Italy government bonds
Italy'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 | 109 | 54 bp | 72 bp | 4.4% | +7 bp | 3.58% | $19.99B |
| USD Developed markets, US-dollar bonds | vs US Treasuries | 5 | 105 bp | — | 8.4% | +40 bp | 6.15% | $131.4M |
| GBP Other foreign-currency bonds | own currency: yield only, no default number | 2 | — | — | — | — | — | $39.0M |
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.
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.
Italy's EUR curve
Yield to maturity of each EUR bond US funds hold (117 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Italy's USD curve
Yield to maturity of each USD bond US funds hold (11 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Italy's debt
Fund series holding Italy's government and government-related bonds in their latest quarterly report: 268 now, 259 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 | 87 | $9.07B | $10.07B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 85 | $7.41B | $8.22B |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 58 | $1.28B | $1.41B |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 5 | $1.14B | $1.30B |
| Six Circles Global Bond Fund | 2026-06-30 | 91 | $615.7M | $680.8M |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 92 | $488.5M | $537.3M |
| iShares Flexible Income Active ETF | 2026-07-31 | 4 | $413.9M | $466.2M |
| VANGUARD CORE BOND FUND | 2026-06-30 | 6 | $341.4M | $358.8M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 5 | $244.0M | $273.5M |
| American Funds Global Balanced Fund | 2026-07-31 | 9 | $205.1M | $239.1M |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 2 | $200.5M | $233.1M |
| Capital World Bond Fund | 2026-06-30 | 27 | $200.9M | $225.1M |
| PIMCO Real Return Fund | 2026-06-30 | 3 | $170.6M | $186.8M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 75 | $162.6M | $181.2M |
| PGIM Total Return Bond Fund | 2026-07-31 | 5 | $162.9M | $152.4M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 21 | $132.5M | $150.8M |
| AB GLOBAL BOND FUND, INC. | 2026-06-30 | 6 | $128.7M | $150.6M |
| iShares International Treasury Bond ETF | 2026-07-31 | 94 | $108.5M | $119.8M |
| VANGUARD STAR CORE-PLUS BOND FUND | 2026-07-31 | 4 | $111.9M | $111.2M |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $120.0M | $103.9M |
ETFs holding Italy'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 | 85 | $8.22B | 6.71% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 92 | $537.3M | 4.79% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 75 | $181.2M | 4.68% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 94 | $119.8M | 7.84% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 4 | $103.9M | 0.03% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 6 | $84.3M | 1.16% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 21 | $67.5M | 8.17% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 83 | $61.6M | 4.58% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 2 | $35.2M | 1.75% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 4 | $33.5M | 0.02% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 13 | $30.0M | 5.85% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 5 | $17.8M | 1.07% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 7 | $17.8M | 6.44% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 16 | $13.3M | 4.51% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 6 | $9.8M | 0.29% |
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.