Kazakhstan government bonds
Kazakhstan'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 | 13 | 92 bp | 88 bp | 7.4% | +23 bp | 5.57% | $307.6M |
| KZT Own-currency bonds | own currency: yield only, no default number | 18 | — | — | — | — | 14.76% | $55.2M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 3 | n/a | — | — | — | 3.67% | $7.5M |
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.
Kazakhstan's KZT curve
Yield to maturity of each KZT bond US funds hold (52 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Kazakhstan's USD curve
Yield to maturity of each USD bond US funds hold (24 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Kazakhstan's debt
Fund series holding Kazakhstan's government and government-related bonds in their latest quarterly report: 178 now, 163 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | 23 | $277.24B | $551.4M |
| Eaton Vance Emerging Markets Debt Opportunities Fund | 2026-07-31 | 23 | $136.67B | $278.2M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 6 | $168.2M | $164.3M |
| Global Macro Portfolio | 2026-07-31 | 23 | $73.40B | $145.3M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 12 | $28.65B | $76.6M |
| American Beacon Developing World Income Fund | 2026-07-31 | 26 | $38.47B | $75.4M |
| Emerging Markets Local Income Portfolio | 2026-07-31 | 23 | $34.50B | $70.2M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 4 | $61.9M | $61.0M |
| Lord Abbett Short Duration Income Fund | 2026-05-31 | 3 | $46.9M | $47.6M |
| Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $41.1M | $39.9M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 9 | $40.3M | $39.3M |
| Artisan Global Unconstrained Fund | 2026-06-30 | 10 | $19.81B | $39.0M |
| New World Fund Inc | 2026-07-31 | 5 | $9.63B | $36.6M |
| Global Opportunities Portfolio | 2026-07-31 | 11 | $17.05B | $36.2M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 3 | $35.2M | $35.1M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 1 | $26.0M | $28.2M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 2 | $27.8M | $28.0M |
| Capital World Bond Fund | 2026-06-30 | 9 | $13.67B | $27.9M |
| Templeton Emerging Markets Income Fund | 2026-06-30 | 15 | $13.20B | $25.3M |
| Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 2026-07-31 | 18 | $11.77B | $24.1M |
ETFs holding Kazakhstan'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 | 6 | $164.3M | 1.12% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.9M | 2.88% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 9 | $39.3M | 0.59% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 12 | $13.2M | 0.03% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 3 | $8.6M | 1.02% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 3 | $5.2M | 0.07% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 1 | $2.7M | 0.00% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 6 | $2.3M | 0.83% |
| DIAL Columbia Diversified Fixed Income Allocation ETF | 2026-07-31 | 2 | $2.1M | 0.55% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 2 | $2.0M | 0.12% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 5 | $1.4M | 0.03% |
| HFSI Hartford Strategic Income ETF | 2026-07-31 | 6 | $1.3M | 0.12% |
| EMBX VanEck Emerging Markets Bond ETF | 2026-06-30 | 1 | $1.2M | 0.48% |
| NFLT Virtus Newfleet Multi-Sector Bond ETF | 2026-07-31 | 2 | $1.1M | 0.24% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 1 | $779K | 0.00% |
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.