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Bonds · Sovereign

Spain government bonds

Spain'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

BondsMeasured againstCountSpread10-year spreadPriced-in 5y odds1-month changeMedian yieldHeld by US funds
EUR Euro members, euro bonds (vs German Bunds) vs German Bunds43 32 bp 39 bp2.6% -1 bp3.39% $6.89B

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.

22 bp56 bp89 bpJan 2021Jul 20262021-01-31: 56 bp2021-02-28: 61 bp2021-03-31: 48 bp2021-04-30: 59 bp2021-05-31: 61 bp2021-06-30: 53 bp2021-07-31: 61 bp2021-08-31: 62 bp2021-09-30: 47 bp2021-10-31: 58 bp2021-11-30: 68 bp2021-12-31: 53 bp2022-01-31: 61 bp2022-02-28: 74 bp2022-03-31: 58 bp2022-04-30: 73 bp2022-05-31: 79 bp2022-06-30: 80 bp2022-07-31: 77 bp2022-08-31: 82 bp2022-09-30: 89 bp2022-10-31: 81 bp2022-11-30: 74 bp2022-12-31: 78 bp2023-01-31: 83 bp2023-02-28: 78 bp2023-03-31: 74 bp2023-04-30: 86 bp2023-05-31: 85 bp2023-06-30: 77 bp2023-07-31: 86 bp2023-08-31: 80 bp2023-09-30: 87 bp2023-10-31: 89 bp2023-11-30: 81 bp2023-12-31: 74 bp2024-01-31: 78 bp2024-02-29: 84 bp2024-03-31: 61 bp2024-04-30: 57 bp2024-05-31: 68 bp2024-06-30: 68 bp2024-07-31: 68 bp2024-08-31: 70 bp2024-09-30: 59 bp2024-10-31: 58 bp2024-11-30: 63 bp2024-12-31: 50 bp2025-01-31: 51 bp2025-02-28: 57 bp2025-03-31: 42 bp2025-04-30: 54 bp2025-05-31: 43 bp2025-06-30: 44 bp2025-07-31: 44 bp2025-08-31: 44 bp2025-09-30: 40 bp2025-10-31: 41 bp2025-11-30: 35 bp2025-12-31: 37 bp2026-01-31: 34 bp2026-02-28: 26 bp2026-03-31: 35 bp2026-04-30: 35 bp2026-05-31: 22 bp2026-06-30: 33 bp2026-07-31: 32 bp

Spain's EUR curve

Yield to maturity of each EUR bond US funds hold (103 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

2.72%3.50%4.28%0y14y28ySPAIN (KINGDOM OF) 0.8 2027-07-30: 2.72%COMMUNITY OF MADRID SPAI 0.83 2027-07-30: 2.80%BONOS Y OBLIG DEL ESTADO 1.45 2027-10-31: 2.78%BONOS Y OBLIG DEL ESTADO 1.4 2028-04-30: 2.85%Autonomous Community of Madrid Spain 1.773 2028-04-30: 2.97%BASQUE GOVERNMENT 1.45 2028-04-30: 2.91%Spain Government Bonds 2.4 2028-05-31: 2.86%BONOS Y OBLIG DEL ESTADO 1.4 2028-07-30: 2.86%Adif Alta Velocidad 3.5 2028-07-30: 3.08%JUNTA DE ANDALUCIA 1.88 2028-10-31: 3.03%COMMUNITY OF MADRID SPAI 3.36 2028-10-31: 2.96%Spain Government Bond 5.15 2028-10-31: 2.90%BONOS Y OBLIG DEL ESTADO 6.0 2029-01-31: 2.91%BONOS Y OBLIG DEL ESTADO 2.35 2029-03-31: 2.95%BONOS Y OBLIG DEL ESTADO 1.45 2029-04-30: 2.88%Autonomous Community of Madrid Spain 1.571 2029-04-30: 3.01%ADIF ALTA VELOCIDAD 3.25 2029-05-31: 3.17%Spain Government Bonds 3.5 2029-05-31: 2.94%INSTITUT CREDITO OFICIAL 3.8 2029-05-31: 3.00%Spain Government Bond 0.8 2029-07-30: 2.96%Xunta de Galicia 3.711 2029-07-30: 3.13%BONOS Y OBLIG DEL ESTADO 0.6 2029-10-31: 2.94%Spain Government Bonds 2.7 2030-01-31: 3.01%Adif Alta Velocidad 3.125 2030-01-31: 3.24%Autonomous Community of Madrid Spain 2.08 2030-03-12: 3.11%BONOS Y OBLIG DEL ESTADO 0.5 2030-04-30: 3.00%Basque Government 0.85 2030-04-30: 3.06%Autonomous Community of Andalusia Spain 3.2 2030-04-30: 3.15%Autonomous Community of Madrid Spain 0.419 2030-04-30: 3.11%GENERALITAT DE CATALUNYA 5.9 2030-05-28: 3.68%COMMUNITY OF MADRID SPAI 2.487 2030-07-30: 3.08%BONOS Y OBLIG DEL ESTADO 1.95 2030-07-30: 3.01%BONOS Y OBLIG DEL ESTADO 1.25 2030-10-31: 3.04%Instituto de Credito Oficial 2.7 2030-10-31: 3.10%BONOS Y OBLIG DEL ESTADO 0.1 2031-04-30: 3.09%Xunta de Galicia 3.296 2031-04-30: 3.24%Autonomous Community of Andalusia Spain 0.5 2031-04-30: 3.24%Autonomous Community of Madrid Spain 0.42 2031-04-30: 3.19%BONOS Y OBLIG DEL ESTADO 2.6 2031-05-31: 3.11%Spain Government Bond 3.1 2031-07-30: 3.13%Adif Alta Velocidad 0.55 2031-10-31: 3.43%BONOS Y OBLIG DEL ESTADO 0.5 2031-10-31: 3.14%XUNTA DE GALICIA 2.87 2032-04-30: 3.31%JUNTA DE CASTILLA Y LEON 2.9 2032-04-30: 3.32%INSTITUT CREDITO OFICIAL 2.8 2032-04-30: 3.25%BONOS Y OBLIG DEL ESTADO 0.7 2032-04-30: 3.20%JUNTA DE ANDALUCIA 2.4 2032-04-30: 3.35%Basque Government 0.45 2032-04-30: 3.29%Spain Government Bonds 5.75 2032-07-30: 3.20%BONOS Y OBLIG DEL ESTADO 2.55 2032-10-31: 3.25%ADIF ALTA VELOCIDAD 3.125 2032-10-31: 3.50%Spain Government Bonds 3.0 2033-01-31: 3.30%SPAIN (KINGDOM OF) 3.15 2033-04-30: 3.31%Xunta de Galicia 3.29 2033-04-30: 3.39%Basque Government 3.5 2033-04-30: 3.37%BASQUE GOVERNMENT 1.88 2033-07-30: 3.40%BONOS Y OBLIG DEL ESTADO 2.35 2033-07-30: 3.33%JUNTA DE ANDALUCIA 3.25 2033-10-31: 3.51%Spain Government Bonds 3.55 2033-10-31: 3.37%ADIF ALTA VELOCIDAD 3.65 2034-04-30: 3.68%Junta de Castilla y Leon 3.33 2034-04-30: 3.53%Basque Government 3.4 2034-04-30: 3.48%COMMUNITY OF MADRID SPAI 3.462 2034-04-30: 3.49%BONOS Y OBLIG DEL ESTADO 3.25 2034-04-30: 3.43%Autonomous Community of Andalusia Spain 3.4 2034-04-30: 3.58%GENERALITAT DE CATALUNYA 4.69 2034-10-28: 4.09%BONOS Y OBLIG DEL ESTADO 3.45 2034-10-31: 3.46%AUTONOMOUS COMMUNITY OF CATALONIA (AKA: GENERALITAT DE CATALUNYA) 4.22 2035-04-26: 4.01%Adif Alta Velocidad 3.625 2035-04-30: 3.79%Spain Government Bonds 3.15 2035-04-30: 3.51%Basque Government 3.25 2035-04-30: 3.55%Autonomous Community of Andalusia Spain 3.3 2035-04-30: 3.64%Autonomous Community of Madrid Spain 3.137 2035-04-30: 3.58%BONOS Y OBLIG DEL ESTADO 1.85 2035-07-30: 3.52%Spain Government Bonds 3.2 2035-10-31: 3.56%Basque Government 3.45 2035-10-31: 3.59%City of Madrid Spain 3.36 2035-10-31: 3.77%BASQUE GOVERNMENT 3.25 2036-04-30: 3.64%Autonomous Community of Madrid Spain 3.216 2036-04-30: 3.65%Comunidad Autonoma de Canarias 3.5 2036-04-30: 3.70%Autonomous Community of Andalusia Spain 3.45 2036-04-30: 3.72%Spain Government Bonds 3.3 2036-04-30: 3.59%BONOS Y OBLIG DEL ESTADO 3.4 2036-10-31: 3.64%BONOS Y OBLIG DEL ESTADO 4.2 2037-01-31: 3.67%BONOS Y OBLIG DEL ESTADO 0.85 2037-07-30: 3.74%Spain Government Bonds 3.9 2039-07-30: 3.86%BONOS Y OBLIG DEL ESTADO 4.9 2040-07-30: 3.89%BONOS Y OBLIG DEL ESTADO 1.2 2040-10-31: 3.93%Spain Government Bonds 3.5 2041-01-31: 3.97%BONOS Y OBLIG DEL ESTADO 4.7 2041-07-30: 3.95%BONOS Y OBLIG DEL ESTADO 1.0 2042-07-30: 4.02%BONOS Y OBLIG DEL ESTADO 3.45 2043-07-30: 4.06%Spain Government Bond 5.15 2044-10-31: 4.06%BONOS Y OBLIG DEL ESTADO 2.9 2046-10-31: 4.13%BONOS Y OBLIG DEL ESTADO 2.7 2048-10-31: 4.17%BONOS Y OBLIG DEL ESTADO 1.0 2050-10-31: 4.22%BONOS Y OBLIG DEL ESTADO 1.9 2052-10-31: 4.26%Spain Government Bonds 4.0 2054-10-31: 4.28%

Who holds Spain's debt

Fund series holding Spain's government and government-related bonds in their latest quarterly report: 145 now, 150 a quarter earlier. Names as reported in the filings.

Fund seriesReportBondsFace valueValue
VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND2026-07-31 73$6.14B$6.63B
VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND2026-07-31 73$5.00B$5.42B
BlackRock Strategic Income Opportunities Portfolio2026-06-30 12$1.48B$1.68B
Fidelity Series International Developed Markets Bond Index Fund2026-06-30 38$822.8M$887.4M
PIMCO International Bond Fund (U.S. Dollar-Hedged)2026-06-30 9$590.6M$681.7M
iShares Flexible Income Active ETF2026-07-31 6$396.3M$448.4M
iShares Core International Aggregate Bond ETF2026-07-31 87$365.3M$394.4M
Six Circles Global Bond Fund2026-06-30 69$332.6M$367.6M
VANGUARD CORE BOND FUND2026-06-30 9$296.5M$339.2M
T. Rowe Price International Bond Fund (USD Hedged)2026-06-30 3$203.5M$184.5M
BlackRock Total Return Fund2026-06-30 3$152.5M$173.7M
Nuveen International Aggregate Bond ETF2026-06-30 60$136.9M$149.5M
Capital World Bond Fund2026-06-30 25$121.0M$135.9M
Templeton Global Bond Fund2026-06-30 2$116.9M$135.2M
American Funds Global Balanced Fund2026-07-31 11$113.9M$127.3M
VANGUARD STAR CORE-PLUS BOND FUND2026-07-31 6$99.3M$111.4M
iShares Global Government Bond USD Hedged Active ETF2026-07-31 17$86.3M$95.5M
VANGUARD CORE BOND ETF2026-06-30 9$81.3M$92.9M
BNY Mellon Global Fixed Income Fund2026-06-30 3$70.0M$78.0M
iShares International Treasury Bond ETF2026-07-31 52$70.8M$76.8M

ETFs holding Spain's bonds

From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.

ETFReportBondsValue% of net assets
BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND 2026-07-3173$5.42B 4.42%
IAGG iShares Core International Aggregate Bond ETF 2026-07-3187$394.4M 3.52%
NXUS Nuveen International Aggregate Bond ETF 2026-06-3060$149.5M 3.86%
VCRB VANGUARD CORE BOND ETF 2026-06-309$92.9M 1.27%
IGOV iShares International Treasury Bond ETF 2026-07-3152$76.8M 5.02%
BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF 2026-06-3052$61.2M 4.55%
ISHG iShares 1-3 Year International Treasury Bond ETF 2026-07-3111$46.3M 5.60%
FLIA Franklin International Aggregate Bond ETF 2026-06-302$37.0M 4.82%
WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF 2026-06-305$23.4M 4.56%
VPLS VANGUARD CORE-PLUS BOND ETF 2026-06-309$19.8M 1.19%
BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF 2026-06-3011$13.8M 4.70%
DFGP Dimensional Global Core Plus Fixed Income ETF 2026-07-313$4.9M 0.15%
CGIB Capital Group International Bond ETF (USD-Hedged) 2026-06-304$2.3M 0.83%
APLU Allspring Core Plus ETF 2026-05-311$2.0M 0.49%
DFGX Dimensional International Core Fixed Income ETF 2026-07-313$1.5M 0.09%

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.

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms