Zimmer Biomet Holdings, Inc. bonds ZBH
Who owns Zimmer Biomet 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. ZBH 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 |
|---|---|---|---|---|---|---|---|---|---|
| 98956PAN2 | 2.425% fixed | 2026-12-13 | EUR | 99.80 | 2.94% | — | 1 | $40.3M | Jul 2026 |
| 98956PBA9 | 4.7% fixed | 2027-02-19 | USD | 100.17 | 4.37% | 51 bp | 12 | $95.9M | Jul 2026 |
| ACI1GSHM8 | 1.164% fixed | 2027-11-15 | EUR | 97.78 | 2.83% | — | 2 | $5.6M | Jun 2026 |
| 98956PAX0 | 5.35% fixed | 2028-12-01 | USD | 101.26 | 4.77% | 54 bp | 14 | $60.5M | Jul 2026 |
| 98956PBB7 | 5.05% fixed | 2030-02-19 | USD | 100.37 | 4.94% | 66 bp | 13 | $89.3M | Jul 2026 |
| 98956PAT9 | 3.55% fixed | 2030-03-20 | USD | 94.85 | 5.12% | 84 bp | 1 | $9K | Jul 2026 |
| 98956PAV4 | 2.6% fixed | 2031-11-24 | USD | 88.66 | 5.06% | 71 bp | 13 | $29.5M | Jul 2026 |
| 98956PAY8 | 3.518% fixed | 2032-12-15 | EUR | 98.08 | 3.86% | — | 3 | $18.3M | Jul 2026 |
| 98956PAZ5 | 5.2% fixed | 2034-09-15 | USD | 98.24 | 5.47% | 96 bp | 9 | $33.7M | Jul 2026 |
| 98956PBC5 | 5.5% fixed | 2035-02-19 | USD | 99.94 | 5.51% | 98 bp | 6 | $26.0M | Jul 2026 |
| 98956PAG7 | 4.25% fixed | 2035-08-15 | USD | 91.84 | 5.39% | 96 bp | 4 | $11.8M | Jun 2026 |
| 98956PAB8 | 5.75% fixed | 2039-11-30 | USD | 98.61 | 5.90% | 113 bp | 4 | $684K | Jul 2026 |
| 98956PAH5 | 4.45% fixed | 2045-08-15 | USD | 83.93 | 5.86% | 80 bp | 3 | $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 | 11 | $395.5M | 98.61 | 5.29% | 82 bp | 14 |
| Jun 2026 | 11 | $426.5M | 100.07 | 5.19% | 70 bp | 27 |
| May 2026 | 10 | $349.2M | 100.22 | 5.18% | 64 bp | 23 |
| Apr 2026 | 11 | $381.5M | 100.13 | 4.99% | 81 bp | 14 |
| Mar 2026 | 11 | $417.1M | 99.97 | 5.20% | 90 bp | 28 |
| Feb 2026 | 10 | $367.3M | 101.80 | 4.79% | 61 bp | 23 |
| Jan 2026 | 12 | $445.5M | 100.46 | 4.52% | 65 bp | 17 |
| Dec 2025 | 11 | $460.6M | 100.83 | 4.69% | 78 bp | 30 |
| Nov 2025 | 11 | $385.5M | 100.67 | 4.64% | 77 bp | 23 |
| Oct 2025 | 14 | $448.1M | 100.22 | 4.68% | 85 bp | 18 |
| Sep 2025 | 13 | $511.8M | 100.55 | 4.69% | 80 bp | 34 |
| Aug 2025 | 11 | $375.7M | 100.71 | 4.79% | 77 bp | 23 |
| Jul 2025 | 14 | $444.1M | 99.67 | 4.95% | 78 bp | 19 |
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. 46 added, 30 cut, 9 new holders and 6 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $106.7M | $107.4M | $0 |
| JPMorgan Ultra-Short Income ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $81.1M | $81.4M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $78.7M | $74.2M | -$252K |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $74.7M | $71.4M | $0 |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $62.5M | $63.4M | $0 |
| VANGUARD ULTRA-SHORT-TERM BOND FUND VANGUARD FIXED INCOME SECURITIES FUNDS | 2026-07-31 | $54.0M | $54.3M | $16.5M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $50.3M | $48.3M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $50.3M | $48.0M | $1.4M |
| Baird Aggregate Bond Fund Baird Funds Inc | 2026-06-30 | $42.0M | $42.1M | $0 |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $41.1M | $41.7M | $2.6M |
| PGIM Total Return Bond Fund Prudential Investment Portfolios, Inc. 17 | 2026-07-31 | $35.0M | $40.3M | $0 |
| Baird Core Plus Bond Fund Baird Funds Inc | 2026-06-30 | $32.4M | $32.5M | $0 |
| PIMCO Long Duration Credit Bond Portfolio PIMCO FUNDS | 2026-06-30 | $31.0M | $31.5M | $0 |
| First Trust Enhanced Short Maturity ETF First Trust Exchange-Traded Fund IV | 2026-07-31 | $30.0M | $30.1M | $0 |
| VANGUARD ULTRA-SHORT BOND ETF VANGUARD BOND INDEX FUNDS | 2026-06-30 | $21.6M | $21.6M | $0 |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $21.1M | $19.9M | -$565K |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $19.3M | $18.8M | -$1.8M |
| JPMorgan Managed Income Fund JPMorgan Trust I | 2026-05-31 | $16.4M | $16.5M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $16.2M | $15.6M | -$88K |
| BlackRock Systematic Multi-Strategy Fund BlackRock Funds IV | 2026-06-30 | $15.1M | $15.2M | $0 |
| Transamerica Short-Term Bond TRANSAMERICA FUNDS | 2026-07-31 | $14.7M | $14.8M | $0 |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $12.0M | $12.1M | $3.5M |
| Ultra-Short Fixed Income Fund Northern Funds | 2026-06-30 | $10.9M | $10.9M | $5.5M |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $10.7M | $10.4M | $875K |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND VANGUARD CHARLOTTE FUNDS | 2026-07-31 | $9.1M | $10.3M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): JPMorgan Core Plus Bond Fund ($11.4M), JPMorgan Core Plus Bond ETF ($5.8M), Strategic Advisers Core Income Fund ($855K), Variable Portfolio - Partners Core Bond Fund ($528K), Voya Multi-Sector Income ETF ($35K), Symmetry Panoramic US Systematic Fixed Income Fund ($22K).
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 |
|---|---|---|---|---|---|
| JPST JPMorgan Ultra-Short Income ETF | 2026-05-31 | 1 | $81.1M | $81.4M | 0.21% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 3 | $78.7M | $74.2M | 0.11% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 7 | $50.3M | $48.0M | 0.01% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $41.1M | $41.7M | 0.08% |
| FTSM First Trust Enhanced Short Maturity ETF | 2026-07-31 | 1 | $30.0M | $30.1M | 0.46% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 1 | $21.6M | $21.6M | 0.24% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 3 | $21.1M | $19.9M | 0.04% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 7 | $19.3M | $18.8M | 0.01% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $16.2M | $15.6M | 0.09% |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2026-06-30 | 1 | $12.0M | $12.1M | 0.07% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 3 | $10.7M | $10.4M | 0.09% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 9 | $9.3M | $9.0M | 0.05% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 3 | $8.5M | $8.6M | 0.04% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 1 | $6.9M | $7.8M | 0.01% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 2 | $7.3M | $7.4M | 0.01% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 6.06: safer than 59% of companies (55th percentile in Healthcare). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $18.11B |
| Debt barrier (short-term + ½ long-term debt) | $4.34B |
| Equity volatility (1 year) | 33.3% |
| Asset value / asset volatility (solved) | $22.27B / 27.1% |
| 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 = 2.46 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in ZBH'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 | 111 | $127.4M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 892 | $16.39B | 13 | $32.5M | 12 | $32.2M | 0 |
| 2026-03-31 | 891 | $13.58B | 13 | $30.8M | 9 | $27.1M | 0 |
| 2025-12-31 | 925 | $15.81B | 14 | $61.3M | 14 | $26.5M | 0 |
| 2025-09-30 | 950 | $16.85B | 14 | $43.5M | 12 | $27.8M | 0 |
| 2025-06-30 | 922 | $15.78B | 17 | $51.2M | 12 | $25.6M | 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.