Belgium government bonds
Belgium's bonds as US funds mark them in their filings (SEC Form N-PORT), by currency. Fund marks as of Jul 2026; they lag the market by about two months.
By currency
| Bonds | Measured against | Count | Spread | 10-year spread | Priced-in 5y odds | 1-month change | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|
| EUR Euro members, euro bonds (vs German Bunds) | vs German Bunds | 38 | 49 bp | 49 bp | 4.0% | +2 bp | 3.69% | $4.75B |
| USD Developed markets, US-dollar bonds | vs US Treasuries | 2 | n/a | — | — | — | — | $49.2M |
Priced-in odds = spread ÷ (1 − 40% recovery) over five years; it includes a risk premium and overstates actual defaults. Own-currency bonds get a yield and no odds: a government can print its own currency.
EUR spread history
Median spread vs German Bunds, month-ends with complete filings. Fund-reported.
Belgium's EUR curve
Yield to maturity of each EUR bond US funds hold (78 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Belgium's debt
Fund series holding Belgium's government and government-related bonds in their latest quarterly report: 89 now, 87 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 65 | $2.99B | $3.10B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 65 | $2.50B | $2.59B |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 27 | $813.2M | $809.0M |
| DFA FIVE-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 4 | $283.3M | $293.9M |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 71 | $170.9M | $176.4M |
| Six Circles Global Bond Fund | 2026-06-30 | 57 | $171.4M | $176.0M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 1 | $161.8M | $169.1M |
| American Funds Global Balanced Fund | 2026-07-31 | 5 | $131.1M | $146.7M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 43 | $94.0M | $102.9M |
| DFA TWO-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 2 | $80.8M | $92.8M |
| iShares International Treasury Bond ETF | 2026-07-31 | 36 | $68.3M | $69.8M |
| State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 36 | $47.9M | $50.2M |
| Frost Total Return Bond Fund | 2026-07-31 | 2 | $50.0M | $47.1M |
| Capital World Bond Fund | 2026-06-30 | 15 | $39.1M | $43.5M |
| Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 9 | $37.8M | $39.6M |
| iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 4 | $33.2M | $37.5M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 14 | $30.3M | $33.1M |
| DFA Global Core Plus Fixed Income Portfolio | 2026-07-31 | 3 | $28.9M | $32.3M |
| Dimensional Global Sustainability Fixed Income ETF | 2026-07-31 | 15 | $30.7M | $30.8M |
| Dimensional International Core Fixed Income ETF | 2026-07-31 | 13 | $27.8M | $29.7M |
ETFs holding Belgium's bonds
From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Value | % of net assets |
|---|---|---|---|---|
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 65 | $2.59B | 2.12% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 71 | $176.4M | 1.57% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 43 | $102.9M | 2.66% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 36 | $69.8M | 4.56% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 36 | $50.2M | 3.73% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 9 | $39.6M | 1.17% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 4 | $37.5M | 4.53% |
| DFSB Dimensional Global Sustainability Fixed Income ETF | 2026-07-31 | 15 | $30.8M | 4.26% |
| DFGX Dimensional International Core Fixed Income ETF | 2026-07-31 | 13 | $29.7M | 1.73% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 2 | $24.2M | 3.16% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 3 | $8.5M | 2.88% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 5 | $2.9M | 1.06% |
| AINP Allspring Income Plus ETF | 2026-06-30 | 1 | $2.2M | 1.01% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $1.0M | 0.00% |
| APLU Allspring Core Plus ETF | 2026-05-31 | 1 | $964K | 0.23% |
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.