United Airlines Holdings, Inc. bonds UAL
Who owns United Airlines Holdings, 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. UAL 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 |
|---|---|---|---|---|---|---|---|---|---|
| 90932QAA4 | 3.75% fixed | 2026-09-03 | USD | 99.94 | 4.35% | 62 bp | 8 | $8.1M | Jul 2026 |
| 90931GAA7 | 5.875% fixed | 2027-10-15 | USD | 100.98 | 5.02% | 94 bp | 20 | $16.7M | Jul 2026 |
| 90931MAA4 | 3.45% fixed | 2028-07-07 | USD | 96.71 | 5.26% | 105 bp | 2 | $2.8M | Jul 2026 |
| 910047AM1 | 4.875% fixed | 2029-03-01 | USD | 98.51 | 5.50% | 126 bp | 56 | $116.4M | Jul 2026 |
| 90932LAH0 | 4.625% fixed | 2029-04-15 | USD | 98.28 | 5.31% | 106 bp | 47 | $131.7M | Jul 2026 |
| 910047AL3 | 5.375% fixed | 2031-03-01 | USD | 98.74 | 5.69% | 138 bp | 74 | $138.2M | Jul 2026 |
| 90931CAA6 | 4.15% fixed | 2031-08-25 | USD | 96.77 | 4.88% | 54 bp | 10 | $5.5M | Jul 2026 |
| 90931EAA2 | 4.55% fixed | 2031-08-25 | USD | 95.63 | 5.55% | 122 bp | 6 | $8.4M | Jul 2026 |
| 90932JAA0 | 2.7% fixed | 2032-05-01 | USD | 90.55 | 4.59% | 21 bp | 12 | $11.6M | Jul 2026 |
| 90932LAJ6 | 5.8% fixed | 2036-01-15 | USD | 102.03 | 5.52% | 95 bp | 12 | $10.8M | Jul 2026 |
| 90932WAA1 | 5.45% fixed | 2037-02-15 | USD | 100.08 | 5.44% | 81 bp | 11 | $5.5M | Jul 2026 |
| 90932WAB9 | 5.875% fixed | 2037-02-15 | USD | 99.02 | 6.00% | 137 bp | 10 | $46.1M | 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 | 1 | $50K | 99.04 | 5.62% | 126 bp | 1 |
| Jul 2026 | 12 | $501.8M | 98.62 | 5.44% | 105 bp | 74 |
| Jun 2026 | 12 | $1.58B | 99.14 | 5.21% | 95 bp | 135 |
| May 2026 | 12 | $750.2M | 98.95 | 5.23% | 112 bp | 66 |
| Apr 2026 | 12 | $509.6M | 98.67 | 5.21% | 120 bp | 87 |
| Mar 2026 | 13 | $1.67B | 98.15 | 5.29% | 115 bp | 147 |
| Feb 2026 | 14 | $737.2M | 99.98 | 4.63% | 95 bp | 67 |
| Jan 2026 | 14 | $538.0M | 99.92 | 4.90% | 99 bp | 101 |
| Dec 2025 | 15 | $1.80B | 99.97 | 4.75% | 97 bp | 121 |
| Nov 2025 | 15 | $696.8M | 99.86 | 4.90% | 105 bp | 43 |
| Oct 2025 | 15 | $434.0M | 99.75 | 4.99% | 114 bp | 54 |
| Sep 2025 | 15 | $1.83B | 99.56 | 5.08% | 122 bp | 139 |
| Aug 2025 | 15 | $696.4M | 99.27 | 5.07% | 107 bp | 43 |
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. 114 added, 203 cut, 23 new holders and 45 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| Franklin Income Fund Franklin Custodian Funds | 2026-06-30 | $226.6M | $224.1M | $0 |
| Bond Fund John Hancock Sovereign Bond Fund | 2026-05-31 | $152.2M | $152.6M | -$7.7M |
| PIMCO Total Return Fund PIMCO FUNDS | 2026-06-30 | $112.4M | $114.1M | -$3.0M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | $107.8M | $109.5M | -$15.5M |
| PIMCO Income Fund PIMCO Funds | 2026-06-30 | $82.0M | $82.2M | -$5.8M |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $75.7M | $75.8M | -$8.4M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $69.7M | $70.4M | $2.5M |
| PGIM High Yield Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $60.8M | $60.1M | $4.7M |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $51.5M | $50.3M | -$230K |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $46.4M | $46.9M | -$596K |
| Lord Abbett Short Duration Income Fund LORD ABBETT INVESTMENT TRUST | 2026-05-31 | $42.2M | $42.5M | -$1.2M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $43.0M | $42.4M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $40.4M | $40.5M | $8.6M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $37.5M | $36.9M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $37.3M | $36.7M | $1.4M |
| Bridge Builder Core Plus Bond Fund Bridge Builder Trust | 2026-06-30 | $33.6M | $34.6M | -$350K |
| PGIM Short Duration High Yield Income Fund Prudential Investment Portfolios, Inc. 15 | 2026-05-29 | $32.8M | $32.4M | $1.4M |
| PIMCO Investment Grade Credit Bond Fund PIMCO FUNDS | 2026-06-30 | $29.9M | $29.9M | -$489K |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $28.1M | $27.9M | $23.9M |
| First Trust Smith Opportunistic Fixed Income ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $25.9M | $25.6M | $0 |
| Schwab Core Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $26.4M | $25.2M | $7.3M |
| Loomis Sayles Core Plus Bond Fund Natixis Funds Trust I | 2026-06-30 | $24.0M | $24.3M | $0 |
| First Trust Smith Unconstrained Bond ETF First Trust Exchange-Traded Fund VIII | 2026-05-31 | $23.9M | $23.7M | $0 |
| Investment Grade Bond Fund John Hancock Bond Trust | 2026-05-31 | $22.9M | $23.1M | $1.2M |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $20.9M | $21.6M | -$96K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): PIMCO High Yield Fund ($19.3M), CrossingBridge Low Duration High Income Fund ($6.4M), Select Bond Portfolio ($5.0M), Core Bond Fund ($3.0M), VANGUARD WELLINGTON FUND ($2.7M), Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust ($2.2M), Neuberger Strategic Income Fund ($2.1M), THRIVENT HIGH YIELD PORTFOLIO ($1.7M), THRIVENT HIGH YIELD FUND ($1.6M), Core Bond Trust ($1.3M).
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 |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 6 | $69.7M | $70.4M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $40.4M | $40.5M | 0.06% |
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 2 | $37.3M | $36.7M | 0.13% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 2 | $28.1M | $27.9M | 0.17% |
| FIXD First Trust Smith Opportunistic Fixed Income ETF | 2026-05-31 | 3 | $25.9M | $25.6M | 0.77% |
| SCCR Schwab Core Bond ETF | 2026-06-30 | 3 | $26.4M | $25.2M | 1.69% |
| UCON First Trust Smith Unconstrained Bond ETF | 2026-05-31 | 3 | $23.9M | $23.7M | 0.72% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 6 | $20.1M | $20.1M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 1 | $17.9M | $18.2M | 0.04% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 2 | $17.4M | $17.2M | 0.23% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 2 | $14.8M | $14.7M | 0.13% |
| SMTH ALPS | Smith Core Plus Bond ETF | 2026-05-31 | 3 | $14.0M | $13.9M | 0.50% |
| JHCR John Hancock Core Bond ETF | 2026-06-30 | 6 | $13.6M | $13.7M | 0.59% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $12.0M | $12.1M | 0.02% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 2 | $12.0M | $11.9M | 0.16% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 3.38: safer than 30% of companies (28th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $31.05B |
| Debt barrier (short-term + ½ long-term debt) | $14.32B |
| Equity volatility (1 year) | 48.0% |
| Asset value / asset volatility (solved) | $44.77B / 33.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 105 bp spread prices in about 1.8% 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'' = 0.66 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in UAL'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 | 128 | $223.7M | 0 | — | 1 | $11K | 0 |
| 2026-06-30 | 1,056 | $38.39B | 41 | $2.82B | 40 | $2.70B | 0 |
| 2026-03-31 | 961 | $22.03B | 43 | $1.65B | 50 | $2.62B | 0 |
| 2025-12-31 | 1,005 | $31.62B | 42 | $2.41B | 44 | $1.77B | 0 |
| 2025-09-30 | 904 | $27.76B | 44 | $2.05B | 50 | $1.84B | 0 |
| 2025-06-30 | 854 | $22.30B | 43 | $2.05B | 42 | $1.68B | 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.