Hong Kong government bonds
Hong Kong'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 |
|---|---|---|---|---|---|---|---|---|
| HKD Own-currency bonds | own currency: yield only, no default number | 10 | — | — | — | — | 3.17% | $118.2M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 5 | 13 bp | — | 1.1% | — | 3.09% | $36.5M |
| USD Developed markets, US-dollar bonds | vs US Treasuries | 12 | 10 bp | — | 0.8% | +9 bp | 4.39% | $34.9M |
| CNY Other foreign-currency bonds | own currency: yield only, no default number | 2 | — | — | — | — | — | $11.5M |
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.
USD spread history
Median spread vs US Treasuries, month-ends with complete filings. Fund-reported.
Hong Kong's CNY curve
Yield to maturity of each CNY bond US funds hold (3 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Hong Kong's EUR curve
Yield to maturity of each EUR bond US funds hold (5 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Hong Kong's HKD curve
Yield to maturity of each HKD bond US funds hold (12 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Hong Kong's USD curve
Yield to maturity of each USD bond US funds hold (29 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Hong Kong's debt
Fund series holding Hong Kong's government and government-related bonds in their latest quarterly report: 36 now, 39 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 | 13 | $492.6M | $78.0M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 13 | $421.5M | $65.1M |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 8 | $381.1M | $46.7M |
| iShares Core Universal USD Bond ETF | 2026-07-31 | 28 | $28.0M | $26.4M |
| ABRDN ASIA-PACIFIC INCOME FUND, INC. | 2026-07-31 | 5 | $153.8M | $23.4M |
| iShares USD Green Bond ETF | 2026-07-31 | 13 | $24.6M | $23.0M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 3 | $117.0M | $14.5M |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 1 | $12.5M | $11.1M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | 2 | $55.4M | $9.2M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 1 | $8.6M | $7.6M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 1 | $8.2M | $7.2M |
| Six Circles Global Bond Fund | 2026-06-30 | 7 | $39.5M | $5.5M |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 9 | $29.8M | $5.0M |
| VanEck Green Bond ETF | 2026-07-31 | 11 | $5.1M | $4.8M |
| iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 13 | $4.4M | $4.3M |
| iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 1 | $4.9M | $4.3M |
| PGIM Global Total Return Fund | 2026-07-31 | 1 | $22.0M | $3.6M |
| International Bond Fund | 2026-07-31 | 2 | $21.5M | $3.3M |
| WisdomTree VOYA Yield Enhanced USD Universal Bond Fund | 2026-05-31 | 3 | $1.6M | $1.6M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 2 | $1.0M | $1.1M |
ETFs holding Hong Kong'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 | 13 | $65.1M | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 28 | $26.4M | 0.06% |
| BGRN iShares USD Green Bond ETF | 2026-07-31 | 13 | $23.0M | 4.59% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 1 | $11.1M | 0.00% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 1 | $7.2M | 0.01% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 9 | $5.0M | 0.04% |
| GRNB VanEck Green Bond ETF | 2026-07-31 | 11 | $4.8M | 2.61% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 13 | $4.3M | 0.08% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 1 | $4.3M | 0.00% |
| UNIY WisdomTree VOYA Yield Enhanced USD Universal Bond Fund | 2026-05-31 | 3 | $1.6M | 0.12% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 2 | $1.1M | 0.03% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 11 | $944K | 0.07% |
| EUSB iShares ESG Advanced Universal USD Bond ETF | 2026-05-31 | 5 | $916K | 0.13% |
| KHYB KraneShares Asia Pacific High Income USD Bond ETF | 2026-06-30 | 2 | $401K | 2.57% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 3 | $361K | 0.12% |
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.