Hungary government bonds
Hungary'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 |
|---|---|---|---|---|---|---|---|---|
| HUF Own-currency bonds | own currency: yield only, no default number | 21 | — | — | — | — | 5.54% | $1.32B |
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 24 | 111 bp | 118 bp | 8.8% | +22 bp | 5.65% | $1.17B |
| EUR Euro bonds of non-euro countries | vs German Bunds | 16 | 105 bp | 108 bp | 8.4% | +2 bp | 4.11% | $512.5M |
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.
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.
Hungary's EUR curve
Yield to maturity of each EUR bond US funds hold (19 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Hungary's HUF curve
Yield to maturity of each HUF bond US funds hold (20 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Hungary's USD curve
Yield to maturity of each USD bond US funds hold (28 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Hungary's debt
Fund series holding Hungary's government and government-related bonds in their latest quarterly report: 391 now, 382 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 | 23 | $122.18B | $505.6M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 14 | $490.8M | $477.9M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 22 | $97.79B | $405.5M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 16 | $15.33B | $314.7M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 9 | $216.0M | $247.2M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 22 | $50.44B | $193.1M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 16 | $58.21B | $180.8M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 11 | $39.34B | $171.2M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 3 | $126.7M | $149.0M |
| Capital World Bond Fund | 2026-06-30 | 13 | $44.68B | $137.7M |
| American Funds Global Balanced Fund | 2026-07-31 | 3 | $47.51B | $137.6M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 5 | $138.0M | $135.8M |
| VANGUARD CORE BOND FUND | 2026-06-30 | 8 | $103.9M | $111.1M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 15 | $101.7M | $99.0M |
| TCW Emerging Markets Income Fund | 2026-07-31 | 5 | $96.4M | $88.2M |
| Fidelity New Markets Income Fund | 2026-06-30 | 11 | $3.79B | $86.3M |
| Lord Abbett Short Duration Income Fund | 2026-05-31 | 2 | $82.2M | $84.0M |
| Dodge & Cox Global Bond Fund | 2026-06-30 | 3 | $23.48B | $80.1M |
| State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 16 | $24.18B | $75.1M |
| iShares Flexible Income Active ETF | 2026-07-31 | 12 | $8.68B | $66.2M |
ETFs holding Hungary'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 | 14 | $477.9M | 3.27% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 22 | $405.5M | 0.33% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 16 | $180.8M | 3.71% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 15 | $99.0M | 1.48% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 16 | $75.1M | 3.32% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 7 | $39.6M | 0.54% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 1 | $39.3M | 0.01% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.0M | 2.82% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 10 | $30.1M | 3.57% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 16 | $26.4M | 3.70% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 14 | $26.2M | 0.06% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 28 | $25.9M | 0.23% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 26 | $19.4M | 0.50% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 8 | $12.5M | 0.75% |
| FEMB First Trust Emerging Markets Local Currency Bond ETF | 2026-07-31 | 2 | $11.6M | 3.21% |
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.