The phrase "holds bay" is spelled as /hoʊldz beɪ/. The first word, holds, is spelled with an "s" at the end, indicating the third person singular present tense form of the verb "to hold". Meanwhile, bay is spelled with a "y" at the end, indicating a noun referring to a body of water connected to an ocean. Together, the phrase "holds bay" may imply a maritime context, suggesting perhaps a location where a boat or ship is anchored, tethered, or docked in a bay.