Mexico government bonds
Mexico'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 | 39 | 176 bp | 176 bp | 13.6% | +18 bp | 6.46% | $3.36B |
| EUR Euro bonds of non-euro countries | vs German Bunds | 21 | 172 bp | 192 bp | 13.3% | -12 bp | 4.81% | $461.8M |
| MXN Own-currency bonds | own currency: yield only, no default number | 15 | — | — | — | — | 9.32% | $25.3M |
| GBP Other foreign-currency bonds | own currency: yield only, no default number | 1 | — | — | — | — | — | $6.5M |
| JPY Other foreign-currency bonds | own currency: yield only, no default number | 1 | — | — | — | — | — | $1.4M |
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.
Mexico's EUR curve
Yield to maturity of each EUR bond US funds hold (20 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Mexico's MXN curve
Yield to maturity of each MXN bond US funds hold (34 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Mexico's USD curve
Yield to maturity of each USD bond US funds hold (40 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Mexico's debt
Fund series holding Mexico's government and government-related bonds in their latest quarterly report: 748 now, 757 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| PIMCO Income Fund | 2026-06-30 | 11 | $26.62B | $1.61B |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 33 | $25.37B | $1.55B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 32 | $20.74B | $1.29B |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 37 | $1.36B | $1.24B |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 36 | $1.30B | $1.19B |
| Dodge & Cox Income Fund | 2026-06-30 | 6 | $736.0M | $730.2M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 10 | $664.8M | $639.8M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 37 | $623.6M | $553.9M |
| Bond Fund of America | 2026-06-30 | 21 | $544.7M | $538.6M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 39 | $509.9M | $454.6M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 36 | $261.9M | $427.1M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 18 | $145.2M | $380.9M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 6 | $383.2M | $371.7M |
| iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 39 | $398.6M | $365.5M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 11 | $383.2M | $356.9M |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2026-06-30 | 13 | $5.78B | $315.0M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 19 | $5.79B | $309.4M |
| Global Opportunities Portfolio | 2026-07-31 | 1 | $5.59B | $298.7M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 12 | $291.1M | $288.4M |
| American Funds Strategic Bond Fund | 2026-06-30 | 10 | $272.2M | $282.7M |
ETFs holding Mexico'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 | 32 | $1.29B | 1.05% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 37 | $1.24B | 0.31% |
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 37 | $553.9M | 3.79% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 39 | $454.6M | 6.81% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 39 | $365.5M | 0.27% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 19 | $309.4M | 6.35% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 12 | $288.4M | 0.55% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 23 | $134.3M | 5.94% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 39 | $108.7M | 0.25% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 36 | $85.8M | 0.77% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 8 | $76.4M | 0.11% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 7 | $75.3M | 3.75% |
| BLV VANGUARD LONG-TERM BOND INDEX FUND | 2026-06-30 | 20 | $73.0M | 0.84% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 10 | $71.6M | 0.98% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 24 | $40.8M | 1.05% |
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.