Twilio Inc. bonds TWLO
Who owns Twilio 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. TWLO 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 |
|---|---|---|---|---|---|---|---|---|---|
| 90138FAC6 | 3.625% fixed | 2029-03-15 | USD | 95.92 | 5.31% | 106 bp | 27 | $40.6M | Jul 2026 |
| 90138FAD4 | 3.875% fixed | 2031-03-15 | USD | 93.18 | 5.57% | 125 bp | 25 | $26.4M | 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 | $67.0M | 94.55 | 5.44% | 116 bp | 27 |
| Jun 2026 | 2 | $66.5M | 95.36 | 5.15% | 98 bp | 24 |
| May 2026 | 2 | $29.1M | 95.19 | 5.17% | 109 bp | 16 |
| Apr 2026 | 2 | $66.7M | 94.76 | 5.26% | 138 bp | 29 |
| Mar 2026 | 2 | $68.0M | 94.25 | 5.39% | 160 bp | 25 |
| Feb 2026 | 2 | $20.8M | 95.28 | 5.07% | 147 bp | 13 |
| Jan 2026 | 2 | $67.3M | 95.14 | 5.11% | 140 bp | 35 |
| Dec 2025 | 2 | $90.5M | 96.17 | 4.78% | 114 bp | 37 |
| Nov 2025 | 2 | $42.7M | 96.01 | 4.81% | 117 bp | 15 |
| Oct 2025 | 2 | $66.8M | 95.36 | 4.96% | 134 bp | 35 |
| Sep 2025 | 2 | $98.9M | 94.70 | 5.12% | 148 bp | 38 |
| Aug 2025 | 2 | $49.6M | 94.48 | 5.14% | 137 bp | 17 |
| Jul 2025 | 2 | $62.5M | 93.83 | 5.29% | 135 bp | 31 |
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. 21 added, 15 cut, 4 new holders and 4 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Intrepid Income Fund Intrepid Capital Management Funds Trust | 2026-06-30 | $41.4M | $39.1M | $7.0M |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $20.5M | $19.3M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $17.2M | $16.3M | -$820K |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $13.0M | $12.4M | $4.5M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $8.5M | $8.0M | $500K |
| Fidelity Advisor Capital and Income Fund Fidelity Advisor Series I | 2026-07-31 | $7.8M | $7.4M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $5.5M | $5.3M | $610K |
| Multi-Manager High Yield Bond Fund Goldman Sachs Trust II | 2026-07-31 | $5.4M | $5.2M | $603K |
| Lord Abbett High Yield Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $3.5M | $3.3M | new |
| State Street(R) Blackstone Senior Loan ETF SSGA Active Trust | 2026-06-30 | $3.1M | $3.0M | $1.6M |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $2.9M | $2.8M | -$462K |
| AMG GW&K ESG Bond Fund AMG Funds III | 2026-06-30 | $2.8M | $2.6M | $0 |
| PIMCO Multisector Bond Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $2.0M | $1.9M | new |
| Guggenheim Strategic Opportunities Fund | 2026-05-29 | $2.0M | $1.9M | $0 |
| Xtrackers USD High Yield BB-B ex Financials ETF DBX ETF Trust | 2026-05-31 | $1.9M | $1.8M | $115K |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $1.8M | $1.8M | $0 |
| PIMCO Diversified Income Fund PIMCO FUNDS | 2026-06-30 | $1.8M | $1.7M | $0 |
| PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $1.7M | $1.6M | -$99K |
| SIIT HIGH YIELD BOND FUND SEI INSTITUTIONAL INVESTMENTS TRUST | 2026-05-31 | $1.7M | $1.6M | $606K |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $1.4M | $1.4M | $32K |
| PIMCO High Yield Portfolio PIMCO VARIABLE INSURANCE TRUST | 2026-06-30 | $1.3M | $1.3M | $0 |
| Blackstone Strategic Credit 2027 Term Fund | 2026-06-30 | $1.2M | $1.1M | -$171K |
| Invesco BulletShares 2029 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $1.1M | $1.1M | $200K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $1.2M | $1.1M | $100K |
| Nuveen High Yield Corporate Bond ETF NuShares ETF Trust | 2026-07-31 | $1.2M | $1.1M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): PIMCO High Yield Fund ($9.2M), State Street(R) SPDR(R) Bloomberg High Yield Bond ETF ($3.4M), PIMCO High Yield and Short-Term Investments Portfolio ($125K), iShares Core 5-10 Year USD Bond ETF ($9K).
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 | $17.2M | $16.3M | 0.06% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $13.0M | $12.4M | 0.08% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 2 | $8.5M | $8.0M | 0.11% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $5.5M | $5.3M | 0.05% |
| SRLN State Street(R) Blackstone Senior Loan ETF | 2026-06-30 | 2 | $3.1M | $3.0M | 0.06% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 2 | $2.9M | $2.8M | 0.08% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 2 | $1.9M | $1.8M | 0.08% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 2 | $1.8M | $1.8M | 0.07% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 2 | $1.7M | $1.6M | 0.10% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $1.4M | $1.4M | 0.03% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 2 | $1.2M | $1.1M | 0.00% |
| HYBL State Street(R) Blackstone High Income ETF | 2026-06-30 | 1 | $1.1M | $1.1M | 0.19% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $885K | $850K | 0.17% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $625K | $593K | 0.11% |
| SIHY Harbor Ares Systematic High Yield ETF | 2026-07-31 | 2 | $550K | $524K | 0.35% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.03: safer than 66% of companies (66th percentile in Technology). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $39.69B |
| Debt barrier (short-term + ½ long-term debt) | $496.6M |
| Equity volatility (1 year) | 61.2% |
| Asset value / asset volatility (solved) | $40.17B / 60.5% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 116 bp spread prices in about 1.9% 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'' = 4.69 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in TWLO'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 | 136 | $440.3M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 954 | $28.06B | 29 | $562.8M | 36 | $780.6M | 0 |
| 2026-03-31 | 799 | $14.71B | 23 | $212.2M | 27 | $216.0M | 0 |
| 2025-12-31 | 856 | $18.89B | 32 | $554.4M | 40 | $558.5M | 1 |
| 2025-09-30 | 764 | $13.96B | 29 | $441.6M | 36 | $381.6M | 1 |
| 2025-06-30 | 809 | $16.23B | 32 | $402.2M | 39 | $558.5M | 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.