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Bonds · Sovereign

South Korea government bonds

South Korea'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

BondsMeasured againstCountSpread10-year spreadPriced-in 5y odds1-month changeMedian yieldHeld by US funds
KRW Own-currency bonds own currency: yield only, no default number70 — —— —4.21% $7.34B
EUR Euro bonds of non-euro countries vs German Bunds5 25 bp —2.1% —3.17% $76.4M
USD Developed markets, US-dollar bonds vs US Treasuries20 22 bp —1.9% +12 bp4.55% $25.7M

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.

25 bp36 bp47 bpOct 2021Jul 20262021-10-31: 46 bp2022-01-31: 47 bp2025-06-30: 46 bp2026-07-31: 25 bp

USD spread history

Median spread vs US Treasuries, month-ends with complete filings. Fund-reported.

8 bp48 bp88 bpJan 2021Jul 20262021-01-31: 31 bp2021-02-28: 48 bp2021-03-31: 51 bp2021-04-30: 40 bp2021-05-31: 40 bp2021-06-30: 39 bp2021-07-31: 34 bp2021-08-31: 35 bp2021-09-30: 47 bp2021-10-31: 34 bp2021-11-30: 27 bp2021-12-31: 31 bp2022-01-31: 44 bp2022-02-28: 36 bp2022-03-31: 70 bp2022-04-30: 59 bp2022-05-31: 37 bp2022-06-30: 38 bp2022-07-31: 33 bp2022-08-31: 70 bp2022-09-30: 83 bp2022-10-31: 72 bp2022-11-30: 26 bp2022-12-31: 88 bp2023-01-31: 70 bp2023-02-28: 67 bp2023-03-31: 44 bp2023-04-30: 67 bp2023-05-31: 55 bp2023-06-30: 63 bp2023-07-31: 72 bp2023-08-31: 50 bp2023-09-30: 78 bp2023-10-31: 68 bp2023-11-30: 33 bp2023-12-31: 47 bp2024-01-31: 50 bp2024-02-29: 40 bp2024-03-31: 45 bp2024-04-30: 62 bp2024-05-31: 33 bp2024-06-30: 50 bp2024-07-31: 30 bp2024-08-31: 43 bp2024-09-30: 50 bp2024-10-31: 62 bp2024-11-30: 22 bp2024-12-31: 56 bp2025-01-31: 39 bp2025-02-28: 21 bp2025-03-31: 40 bp2025-04-30: 48 bp2025-05-31: 50 bp2025-06-30: 28 bp2025-07-31: 38 bp2025-08-31: 36 bp2025-09-30: 32 bp2025-10-31: 32 bp2025-11-30: 23 bp2025-12-31: 22 bp2026-01-31: 31 bp2026-02-28: 8 bp2026-03-31: 27 bp2026-04-30: 27 bp2026-05-31: 11 bp2026-06-30: 11 bp2026-07-31: 22 bp

South Korea's AUD curve

Yield to maturity of each AUD bond US funds hold (4 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

4.97%5.09%5.21%0y2y4yEXPORT-IMPORT BANK KOREA 4.7 2029-03-05: 4.97%KOREA DEVELOPMENT BANK 4.8 2029-06-26: 4.98%KOREA GAS CORP 5.28 2030-05-14: 5.21%

South Korea'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.

2.98%3.17%3.36%0y3y7yKorea Development Bank/The 2.625 2027-09-08: 2.98%EXPORT-IMPORT BANK KOREA 3.63 2027-09-18: 2.98%Korea Housing Finance Corp 4.082 2027-09-25: 3.09%KOREA DEVELOPMENT BANK 3.38 2028-05-23: 3.04%EXPORT-IMPORT BANK KOREA 2.5 2028-06-17: 3.09%KOREA HOUSING FINANCE CO 2.73 2028-07-02: 3.24%KOREA 2.25 2028-07-03: 2.99%KOREA DEVELOPMENT BANK 2.38 2028-09-04: 3.12%Korea Land & Housing Corp 2.375 2028-11-19: 3.35%KOREA HOUSING FINANCE CO 3.124 2029-03-18: 3.25%KOREA DEVELOPMENT BANK 3.0 2029-04-09: 3.16%Korea International Bond 2.875 2029-07-15: 3.08%KOREA HOUSING FINANCE CO 2.74 2030-03-05: 3.34%Export-Import Bank of Korea 3.625 2030-06-07: 3.32%KOREA HOUSING FINANCE CORP (KHFC) 2.765 2030-09-02: 3.35%EXPORT-IMPORT BANK KOREA 2.63 2030-11-10: 3.32%REPUBLIC OF KOREA 2.88 2032-07-03: 3.25%Korea International Bond 3.25 2033-07-15: 3.36%

South Korea's GBP curve

Yield to maturity of each GBP bond US funds hold (3 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

4.73%4.76%4.80%0y2y3yEXPORT-IMPORT BANK KOREA 4.13 2028-10-22: 4.73%EXPORT-IMPORT BANK KOREA 4.5 2029-10-22: 4.80%

South Korea's KRW curve

Yield to maturity of each KRW bond US funds hold (65 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

3.37%3.96%4.56%0y15y30yKOREA TREASURY BOND 2.25 2027-09-10: 3.37%KOREA TREASURY BOND 2.375 2027-12-10: 3.43%KOREA TREASURY BOND 2.88 2027-12-10: 3.42%SOUTH KOREA GOVT 5.5 2028-03-10: 3.53%KOREA TREASURY BOND 3.25 2028-03-10: 3.51%KOREA TREASURY BOND 3.0 2028-03-10: 3.50%KOREA TREASURY BOND 2.25 2028-06-10: 3.58%SOUTH KOREA GOVT 2.625 2028-06-10: 3.60%KOREA TREASURY BOND 3.5 2028-09-10: 3.66%KOREA TREASURY BOND 2.75 2028-12-10: 3.71%SOUTH KOREA GOVT 2.375 2028-12-10: 3.72%KOREA TREASURY BOND 3.25 2029-03-10: 3.75%KOREA TREASURY BOND 1.875 2029-06-10: 3.78%Korea Treasury Bond 3.5 2029-06-10: 3.74%KOREA TREASURY BOND 3.0 2029-09-10: 3.83%KOREA TREASURY BOND 1.375 2029-12-10: 3.87%Korea Treasury Bond 5.5 2029-12-10: 3.88%KOREA TREASURY BOND 2.63 2030-03-10: 3.91%KOREA TREASURY BOND 1.375 2030-06-10: 3.95%KOREA TREASURY BOND 2.5 2030-09-10: 3.97%KOREA TREASURY BOND 1.5 2030-12-10: 3.98%KOREA TREASURY BOND 4.75 2030-12-10: 3.98%KOREA TREASURY BOND 3.38 2031-03-10: 4.02%KOREA TREASURY BOND 2.0 2031-06-10: 4.02%KOREA TREASURY BOND 4.0 2031-12-10: 4.06%KOREA TREASURY BOND 2.375 2031-12-10: 4.05%KOREA TREASURY BOND 3.375 2032-06-10: 4.10%KOREA TREASURY BOND 4.25 2032-12-10: 4.14%KOREA TREASURY BOND 3.25 2033-06-10: 4.15%KOREA TREASURY BOND 3.75 2033-12-10: 4.18%KOREA TREASURY BOND 4.125 2033-12-10: 4.18%KOREA TREASURY BOND 3.5 2034-06-10: 4.21%KOREA TREASURY BOND 3.0 2034-12-10: 4.23%KOREA TREASURY BOND 2.625 2035-06-10: 4.27%KOREA TREASURY BOND 2.63 2035-09-10: 4.29%Korea Treasury Bond 3.25 2035-12-10: 4.29%KOREA TREASURY BOND 4.25 2036-06-10: 4.24%KOREA TREASURY BOND 1.5 2036-09-10: 4.31%KOREA TREASURY BOND 2.25 2037-09-10: 4.34%KOREA TREASURY BOND 2.375 2038-09-10: 4.37%KOREA TREASURY BOND 1.125 2039-09-10: 4.39%KOREA TREASURY BOND 1.5 2040-09-10: 4.42%KOREA TREASURY BOND 1.875 2041-09-10: 4.45%KOREA TREASURY BOND 3.25 2042-09-10: 4.46%KOREA TREASURY BOND 3.0 2042-12-10: 4.46%KOREA TREASURY BOND 3.88 2043-09-10: 4.48%KOREA TREASURY BOND 2.875 2044-09-10: 4.49%KOREA TREASURY BOND 2.75 2044-12-10: 4.49%Korea Treasury Bond 2.75 2045-09-10: 4.48%KOREA TREASURY BOND 2.0 2046-03-10: 4.51%KOREA TREASURY BOND 2.125 2047-03-10: 4.52%KOREA TREASURY BOND 2.625 2048-03-10: 4.53%KOREA TREASURY BOND 2.0 2049-03-10: 4.54%KOREA TREASURY BOND 1.5 2050-03-10: 4.55%KOREA TREASURY BOND 1.875 2051-03-10: 4.56%KOREA TREASURY BOND 2.5 2052-03-10: 4.55%KOREA TREASURY BOND 3.25 2053-03-10: 4.56%KOREA TREASURY BOND 3.25 2054-03-10: 4.56%KOREA TREASURY BOND 2.75 2054-09-10: 4.55%KOREA TREASURY BOND 2.63 2055-03-10: 4.56%KOREA TREASURY BOND 2.625 2055-09-10: 4.55%KOREA TREASURY BOND 3.5 2056-03-10: 4.55%

South Korea's USD curve

Yield to maturity of each USD bond US funds hold (110 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.

4.36%4.86%5.36%0y11y22yRepublic of Korea 2.75 2027-01-19: 4.40%KOREA ELECTRIC POWER CO 4.875 2027-01-31: 4.44%KOREA WATER RESOURCES 4.38 2027-05-21: 4.57%KOREA ELECTRIC POWER CO 4.0 2027-06-14: 4.43%KOREA GAS CORP 3.88 2027-07-13: 4.48%Korea Gas Corp. 3.125 2027-07-20: 4.48%KOREA HYDRO & NUCLEAR PO 3.125 2027-07-25: 4.53%KOREA HYDRO & NUCLEAR PO 4.25 2027-07-27: 4.54%Korea Housing Finance Corp. 4.875 2027-08-27: 4.40%Export-Import Bank of Korea 4.0 2027-09-11: 4.46%Export-Import Bank of Korea 4.25 2027-09-15: 4.46%Korea National Oil Corp 4.125 2027-09-30: 4.59%Korea Development Bank/The 4.125 2027-10-16: 4.45%Export-Import Bank of Korea 4.125 2027-10-17: 4.45%Korea Land & Housing Corp. 4.25 2027-10-22: 4.60%EXPORT-IMPORT BANK KOREA 5.0 2028-01-11: 4.44%Export-Import Bank of Korea 4.625 2028-01-14: 4.45%Korea Development Bank/The 4.625 2028-02-03: 4.47%Korea Electric Power Corp. 4.75 2028-02-13: 4.59%KOREA DEVELOPMENT BANK 4.375 2028-02-15: 4.44%KOREA HOUSING FINANCE CO 4.63 2028-02-24: 4.43%KOREA HOUSING FINANCE CO 4.625 2028-02-24: 4.45%KOREA HOUSING FINANCE CO 4.125 2028-03-12: 4.44%Korea National Oil Corp. 4.625 2028-03-31: 4.65%KOREA NATIONAL OIL CORP 4.875 2028-04-03: 4.64%KOREA NATIONAL OIL CORP 4.875 2028-04-03: 4.72%Korea Electric Power Corp. 5.5 2028-04-06: 4.59%KOREA ELECTRIC POWER CO 5.5 2028-04-06: 4.56%KOREAREHABNRESOURCE 5.38 2028-05-11: 4.77%Korea Railroad Corp. 4.375 2028-05-27: 4.68%KOREA GAS CORP 4.88 2028-07-05: 4.60%KOREA HYDRO & NUCLEAR PO 5.0 2028-07-18: 4.58%KOREA HYDRO & NUCLEAR PO 5.0 2028-07-18: 4.58%EXPORT-IMPORT BANK KOREA 5.13 2028-09-18: 4.46%Republic of Korea 3.5 2028-09-20: 4.40%KOREA NATIONAL OIL CORP 4.0 2028-09-29: 4.67%KOREA NATIONAL OIL CORP 4.0 2028-09-29: 4.66%INDUSTRIAL BANK OF KOREA 5.38 2028-10-04: 4.49%EXPORT-IMPORT BANK KOREA 1.75 2028-10-19: 4.44%EXPORT-IMPORT BANK KOREA 1.75 2028-10-19: 4.45%Korea Development Bank/The 5.375 2028-10-23: 4.47%EXPORT-IMPORT BANK KOREA 4.5 2029-01-11: 4.45%EXPORT-IMPORT BANK KOREA 3.75 2029-01-13: 4.44%KOREA DEVELOPMENT BANK 3.75 2029-01-28: 4.46%KOREA DEVELOPMENT BANK 4.5 2029-02-15: 4.45%Korea National Oil Corp. 4.5 2029-03-30: 4.70%KOREA NATIONAL OIL CORP 4.5 2029-03-30: 4.70%KOREA NATIONAL OIL CORP 4.875 2029-04-03: 4.67%INCHEON INTL AIRPORT 4.125 2029-04-21: 4.59%KOREAREHABNRESOURCE 5.13 2029-05-08: 4.78%REPUBLIC OF KOREA 4.5 2029-07-03: 4.36%KOREA GAS CORP 5.0 2029-07-08: 4.59%KOREA GAS CORP 2.88 2029-07-16: 4.60%Export-Import Bank of Korea 4.375 2029-07-20: 4.43%KOREA HYDRO & NUCLEAR PO 4.63 2029-07-29: 4.69%Export-Import Bank of Korea 4.0 2029-09-11: 4.45%INDUSTRIAL BANK OF KOREA 4.0 2029-09-30: 4.48%Korea National Oil Corp. 4.25 2029-09-30: 4.70%EXPORT-IMPORT BANK KOREA 4.88 2030-01-14: 4.61%KOREA HOUSING FINANCE CO 5.13 2030-01-21: 4.66%Korea Housing Finance Corp. 5.125 2030-01-21: 4.64%KOREA DEVELOPMENT BANK 4.875 2030-02-03: 4.60%Korea National Oil Corp. 4.75 2030-03-31: 4.80%INDUSTRIAL BANK OF KOREA 4.38 2030-06-24: 4.63%KOREA GAS CORP 4.25 2030-07-10: 4.73%KOREA DEVELOPMENT BANK 3.75 2030-09-16: 4.61%REPUBLIC OF KOREA 1.0 2030-09-16: 4.49%KOREA HOUSING FINANCE CO 3.875 2030-09-17: 4.66%EXPORT-IMPORT BANK KOREA 1.25 2030-09-21: 4.60%Export-Import Bank of Korea 3.75 2030-09-22: 4.61%Korea National Oil Corp. 4.125 2030-09-29: 4.83%KOREA NATIONAL OIL CORP 1.63 2030-10-05: 4.83%REPUBLIC OF KOREA 3.63 2030-10-29: 4.49%Korea Electric Power Corp 4.125 2030-11-12: 4.85%Korea Electric Power Corp. 4.125 2030-11-12: 4.77%Export-Import Bank of Korea 3.875 2031-01-13: 4.60%Korea Housing Finance Corp. 3.875 2031-01-15: 4.69%KOREA DEVELOPMENT BANK 1.625 2031-01-19: 4.63%KOREA DEVELOPMENT BANK 4.0 2031-01-28: 4.60%Export-Import Bank of Korea 1.375 2031-02-09: 4.62%REPUBLIC OF KOREA 3.88 2031-02-12: 4.51%KOREA NATIONAL OIL CORP 4.625 2031-03-30: 4.88%Korea National Oil Corp. 4.625 2031-03-30: 4.88%KOREA NATIONAL OIL CORP 2.38 2031-04-07: 4.85%Export-Import Bank of Korea 4.0 2031-04-09: 4.58%KOREA MINE REHAB MINERAL 4.875 2031-04-13: 5.02%KOREA EXPRESSWAY CORP 4.25 2031-05-06: 4.77%KOREA GAS CORP 2.0 2031-07-13: 4.76%Export-Import Bank of Korea 4.5 2031-07-20: 4.61%REPUBLIC OF KOREA 1.75 2031-10-15: 4.50%KOREA DEVELOPMENT BANK 2.0 2031-10-25: 4.63%EXPORT-IMPORT BANK KOREA 2.13 2032-01-18: 4.70%KOREA DEVELOPMENT BANK 4.25 2032-09-08: 4.72%Export-Import Bank of Korea 4.5 2032-09-15: 4.72%EXPORT-IMPORT BANK KOREA 5.125 2033-01-11: 4.83%KOREA DEVELOPMENT BANK 4.375 2033-02-15: 4.83%KOREA HOUSING FINANCE CO 4.63 2033-02-24: 4.91%Export-Import Bank of Korea 4.625 2033-06-07: 4.80%Export-Import Bank of Korea 5.125 2033-09-18: 4.85%Korea Development Bank/The 5.625 2033-10-23: 4.85%EXPORT-IMPORT BANK KOREA 4.63 2034-01-11: 4.90%Export-Import Bank of Korea 5.25 2035-01-14: 4.96%Export-Import Bank of Korea 4.375 2036-01-13: 5.03%Republic of Korea 4.125 2044-06-10: 5.29%Korea International Bond 3.88 2048-09-20: 5.36%

Who holds South Korea's debt

Fund series holding South Korea's government and government-related bonds in their latest quarterly report: 245 now, 239 a quarter earlier. Names as reported in the filings.

Fund seriesReportBondsFace valueValue
VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND2026-07-31 76$6.15T$3.74B
VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND2026-07-31 75$5.04T$3.08B
VANGUARD TOTAL BOND MARKET INDEX FUND2026-06-30 41$431.0M$418.5M
VANGUARD TOTAL BOND MARKET II INDEX FUND2026-06-30 42$386.0M$375.2M
PIMCO International Bond Fund (U.S. Dollar-Hedged)2026-06-30 5$413.64B$323.4M
iShares Floating Rate Bond ETF2026-07-31 18$235.6M$236.7M
iShares Core International Aggregate Bond ETF2026-07-31 85$360.23B$224.9M
State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF2026-06-30 62$390.91B$211.6M
BNY Mellon Global Fixed Income Fund2026-06-30 6$331.35B$194.5M
Dodge & Cox Global Bond Fund2026-06-30 2$287.60B$174.3M
Six Circles Global Bond Fund2026-06-30 41$310.57B$170.3M
American Funds Global Balanced Fund2026-07-31 4$213.79B$147.6M
VANGUARD SHORT-TERM BOND INDEX FUND2026-06-30 23$142.4M$141.7M
iShares Core U.S. Aggregate Bond ETF2026-05-31 45$134.9M$130.1M
Capital World Bond Fund2026-06-30 9$202.03B$128.6M
Nuveen International Aggregate Bond ETF2026-06-30 37$139.27B$84.2M
iShares Core Universal USD Bond ETF2026-07-31 107$81.6M$79.9M
State Street(R) SPDR(R) Bloomberg Investment Grade Floating Rate ETF2026-06-30 21$79.5M$79.9M
iShares International Treasury Bond ETF2026-07-31 51$126.17B$74.4M
VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND2026-06-30 2$70.0M$69.7M

ETFs holding South Korea's bonds

From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.

ETFReportBondsValue% of net assets
BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND 2026-07-3175$3.08B 2.51%
BND VANGUARD TOTAL BOND MARKET INDEX FUND 2026-06-3041$418.5M 0.11%
FLOT iShares Floating Rate Bond ETF 2026-07-3118$236.7M 2.29%
IAGG iShares Core International Aggregate Bond ETF 2026-07-3185$224.9M 2.01%
EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF 2026-06-3062$211.6M 9.36%
BSV VANGUARD SHORT-TERM BOND INDEX FUND 2026-06-3023$141.7M 0.20%
AGG iShares Core U.S. Aggregate Bond ETF 2026-05-3145$130.1M 0.10%
NXUS Nuveen International Aggregate Bond ETF 2026-06-3037$84.2M 2.17%
IUSB iShares Core Universal USD Bond ETF 2026-07-31107$79.9M 0.19%
FLRN State Street(R) SPDR(R) Bloomberg Investment Grade Floating Rate ETF 2026-06-3021$79.9M 2.69%
IGOV iShares International Treasury Bond ETF 2026-07-3151$74.4M 4.87%
BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND 2026-06-3012$61.6M 0.12%
BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF 2026-06-3061$61.0M 4.53%
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF 2026-05-3117$52.3M 0.24%
ISHG iShares 1-3 Year International Treasury Bond ETF 2026-07-3111$39.7M 4.81%

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.

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms