030-03-01 | USD | 96.17 | 5.82% | 154 bp | 17 | $23.4M | Jul 2026 |
| U98340AC3 | 4.625% fixed | 2030-03-01 | USD | — | — | — | 2 | $862K | Jun 2026 |
| 894164AD4 | 6.25% fixed | 2031-06-01 | USD | 100.16 | 6.21% | 189 bp | 42 | $71.3M | Jul 2026 |
| 894164AC6 | 6.125% fixed | 2033-09-01 | USD | 98.20 | 6.44% | 198 bp | 28 | $27.8M | 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 | 5 | $208.7M | 98.20 | 6.02% | 171 bp | 42 |
| Jun 2026 | 6 | $431.3M | 98.97 | 5.84% | 166 bp | 48 |
| May 2026 | 5 | $131.0M | 98.29 | 5.94% | 182 bp | 27 |
| Apr 2026 | 5 | $208.2M | 99.11 | 5.68% | 181 bp | 28 |
| Mar 2026 | 6 | $345.6M | 98.72 | 5.90% | 212 bp | 40 |
| Feb 2026 | 5 | $137.2M | 100.33 | 5.19% | 160 bp | 23 |
| Jan 2026 | 5 | $219.5M | 100.38 | 5.26% | 157 bp | 27 |
| Dec 2025 | 6 | $289.5M | 100.94 | 5.18% | 156 bp | 34 |
| Nov 2025 | 5 | $133.5M | 100.66 | 5.25% | 163 bp | 22 |
| Oct 2025 | 5 | $212.1M | 100.74 | 5.33% | 172 bp | 26 |
| Sep 2025 | 6 | $283.0M | 99.77 | 5.48% | 186 bp | 34 |
| Aug 2025 | 6 | $133.2M | 100.22 | 5.44% | 169 bp | 24 |
| Jul 2025 | 5 | $199.0M | 100.05 | 5.54% | 163 bp | 25 |
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. 79 added, 29 cut, 51 new holders and 28 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| The Osterweis Strategic Income Fund Professionally Managed Portfolios | 2026-06-30 | $81.7M | $82.1M | new |
| American High Income Trust | 2026-06-30 | $49.1M | $48.3M | $19.8M |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $46.1M | $45.2M | $11.3M |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $30.1M | $29.3M | $0 |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $26.5M | $25.5M | $0 |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $23.7M | $23.8M | $22.6M |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $23.4M | $23.0M | $2.4M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $22.7M | $22.5M | $0 |
| Loomis Sayles Income Fund LOOMIS SAYLES FUNDS I | 2026-06-30 | $21.0M | $20.3M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $19.6M | $19.3M | $5.5M |
| Goldman Sachs High Yield Fund GOLDMAN SACHS TRUST | 2026-06-30 | $18.3M | $18.4M | $11.8M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $18.8M | $18.3M | -$235K |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $18.1M | $18.1M | -$978K |
| Income Fund of America | 2026-07-31 | $18.0M | $17.4M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $17.7M | $17.3M | $94K |
| AB HIGH INCOME FUND INC | 2026-07-31 | $17.8M | $17.2M | $2.5M |
| Loomis Sayles Strategic Income Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $16.5M | $16.0M | $0 |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $14.6M | $14.4M | $3.2M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | $13.4M | $13.5M | new |
| RIVERPARK SHORT TERM HIGH YIELD FUND RiverPark Funds Trust | 2026-06-30 | $11.9M | $11.9M | -$9.6M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.1M | $10.0M | -$2.3M |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $8.4M | $8.5M | new |
| iShares High Yield Systematic Bond ETF iShares Trust | 2026-05-31 | $7.9M | $7.7M | -$472K |
| Strategic Income Opportunities Fund John Hancock Funds II | 2026-05-31 | $7.2M | $7.0M | $1.5M |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $6.0M | $6.0M | $767K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): BrandywineGLOBAL - HIGH YIELD FUND ($46.4M), BrandywineGLOBAL - CORPORATE CREDIT FUND ($29.6M), iShares iBonds 2026 Term High Yield and Income ETF ($23.0M), VanEck Fallen Angel High Yield Bond ETF ($18.7M), Invesco BulletShares 2026 High Yield Corporate Bond ETF ($17.8M), iShares Fallen Angels USD Bond ETF ($13.0M), Brandes Separately Managed Account Reserve Trust Fund ($4.7M), Bond Fund of America ($4.0M), Invesco Bloomberg Enhanced Fallen Angels ETF ($3.0M), Virtus Seix High Yield Fund ($1.9M).
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 | 4 | $46.1M | $45.2M | 0.16% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 3 | $23.4M | $23.0M | 0.14% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 4 | $19.6M | $19.3M | 0.17% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 4 | $17.7M | $17.3M | 0.23% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 3 | $14.6M | $14.4M | 0.20% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 4 | $10.1M | $10.0M | 0.21% |
| HYDB iShares High Yield Systematic Bond ETF | 2026-05-31 | 1 | $7.9M | $7.7M | 0.47% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 3 | $6.0M | $6.0M | 0.17% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 4 | $5.3M | $5.3M | 0.31% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 4 | $4.8M | $4.7M | 0.20% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $4.6M | $4.6M | 0.54% |
| SYFI AB Short Duration High Yield ETF | 2026-05-31 | 2 | $4.1M | $4.0M | 0.44% |
| IBHG iShares iBonds 2027 Term High Yield and Income ETF | 2026-07-31 | 1 | $3.4M | $3.5M | 0.68% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 3 | $2.9M | $2.8M | 0.11% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 4 | $2.8M | $2.7M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 4.12: safer than 39% of companies (37th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $4.00B |
| Debt barrier (short-term + ½ long-term debt) | $2.84B |
| Equity volatility (1 year) | 36.0% |
| Asset value / asset volatility (solved) | $6.72B / 21.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 171 bp spread prices in about 2.9% 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'' = 4.64 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in TNL'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 | 46 | $84.0M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 466 | $4.49B | 8 | $59.7M | 11 | $48.2M | 1 |
| 2026-03-31 | 462 | $3.20B | 10 | $45.5M | 10 | $49.2M | 1 |
| 2025-12-31 | 433 | $3.91B | 4 | $1.3M | 9 | $28.1M | 1 |
| 2025-09-30 | 417 | $3.52B | 3 | $1.1M | 9 | $25.2M | 1 |
| 2025-06-30 | 409 | $3.15B | 5 | $1.5M | 10 | $14.5M | 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.