United Parcel Service, Inc. bonds UPS
Who owns United Parcel Service, 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. UPS 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 |
|---|---|---|---|---|---|---|---|---|---|
| 911312AY2 | 2.4% fixed | 2026-11-15 | USD | 99.47 | 4.24% | 49 bp | 2 | $7.4M | Jul 2026 |
| 911312BM7 | 3.05% fixed | 2027-11-15 | USD | 98.37 | 4.36% | 26 bp | 8 | $15.9M | Jul 2026 |
| 911312AX4 | 1% fixed | 2028-11-15 | EUR | 94.75 | 3.42% | — | 2 | $12.0M | Jul 2026 |
| 911312BR6 | 3.4% fixed | 2029-03-15 | USD | 97.02 | 4.62% | 37 bp | 7 | $8.4M | Jul 2026 |
| 911312BU9 | 2.5% fixed | 2029-09-01 | USD | 93.94 | 4.63% | 37 bp | 6 | $5.2M | Jul 2026 |
| 911312BY1 | 4.45% fixed | 2030-04-01 | USD | 99.30 | 4.66% | 37 bp | 10 | $6.1M | Jul 2026 |
| 911312CH7 | 4.65% fixed | 2030-10-15 | USD | 99.70 | 4.73% | 42 bp | 8 | $3.9M | Jul 2026 |
| 911312BE5 | 1.5% fixed | 2032-11-15 | EUR | 87.86 | 3.70% | — | 2 | $1.9M | Jul 2026 |
| 911312BZ8 | 4.875% fixed | 2033-03-03 | USD | 99.90 | 4.89% | 46 bp | 7 | $5.1M | Jul 2026 |
| 911312CD6 | 5.15% fixed | 2034-05-22 | USD | 100.47 | 5.08% | 58 bp | 7 | $4.6M | Jul 2026 |
| 911312CJ3 | 5.25% fixed | 2035-05-14 | USD | 100.21 | 5.22% | 68 bp | 16 | $8.9M | Jul 2026 |
| 911312AJ5 | 6.2% fixed | 2038-01-15 | USD | 106.29 | 5.45% | 78 bp | 7 | $10.7M | Jul 2026 |
| 911312BV7 | 5.2% fixed | 2040-04-01 | USD | 96.49 | 5.57% | 78 bp | 6 | $11.2M | Jul 2026 |
| 911312AN6 | 4.88% fixed | 2040-11-15 | USD | 92.17 | 5.69% | 87 bp | 6 | $11.4M | Jul 2026 |
| 911312AR7 | 3.63% fixed | 2042-10-01 | USD | 76.50 | 5.91% | 99 bp | 3 | $967K | Jul 2026 |
| 911312AZ9 | 3.4% fixed | 2046-11-15 | USD | 69.07 | 6.07% | 96 bp | 4 | $1.1M | Jul 2026 |
| 911312BN5 | 3.75% fixed | 2047-11-15 | USD | 72.32 | 6.09% | 98 bp | 4 | $2.9M | Jul 2026 |
| 911312BQ8 | 4.25% fixed | 2049-03-15 | USD | 77.39 | 6.11% | 100 bp | 6 | $8.2M | Jul 2026 |
| 911312BS4 | 3.4% fixed | 2049-09-01 | USD | 66.77 | 6.10% | 100 bp | 4 | $4.4M | Jul 2026 |
| EG4481933 | 5.125% fixed | 2050-02-12 | GBP | 84.66 | 6.39% | — | 2 | $742K | Jul 2026 |
| 911312BW5 | 5.3% fixed | 2050-04-01 | USD | 90.54 | 6.06% | 95 bp | 9 | $3.0M | Jul 2026 |
| 911312CA2 | 5.05% fixed | 2053-03-03 | USD | 86.08 | 6.12% | 101 bp | 5 | $2.7M | Jul 2026 |
| 911312CE4 | 5.5% fixed | 2054-05-22 | USD | 91.88 | 6.11% | 101 bp | 8 | $19.2M | Jul 2026 |
| 911312CK0 | 5.95% fixed | 2055-05-14 | USD | 97.80 | 6.11% | 101 bp | 8 | $6.3M | Jul 2026 |
| 911312CF1 | 5.6% fixed | 2064-05-22 | USD | 91.60 | 6.18% | 108 bp | 3 | $1.2M | Jul 2026 |
| 911312CL8 | 6.05% fixed | 2065-05-14 | USD | 97.66 | 6.21% | 111 bp | 9 | $6.8M | 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 | 26 | $170.3M | 94.34 | 5.63% | 82 bp | 16 |
| Jun 2026 | 24 | $616.1M | 97.94 | 5.37% | 70 bp | 31 |
| May 2026 | 23 | $649.2M | 97.56 | 5.34% | 64 bp | 25 |
| Apr 2026 | 26 | $169.7M | 95.39 | 5.33% | 79 bp | 16 |
| Mar 2026 | 24 | $596.9M | 98.13 | 5.35% | 85 bp | 30 |
| Feb 2026 | 23 | $660.1M | 99.09 | 4.98% | 60 bp | 25 |
| Jan 2026 | 26 | $176.7M | 96.81 | 5.17% | 72 bp | 17 |
| Dec 2025 | 24 | $597.9M | 98.68 | 5.19% | 76 bp | 33 |
| Nov 2025 | 23 | $658.6M | 98.67 | 5.07% | 71 bp | 24 |
| Oct 2025 | 26 | $232.7M | 98.36 | 5.07% | 81 bp | 16 |
| Sep 2025 | 23 | $620.7M | 98.38 | 5.18% | 76 bp | 33 |
| Aug 2025 | 23 | $708.1M | 98.12 | 5.29% | 81 bp | 26 |
| Jul 2025 | 26 | $247.2M | 95.54 | 5.44% | 79 bp | 17 |
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. 51 added, 38 cut, 3 new holders and 9 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $240.3M | $235.8M | $7.5M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $196.6M | $184.5M | $1.7M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $92.1M | $94.0M | $5.0M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $93.4M | $90.7M | -$15.2M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $89.8M | $85.5M | -$1.0M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $78.5M | $77.3M | $13.7M |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $41.4M | $41.3M | $2.2M |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $38.2M | $35.8M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $35.8M | $34.0M | -$440K |
| VANGUARD LONG-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $36.0M | $31.0M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $22.8M | $23.3M | $793K |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $21.7M | $22.0M | $247K |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $23.9M | $22.0M | $4.0M |
| Fidelity Series Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $21.8M | $21.3M | $0 |
| Federated Hermes Total Return Bond Fund Federated Hermes Total Return Series, Inc. | 2026-05-31 | $18.0M | $18.2M | $0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $17.6M | $17.4M | -$955K |
| VANGUARD LONG-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $18.9M | $17.3M | $145K |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $16.3M | $16.6M | $1.7M |
| Nuveen Bond Index Fund TIAA-CREF Funds | 2026-06-30 | $13.1M | $12.2M | $0 |
| VANGUARD BALANCED INDEX FUND VANGUARD VALLEY FORGE FUNDS | 2026-06-30 | $12.4M | $12.0M | $800K |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.7M | $11.6M | -$272K |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $11.6M | $11.4M | $1.0M |
| iShares 10+ Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.0M | $11.1M | -$645K |
| iShares U.S. Long Credit Bond Index Fund BlackRock Funds | 2026-07-31 | $11.6M | $10.2M | $900K |
| Invesco BulletShares 2027 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $10.2M | $10.0M | $153K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Federated Hermes Corporate Bond Fund ($3.7M), THRIVENT INCOME FUND ($2.6M), THRIVENT INCOME PORTFOLIO ($2.4M), Strategic Advisers Core Income Fund ($430K), Invesco Multi-Asset Income Fund ($340K), Strategic Allocation: Moderate Fund ($87K), Strategic Allocation: Conservative Fund ($48K), iShares Total Return Active ETF ($30K), Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF ($12K).
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 | 20 | $196.6M | $184.5M | 0.05% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $92.1M | $94.0M | 0.14% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 12 | $93.4M | $90.7M | 0.30% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 22 | $89.8M | $85.5M | 0.06% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $78.5M | $77.3M | 0.15% |
| VCLT VANGUARD LONG-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 14 | $41.4M | $41.3M | 0.45% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 22 | $35.8M | $34.0M | 0.20% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $22.8M | $23.3M | 0.13% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $21.7M | $22.0M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 22 | $23.9M | $22.0M | 0.05% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $17.6M | $17.4M | 0.08% |
| BLV VANGUARD LONG-TERM BOND INDEX FUND | 2026-06-30 | 12 | $18.9M | $17.3M | 0.20% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $16.3M | $16.6M | 0.14% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 7 | $11.7M | $11.6M | 0.10% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $11.6M | $11.4M | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 7.28: safer than 68% of companies (69th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $73.04B |
| Debt barrier (short-term + ½ long-term debt) | $12.56B |
| Equity volatility (1 year) | 30.7% |
| Asset value / asset volatility (solved) | $85.07B / 26.4% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 82 bp spread prices in about 1.4% 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'' = 2.02 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in UPS'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 | 372 | $905.7M | 3 | $4.6M | 3 | $2.7M | 0 |
| 2026-06-30 | 2,134 | $55.99B | 59 | $1.67B | 55 | $1.74B | 1 |
| 2026-03-31 | 2,099 | $41.11B | 57 | $1.62B | 51 | $1.86B | 3 |
| 2025-12-31 | 2,111 | $48.50B | 55 | $1.95B | 55 | $2.39B | 3 |
| 2025-09-30 | 1,938 | $38.57B | 60 | $1.99B | 52 | $2.14B | 2 |
| 2025-06-30 | 2,106 | $49.26B | 53 | $1.62B | 51 | $1.81B | 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.