Morocco government bonds
Morocco'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 | 125 bp | 125 bp | 9.9% | +20 bp | 5.70% | $354.5M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 8 | 165 bp | 167 bp | 12.9% | -2 bp | 4.78% | $228.8M |
| MAD Other foreign-currency bonds | own currency: yield only, no default number | 1 | — | — | — | — | — | $5.3M |
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.
Morocco's EUR curve
Yield to maturity of each EUR bond US funds hold (8 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Morocco'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 Morocco's debt
Fund series holding Morocco's government and government-related bonds in their latest quarterly report: 187 now, 157 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 3 | $96.9M | $105.1M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 3 | $81.6M | $94.2M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 5 | $89.8M | $94.1M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 4 | $97.9M | $88.0M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 1 | $60.9M | $70.1M |
| VANGUARD CORE BOND FUND | 2026-06-30 | 3 | $53.5M | $58.9M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 4 | $56.3M | $55.5M |
| VANGUARD STAR CORE-PLUS BOND FUND | 2026-07-31 | 3 | $49.4M | $51.8M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 7 | $43.0M | $49.5M |
| Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $45.5M | $39.1M |
| PGIM Absolute Return Bond Fund | 2026-07-31 | 1 | $30.0M | $28.9M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 6 | $31.1M | $28.4M |
| Neuberger Strategic Income Fund | 2026-07-31 | 2 | $75.1M | $28.2M |
| New World Fund Inc | 2026-07-31 | 3 | $19.4M | $21.8M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | 3 | $18.9M | $21.0M |
| VANGUARD CORE BOND ETF | 2026-06-30 | 3 | $14.2M | $15.7M |
| AST Balanced Asset Allocation Portfolio | 2026-06-30 | 4 | $13.2M | $13.4M |
| Nationwide Strategic Income Fund | 2026-07-31 | 1 | $11.1M | $12.7M |
| Emerging Markets Debt Fund | 2026-05-31 | 3 | $15.9M | $12.3M |
| Payden Emerging Markets Bond Fund | 2026-07-31 | 3 | $10.7M | $12.2M |
ETFs holding Morocco'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 | 4 | $88.0M | 0.60% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.1M | 2.83% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 6 | $28.4M | 0.42% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 3 | $15.7M | 0.22% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 2 | $8.5M | 0.51% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 3 | $7.1M | 0.84% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 6 | $6.7M | 0.02% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 4 | $5.9M | 0.95% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 3 | $5.3M | 0.26% |
| NEAR iShares Short Duration Bond Active ETF | 2026-07-31 | 2 | $3.7M | 0.08% |
| VUSB VANGUARD ULTRA-SHORT BOND ETF | 2026-06-30 | 1 | $2.7M | 0.03% |
| VSDB VANGUARD SHORT DURATION BOND ETF | 2026-06-30 | 2 | $2.5M | 0.27% |
| EMBD Global X Emerging Markets Bond ETF | 2026-05-31 | 4 | $2.4M | 0.95% |
| JFLX JPMorgan Flexible Debt ETF | 2026-05-31 | 2 | $1.8M | 0.13% |
| DIAL Columbia Diversified Fixed Income Allocation ETF | 2026-07-31 | 1 | $1.8M | 0.45% |
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.