Waste Connections, Inc. bonds WCN
Who owns Waste Connections, 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. WCN 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 |
|---|---|---|---|---|---|---|---|---|---|
| 941053AH3 | 4.25% fixed | 2028-12-01 | USD | 99.14 | 4.64% | 41 bp | 7 | $7.1M | Jul 2026 |
| 941053AJ9 | 3.5% fixed | 2029-05-01 | USD | 96.97 | 4.68% | 43 bp | 6 | $5.9M | Jul 2026 |
| 94106BAA9 | 2.6% fixed | 2030-02-01 | USD | 93.11 | 4.76% | 48 bp | 11 | $6.4M | Jul 2026 |
| 94106BAC5 | 2.2% fixed | 2032-01-15 | USD | 86.89 | 4.97% | 61 bp | 9 | $5.2M | Jul 2026 |
| 94106BAE1 | 3.2% fixed | 2032-06-01 | USD | 91.03 | 4.99% | 61 bp | 10 | $3.7M | Jul 2026 |
| 94106BAF8 | 4.2% fixed | 2033-01-15 | USD | 94.91 | 5.14% | 71 bp | 9 | $4.1M | Jul 2026 |
| 94106BAG6 | 5% fixed | 2034-03-01 | USD | 98.49 | 5.24% | 76 bp | 15 | $17.5M | Jul 2026 |
| 94106BAJ0 | 5.25% fixed | 2035-09-01 | USD | 99.51 | 5.32% | 76 bp | 10 | $67.5M | Jul 2026 |
| 94106BAK7 | 4.8% fixed | 2036-07-15 | USD | 95.56 | 5.38% | 78 bp | 21 | $34.6M | Jul 2026 |
| 94106BAM3 | 4.55% fixed | 2036-09-04 | CAD | 99.04 | 4.67% | — | 3 | $897K | Jul 2026 |
| 94106BAB7 | 3.05% fixed | 2050-04-01 | USD | 63.42 | 5.95% | 84 bp | 3 | $1.0M | Jul 2026 |
| 94106BAD3 | 2.95% fixed | 2052-01-15 | USD | 60.96 | 5.94% | 84 bp | 5 | $1.3M | 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 | 12 | $155.2M | 95.24 | 5.14% | 71 bp | 21 |
| Jun 2026 | 11 | $421.2M | 96.14 | 4.90% | 60 bp | 41 |
| May 2026 | 11 | $322.3M | 96.41 | 4.84% | 56 bp | 16 |
| Apr 2026 | 11 | $165.5M | 96.40 | 4.83% | 72 bp | 21 |
| Mar 2026 | 11 | $416.7M | 96.78 | 4.76% | 74 bp | 40 |
| Feb 2026 | 10 | $286.1M | 97.07 | 4.31% | 47 bp | 16 |
| Jan 2026 | 10 | $136.3M | 96.13 | 4.53% | 58 bp | 18 |
| Dec 2025 | 10 | $317.7M | 96.15 | 4.49% | 62 bp | 36 |
| Nov 2025 | 10 | $227.8M | 96.54 | 4.40% | 56 bp | 16 |
| Oct 2025 | 10 | $132.3M | 96.13 | 4.48% | 66 bp | 18 |
| Sep 2025 | 10 | $303.7M | 95.96 | 4.49% | 64 bp | 36 |
| Aug 2025 | 10 | $244.5M | 95.58 | 4.60% | 60 bp | 15 |
| Jul 2025 | 10 | $128.8M | 94.50 | 4.76% | 60 bp | 18 |
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, 32 cut, 14 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 | $113.8M | $97.2M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $99.8M | $97.0M | -$1.2M |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $102.9M | $93.1M | $1.7M |
| Core Fixed Income Fund Principal Funds, Inc | 2026-07-31 | $76.0M | $74.7M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $43.8M | $43.0M | $3.8M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $39.2M | $37.7M | -$455K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $30.1M | $27.3M | $935K |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $25.6M | $24.5M | $1.5M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $21.7M | $21.2M | $0 |
| Capital Group Central Corporate Bond Fund Capital Group Central Fund Series II | 2026-05-31 | $18.5M | $18.0M | new |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $18.6M | $16.5M | $2.1M |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $16.9M | $16.1M | $1.7M |
| Federated Hermes Total Return Bond Fund Federated Hermes Total Return Series, Inc. | 2026-05-31 | $16.5M | $16.1M | $0 |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $13.7M | $12.4M | $1.6M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $12.5M | $12.4M | $0 |
| LVIP Franklin Templeton Core Bond Fund LINCOLN VARIABLE INSURANCE PRODUCTS TRUST | 2026-06-30 | $11.3M | $11.2M | $0 |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.8M | $11.2M | $3.8M |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.1M | $9.9M | $6.9M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $9.8M | $9.5M | -$490K |
| VANGUARD WELLINGTON FUND | 2026-05-31 | $8.7M | $8.9M | $0 |
| Brookfield Infrastructure Income Fund Inc. | 2026-06-30 | $8.3M | $8.3M | $0 |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $9.0M | $7.9M | $1.5M |
| American Funds Strategic Bond Fund | 2026-06-30 | $7.7M | $7.5M | $0 |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | $7.1M | $7.1M | $0 |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $6.4M | $6.2M | $130K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): VOYA INTERMEDIATE BOND FUND ($4.6M), PIMCO Investment Grade Credit Bond Fund ($796K), VOYA INTERMEDIATE BOND PORTFOLIO ($386K), Western Asset SMASh Series Core Plus Completion Fund ($380K), Invesco Multi-Asset Income Fund ($340K), THRIVENT MODERATE ALLOCATION PORTFOLIO ($331K), Avantis Short-Term Fixed Income ETF ($291K), iShares ESG Aware U.S. Aggregate Bond ETF ($192K), AST Target Maturity Central Portfolio ($35K).
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 |
|---|---|---|---|---|---|
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 5 | $99.8M | $97.0M | 0.14% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 10 | $102.9M | $93.1M | 0.02% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $43.8M | $43.0M | 0.09% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 5 | $39.2M | $37.7M | 0.07% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 11 | $30.1M | $27.3M | 0.02% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 6 | $25.6M | $24.5M | 0.13% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $18.6M | $16.5M | 0.06% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 5 | $16.9M | $16.1M | 0.14% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 11 | $13.7M | $12.4M | 0.07% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 8 | $11.8M | $11.2M | 0.10% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 2 | $10.1M | $9.9M | 0.09% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $9.8M | $9.5M | 0.04% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 11 | $9.0M | $7.9M | 0.02% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 3 | $6.4M | $6.2M | 0.01% |
| IBDX iShares iBonds Dec 2032 Term Corporate ETF | 2026-07-31 | 2 | $5.9M | $5.2M | 0.30% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 10.85: safer than 84% of companies (85th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $41.82B |
| Debt barrier (short-term + ½ long-term debt) | $4.70B |
| Equity volatility (1 year) | 23.6% |
| Asset value / asset volatility (solved) | $46.32B / 21.3% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 71 bp spread prices in about 1.2% 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'' = 1.82 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in WCN'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 | 97 | $620.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 823 | $34.28B | 14 | $53.2M | 15 | $84.7M | 0 |
| 2026-03-31 | 769 | $28.79B | 10 | $25.9M | 14 | $65.9M | 0 |
| 2025-12-31 | 791 | $37.40B | 6 | $23.5M | 8 | $51.4M | 0 |
| 2025-09-30 | 733 | $36.13B | 9 | $12.5M | 14 | $197.9M | 0 |
| 2025-06-30 | 751 | $39.82B | 8 | $28.2M | 13 | $48.5M | 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.