Bermuda government bonds
Bermuda'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 |
|---|---|---|---|---|---|---|---|---|
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 9 | 91 bp | — | 7.3% | +13 bp | 5.27% | $117.6M |
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.
USD spread history
Median spread vs US Treasuries, month-ends with complete filings. Fund-reported.
Bermuda's USD curve
Yield to maturity of each USD bond US funds hold (9 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Bermuda's debt
Fund series holding Bermuda's government and government-related bonds in their latest quarterly report: 90 now, 93 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| MFS Emerging Markets Debt Fund | 2026-07-31 | 4 | $45.1M | $41.9M |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND | 2026-06-30 | 4 | $42.2M | $41.6M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 2 | $36.0M | $35.7M |
| VANGUARD CORE BOND FUND | 2026-06-30 | 2 | $25.3M | $25.2M |
| VANGUARD WELLESLEY INCOME FUND | 2026-06-30 | 2 | $25.5M | $21.5M |
| VANGUARD WELLINGTON FUND | 2026-05-31 | 2 | $25.0M | $21.0M |
| MFS Corporate Bond Fund | 2026-07-31 | 1 | $15.8M | $15.5M |
| Fidelity Emerging Markets Debt Central Fund | 2026-06-30 | 5 | $15.1M | $14.5M |
| Lord Abbett Short Duration Income Fund | 2026-05-31 | 2 | $10.3M | $9.8M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 3 | $11.2M | $9.6M |
| Mercer Opportunistic Fixed Income Fund | 2026-06-30 | 3 | $9.3M | $8.5M |
| Fidelity New Markets Income Fund | 2026-06-30 | 3 | $9.2M | $7.9M |
| Lord Abbett Income Fund | 2026-05-31 | 1 | $6.3M | $5.8M |
| Lord Abbett Ultra Short Bond Fund | 2026-05-31 | 1 | $5.7M | $5.7M |
| Fidelity Total Bond Fund | 2026-05-31 | 5 | $5.2M | $5.0M |
| Fidelity Series Emerging Markets Debt Fund | 2026-06-30 | 4 | $4.9M | $4.6M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 3 | $5.0M | $4.2M |
| Allspring Core Plus Bond Fund | 2026-05-31 | 1 | $6.1M | $4.2M |
| MFS Diversified Income Fund | 2026-05-31 | 1 | $3.7M | $3.7M |
| Thornburg Limited Term Income Fund | 2026-06-30 | 1 | $4.0M | $3.6M |
ETFs holding Bermuda'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 |
|---|---|---|---|---|
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 3 | $9.6M | 0.14% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 4 | $3.2M | 0.01% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 5 | $3.1M | 0.01% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 2 | $2.7M | 0.04% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 2 | $606K | 0.01% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 1 | $536K | 0.03% |
| APLU Allspring Core Plus ETF | 2026-05-31 | 1 | $194K | 0.05% |
| UNIY WisdomTree VOYA Yield Enhanced USD Universal Bond Fund | 2026-05-31 | 1 | $181K | 0.01% |
| IMTB iShares Core 5-10 Year USD Bond ETF | 2026-05-31 | 1 | $10K | 0.00% |
| BNDP VANGUARD CORE-PLUS BOND INDEX ETF | 2026-06-30 | 1 | $10K | 0.01% |
| ILTB iShares Core 10+ Year USD Bond ETF | 2026-05-31 | 1 | $7K | 0.00% |
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.