Kenya government bonds
Kenya'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 |
|---|---|---|---|---|---|---|---|---|
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 16 | 394 bp | 393 bp | 28.0% | +44 bp | 8.48% | $404.9M |
| KES Own-currency bonds | own currency: yield only, no default number | 10 | — | — | — | — | 12.49% | $58.2M |
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.
Kenya's KES curve
Yield to maturity of each KES bond US funds hold (9 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Kenya's USD curve
Yield to maturity of each USD bond US funds hold (16 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Kenya's debt
Fund series holding Kenya's government and government-related bonds in their latest quarterly report: 167 now, 169 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 5 | $134.8M | $132.6M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 1 | $110.1M | $109.4M |
| American Beacon Developing World Income Fund | 2026-07-31 | 14 | $5.46B | $62.2M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 12 | $47.6M | $46.9M |
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | 5 | $42.2M | $40.8M |
| Fidelity New Markets Income Fund | 2026-06-30 | 7 | $35.0M | $35.4M |
| GMO Emerging Country Debt Fund | 2026-05-31 | 2 | $33.8M | $32.1M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 6 | $29.4M | $31.4M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 5 | $28.2M | $28.4M |
| JPMorgan Income Fund | 2026-05-31 | 7 | $26.9M | $27.7M |
| New World Fund Inc | 2026-07-31 | 3 | $28.0M | $27.2M |
| PIMCO Emerging Markets Bond Fund | 2026-06-30 | 10 | $24.7M | $25.8M |
| Six Circles Credit Opportunities Fund | 2026-06-30 | 7 | $20.4M | $21.4M |
| Eaton Vance Emerging Markets Debt Opportunities Fund | 2026-07-31 | 5 | $21.2M | $20.5M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 4 | $19.9M | $20.5M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 7 | $19.6M | $19.6M |
| JPMorgan Core Plus Bond Fund | 2026-05-31 | 3 | $16.9M | $17.1M |
| JPMorgan Emerging Markets Debt Fund | 2026-05-31 | 6 | $16.8M | $16.8M |
| Fidelity Series Emerging Markets Debt Fund | 2026-06-30 | 7 | $16.1M | $16.2M |
| JPMorgan Income ETF | 2026-05-31 | 6 | $13.8M | $14.3M |
ETFs holding Kenya'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 | 5 | $132.6M | 0.91% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 12 | $46.9M | 0.70% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 6 | $14.3M | 0.16% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 9 | $11.3M | 0.03% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 5 | $9.0M | 1.44% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 3 | $8.2M | 0.97% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 3 | $7.0M | 0.06% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 1 | $3.1M | 0.15% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 4 | $2.8M | 0.24% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 5 | $2.5M | 0.01% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 6 | $1.8M | 0.66% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 4 | $1.6M | 0.03% |
| JFLX JPMorgan Flexible Debt ETF | 2026-05-31 | 1 | $1.3M | 0.10% |
| EMBD Global X Emerging Markets Bond ETF | 2026-05-31 | 3 | $932K | 0.36% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 1 | $876K | 0.05% |
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.