Yum! Brands, Inc. bonds YUM
Who owns Yum! Brands, 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. YUM 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 |
|---|---|---|---|---|---|---|---|---|---|
| 48250NAC9 | 4.75% fixed | 2027-06-01 | USD | 99.64 | 5.19% | 121 bp | 20 | $80.1M | Jul 2026 |
| 988498AL5 | 4.75% fixed | 2030-01-15 | USD | 97.84 | 5.44% | 116 bp | 24 | $95.8M | Jul 2026 |
| 988498AN1 | 3.625% fixed | 2031-03-15 | USD | 92.30 | 5.53% | 122 bp | 26 | $129.9M | Jul 2026 |
| 988498AP6 | 4.625% fixed | 2032-01-31 | USD | 95.01 | 5.69% | 133 bp | 20 | $102.1M | Jul 2026 |
| 988498AR2 | 5.375% fixed | 2032-04-01 | USD | 98.68 | 5.65% | 128 bp | 19 | $68.8M | Jul 2026 |
| 988498AD3 | 6.875% fixed | 2037-11-15 | USD | 105.96 | 6.13% | 147 bp | 14 | $45.8M | Jul 2026 |
| 988498AK7 | 5.35% fixed | 2043-11-01 | USD | 91.97 | 6.11% | 114 bp | 10 | $28.4M | 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 | 7 | $550.9M | 97.84 | 5.67% | 125 bp | 26 |
| Jun 2026 | 7 | $1.05B | 98.36 | 5.51% | 117 bp | 56 |
| May 2026 | 7 | $181.0M | 98.61 | 5.40% | 113 bp | 23 |
| Apr 2026 | 7 | $557.6M | 98.99 | 5.36% | 123 bp | 28 |
| Mar 2026 | 7 | $1.05B | 98.40 | 5.54% | 147 bp | 55 |
| Feb 2026 | 7 | $209.9M | 99.88 | 4.96% | 119 bp | 30 |
| Jan 2026 | 7 | $569.1M | 99.77 | 5.06% | 112 bp | 29 |
| Dec 2025 | 7 | $1.07B | 99.88 | 5.00% | 119 bp | 51 |
| Nov 2025 | 7 | $227.2M | 100.08 | 4.91% | 109 bp | 30 |
| Oct 2025 | 7 | $583.8M | 99.73 | 5.07% | 130 bp | 30 |
| Sep 2025 | 7 | $1.08B | 99.45 | 5.17% | 132 bp | 43 |
| Aug 2025 | 7 | $241.3M | 99.26 | 5.24% | 124 bp | 34 |
| Jul 2025 | 7 | $571.5M | 98.56 | 5.41% | 123 bp | 29 |
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. 43 added, 45 cut, 15 new holders and 21 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| T. Rowe Price Capital Appreciation Fund T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | 2026-06-30 | $589.5M | $576.8M | $0 |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $144.7M | $138.7M | $0 |
| JNL/T. Rowe Price Capital Appreciation Fund JNL Series Trust | 2026-06-30 | $135.7M | $132.4M | $5.3M |
| VANGUARD HIGH-YIELD CORPORATE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $120.2M | $115.3M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $83.6M | $80.5M | -$8.6M |
| VY(R) T. ROWE PRICE CAPITAL APPRECIATION PORTFOLIO Voya Investors Trust | 2026-06-30 | $65.4M | $63.8M | $0 |
| iShares iBoxx $ High Yield Corporate Bond ETF iShares Trust | 2026-05-31 | $54.4M | $52.9M | -$5.1M |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $45.6M | $44.3M | $2.6M |
| Penn Series Flexibly Managed Fund Penn Series Funds Inc | 2026-06-30 | $42.9M | $42.0M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $35.5M | $34.4M | -$243K |
| VanEck Fallen Angel High Yield Bond ETF VanEck ETF Trust | 2026-07-31 | $29.7M | $29.6M | $745K |
| PIMCO High Yield Fund PIMCO FUNDS | 2026-06-30 | $23.6M | $22.5M | $0 |
| T. Rowe Price High Yield Fund, Inc. T. ROWE PRICE HIGH YIELD FUND, INC. | 2026-05-31 | $20.6M | $21.6M | -$700K |
| iShares Fallen Angels USD Bond ETF iShares Trust | 2026-07-31 | $20.4M | $20.3M | -$2.7M |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $19.9M | $19.0M | -$600K |
| Loomis Sayles Investment Grade Bond Fund LOOMIS SAYLES FUNDS II | 2026-06-30 | $17.4M | $16.7M | $0 |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $12.7M | $12.4M | $0 |
| Capital Appreciation Value Fund John Hancock Funds II | 2026-05-31 | $12.1M | $11.9M | $2.7M |
| Xtrackers USD High Yield Corporate Bond ETF DBX ETF Trust | 2026-05-29 | $11.9M | $11.6M | -$945K |
| Fidelity Capital and Income Fund Fidelity Summer Street Trust | 2026-07-31 | $12.0M | $11.4M | $0 |
| Eaton Vance Income Fund of Boston Eaton Vance Series Trust II | 2026-07-31 | $12.0M | $11.1M | $0 |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $10.6M | $10.3M | -$1.8M |
| Xtrackers USD High Yield BB-B ex Financials ETF DBX ETF Trust | 2026-05-31 | $10.5M | $10.3M | $924K |
| Schwab High Yield Bond ETF SCHWAB STRATEGIC TRUST | 2026-05-31 | $9.0M | $9.0M | $300K |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $8.6M | $8.6M | $1.3M |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Virtus Income & Growth Fund ($5.3M), Goldman Sachs High Yield Fund ($4.7M), JPMorgan High Yield Fund ($2.2M), Fidelity Total Bond Fund ($2.1M), Columbia High Yield Bond Fund ($1.8M), Fidelity SAI Total Bond Fund ($1.1M), THE HARTFORD HIGH YIELD FUND ($1.1M), Columbia Income Opportunities Fund ($1.1M), Fidelity Sustainable High Yield ETF ($967K), Fidelity Total Bond ETF ($872K).
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 | 6 | $83.6M | $80.5M | 0.28% |
| HYG iShares iBoxx $ High Yield Corporate Bond ETF | 2026-05-31 | 5 | $54.4M | $52.9M | 0.33% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 7 | $35.5M | $34.4M | 0.30% |
| ANGL VanEck Fallen Angel High Yield Bond ETF | 2026-07-31 | 2 | $29.7M | $29.6M | 0.97% |
| FALN iShares Fallen Angels USD Bond ETF | 2026-07-31 | 2 | $20.4M | $20.3M | 1.26% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 3 | $19.9M | $19.0M | 0.25% |
| HYLB Xtrackers USD High Yield Corporate Bond ETF | 2026-05-29 | 4 | $11.9M | $11.6M | 0.33% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 3 | $10.6M | $10.3M | 0.21% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 7 | $10.5M | $10.3M | 0.43% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 6 | $9.0M | $9.0M | 0.35% |
| BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF | 2026-05-31 | 1 | $8.6M | $8.6M | 1.01% |
| FTSL First Trust Senior Loan Fund | 2026-07-31 | 1 | $7.8M | $7.7M | 0.33% |
| HYLS First Trust Tactical High Yield ETF | 2026-07-31 | 1 | $7.0M | $6.9M | 0.43% |
| IBHG iShares iBonds 2027 Term High Yield and Income ETF | 2026-07-31 | 1 | $6.4M | $6.4M | 1.26% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 1 | $5.8M | $6.1M | 0.18% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 9.03: safer than 77% of companies (76th percentile in Consumer Cyclical). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $40.91B |
| Debt barrier (short-term + ½ long-term debt) | $7.54B |
| Equity volatility (1 year) | 24.4% |
| Asset value / asset volatility (solved) | $48.14B / 20.8% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 125 bp spread prices in about 2.1% 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'' = -2.26 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in YUM'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 | 204 | $594.2M | 0 | — | 1 | $423K | 0 |
| 2026-06-30 | 1,424 | $36.39B | 17 | $71.9M | 20 | $585.6M | 0 |
| 2026-03-31 | 1,424 | $28.39B | 24 | $72.1M | 20 | $352.7M | 0 |
| 2025-12-31 | 1,388 | $32.86B | 22 | $160.8M | 24 | $226.6M | 1 |
| 2025-09-30 | 1,320 | $31.95B | 25 | $175.9M | 25 | $267.1M | 1 |
| 2025-06-30 | 1,326 | $32.61B | 33 | $217.4M | 31 | $265.0M | 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.