India government bonds
India'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 |
|---|---|---|---|---|---|---|---|---|
| INR Own-currency bonds | own currency: yield only, no default number | 50 | — | — | — | — | 6.79% | $520.0M |
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.
India's INR curve
Yield to maturity of each INR bond US funds hold (50 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
India's USD curve
Yield to maturity of each USD bond US funds hold (15 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds India's debt
Fund series holding India's government and government-related bonds in their latest quarterly report: 133 now, 134 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 39 | $38.19B | $405.2M |
| Templeton Global Bond Fund | 2026-06-30 | 8 | $23.89B | $258.1M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 19 | $16.81B | $192.0M |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2026-06-30 | 8 | $15.91B | $168.6M |
| State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 40 | $15.63B | $164.7M |
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | 2 | $12.52B | $128.1M |
| Templeton Global Bond VIP Fund | 2026-06-30 | 9 | $10.57B | $113.2M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 3 | $9.67B | $102.3M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 5 | $101.9M | $98.0M |
| New World Fund Inc | 2026-07-31 | 5 | $8.66B | $92.5M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 7 | $94.1M | $90.2M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 5 | $88.0M | $83.1M |
| Eaton Vance Emerging Markets Debt Opportunities Fund | 2026-07-31 | 2 | $7.81B | $80.0M |
| T. Rowe Price Dynamic Global Bond Fund | 2026-06-30 | 1 | $6.00B | $65.3M |
| iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 41 | $6.01B | $62.9M |
| Fidelity Emerging Markets Debt Local Currency Central Fund | 2026-06-30 | 14 | $4.77B | $50.7M |
| Emerging Markets Debt Fund | 2026-05-31 | 2 | $41.1M | $41.6M |
| Emerging Markets Local Income Portfolio | 2026-07-31 | 2 | $3.95B | $40.5M |
| Fidelity Series Emerging Markets Debt Local Currency Fund | 2026-06-30 | 14 | $3.37B | $35.6M |
| Brighthouse/Templeton International Bond Portfolio | 2026-06-30 | 7 | $2.82B | $30.1M |
ETFs holding India'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 |
|---|---|---|---|---|
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 39 | $405.2M | 8.32% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 40 | $164.7M | 7.29% |
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 5 | $98.0M | 0.67% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 41 | $62.9M | 8.80% |
| FEMB First Trust Emerging Markets Local Currency Bond ETF | 2026-07-31 | 2 | $17.5M | 4.84% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 5 | $9.7M | 1.15% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 8 | $7.0M | 0.02% |
| EMBX VanEck Emerging Markets Bond ETF | 2026-06-30 | 2 | $6.6M | 2.67% |
| ELD WisdomTree Emerging Markets Local Debt Fund | 2026-05-31 | 10 | $5.1M | 3.77% |
| DIAL Columbia Diversified Fixed Income Allocation ETF | 2026-07-31 | 1 | $1.5M | 0.39% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 4 | $1.4M | 0.50% |
| HFSI Hartford Strategic Income ETF | 2026-07-31 | 3 | $1.1M | 0.10% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 3 | $927K | 0.02% |
| SBND Columbia Short Duration Bond ETF | 2026-07-31 | 2 | $570K | 0.29% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 1 | $443K | 0.16% |
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.