France government bonds
France'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 | 95 | 64 bp | 74 bp | 5.2% | +9 bp | 3.71% | $22.25B |
| GBP Other foreign-currency bonds | own currency: yield only, no default number | 1 | — | — | — | — | — | $537K |
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.
France's EUR curve
Yield to maturity of each EUR bond US funds hold (253 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
France's GBP curve
Yield to maturity of each GBP bond US funds hold (11 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
France's USD curve
Yield to maturity of each USD bond US funds hold (19 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds France's debt
Fund series holding France's government and government-related bonds in their latest quarterly report: 187 now, 171 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 | 177 | $12.76B | $12.95B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 166 | $10.25B | $10.45B |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 39 | $1.53B | $1.55B |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 210 | $731.6M | $739.9M |
| Six Circles Global Bond Fund | 2026-06-30 | 169 | $642.2M | $684.5M |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 3 | $517.1M | $589.2M |
| DFA FIVE-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 13 | $252.2M | $284.5M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 3 | $226.7M | $259.9M |
| DFA International Government Fixed Income Portfolio | 2026-07-31 | 12 | $200.0M | $214.4M |
| Capital World Bond Fund | 2026-06-30 | 27 | $192.6M | $201.3M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 111 | $189.5M | $195.5M |
| American Funds Global Balanced Fund | 2026-07-31 | 8 | $188.7M | $191.1M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 21 | $149.6M | $161.6M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 3 | $136.5M | $145.2M |
| iShares International Treasury Bond ETF | 2026-07-31 | 53 | $128.4M | $130.5M |
| Fidelity International Bond Index Fund | 2026-06-30 | 82 | $119.7M | $119.2M |
| LVIP BlackRock Inflation Protected Bond Fund | 2026-06-30 | 10 | $95.8M | $108.2M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | 7 | $93.8M | $107.4M |
| AQR Multi-Asset Fund | 2026-06-30 | 4 | $98.9M | $101.4M |
| DFA Global Core Plus Fixed Income Portfolio | 2026-07-31 | 14 | $88.6M | $95.5M |
ETFs holding France'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 | 166 | $10.45B | 8.52% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 210 | $739.9M | 6.60% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 111 | $195.5M | 5.05% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 53 | $130.5M | 8.54% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 9 | $83.2M | 10.07% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 23 | $76.3M | 2.26% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 51 | $66.9M | 4.97% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 18 | $41.8M | 8.15% |
| DFGX Dimensional International Core Fixed Income ETF | 2026-07-31 | 20 | $28.6M | 1.66% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 12 | $25.3M | 0.06% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 2 | $21.3M | 0.24% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 1 | $20.8M | 2.71% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 2 | $17.7M | 0.24% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 8 | $16.5M | 5.62% |
| DFSD Dimensional Short-Duration Fixed Income ETF | 2026-07-31 | 5 | $15.5M | 0.22% |
Companies whose bonds yield less than France's
Company bond yield minus France's fitted government curve at the same maturity, same currency. Plain corporate bonds only (no covered, supranational or state-owned paper), at least $25M held and 3 funds pricing each bond; gaps beyond ±100 bp are held back for review. Negative means the company borrows below its government.
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.