Brazil government bonds
Brazil'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 | 20 | 178 bp | 179 bp | 13.8% | +16 bp | 6.27% | $1.30B |
| BRL Own-currency bonds | own currency: yield only, no default number | 4 | — | — | — | — | 7.62% | $111.7M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 3 | 216 bp | — | 16.5% | +7 bp | 5.21% | $50.3M |
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.
EUR spread history
Median spread vs German Bunds, month-ends with complete filings. Fund-reported.
Brazil's BRL curve
Yield to maturity of each BRL bond US funds hold (15 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Brazil's EUR curve
Yield to maturity of each EUR bond US funds hold (3 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Brazil's USD curve
Yield to maturity of each USD bond US funds hold (20 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Brazil's debt
Fund series holding Brazil's government and government-related bonds in their latest quarterly report: 540 now, 511 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| PIMCO Income Fund | 2026-06-30 | 2 | $55.22B | $9.93B |
| Bridge Builder Core Plus Bond Fund | 2026-06-30 | 10 | $4.07B | $742.0M |
| PIMCO Total Return Fund | 2026-06-30 | 5 | $3.15B | $636.2M |
| Global Opportunities Portfolio | 2026-07-31 | 2 | $3.14B | $618.7M |
| PIMCO Low Duration Income Fund | 2026-06-30 | 3 | $3.26B | $598.0M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 20 | $583.6M | $551.7M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 14 | $32.0M | $434.7M |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 2 | $2.12B | $387.5M |
| Capital World Growth & Income Fund | 2026-05-31 | 2 | $1.9M | $326.1M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 12 | $560.0M | $297.1M |
| American Funds Strategic Bond Fund | 2026-06-30 | 6 | $21.7M | $293.5M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 13 | $1.83B | $278.9M |
| Templeton Global Bond Fund | 2026-06-30 | 3 | $1.62B | $273.8M |
| T. Rowe Price Dynamic Global Bond Fund | 2026-06-30 | 2 | $1.40B | $242.5M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 20 | $245.6M | $232.4M |
| Capital World Bond Fund | 2026-06-30 | 11 | $5.0M | $205.3M |
| Eaton Vance Emerging Markets Debt Opportunities Fund | 2026-07-31 | 2 | $634.4M | $205.2M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 4 | $1.08B | $201.0M |
| Dodge & Cox Global Bond Fund | 2026-06-30 | 1 | $1.16B | $185.8M |
| Invesco International Bond Fund | 2026-07-31 | 2 | $822.0M | $183.9M |
ETFs holding Brazil'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 |
|---|---|---|---|---|
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 20 | $551.7M | 3.78% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 13 | $278.9M | 5.72% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 20 | $232.4M | 3.48% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 14 | $99.2M | 4.39% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 20 | $55.5M | 0.13% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 2 | $45.7M | 2.27% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.6M | 2.87% |
| FEMB First Trust Emerging Markets Local Currency Bond ETF | 2026-07-31 | 5 | $37.4M | 10.33% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 13 | $36.0M | 7.02% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 13 | $31.4M | 3.73% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 12 | $28.9M | 4.03% |
| EMBD Global X Emerging Markets Bond ETF | 2026-05-31 | 8 | $16.0M | 6.24% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 20 | $15.6M | 2.50% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 19 | $13.4M | 4.91% |
| ELD WisdomTree Emerging Markets Local Debt Fund | 2026-05-31 | 10 | $12.0M | 8.92% |
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.