Nigeria government bonds
Nigeria'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 | 31 | 249 bp | 274 bp | 18.7% | -33 bp | 6.96% | $864.7M |
| NGN Own-currency bonds | own currency: yield only, no default number | 18 | — | — | — | — | 17.48% | $213.5M |
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.
Nigeria's NGN curve
Yield to maturity of each NGN bond US funds hold (10 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Nigeria's USD curve
Yield to maturity of each USD bond US funds hold (31 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Nigeria's debt
Fund series holding Nigeria's government and government-related bonds in their latest quarterly report: 246 now, 283 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 | 13 | $360.8M | $377.9M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 6 | $119.37B | $133.5M |
| American Funds Strategic Bond Fund | 2026-06-30 | 3 | $184.00B | $125.0M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 17 | $64.96B | $121.0M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 19 | $91.7M | $97.0M |
| Fidelity New Markets Income Fund | 2026-06-30 | 12 | $21.32B | $91.5M |
| American Beacon Developing World Income Fund | 2026-07-31 | 16 | $111.97B | $85.2M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 13 | $89.84B | $80.5M |
| Emerging Markets Debt Fund | 2026-05-31 | 9 | $31.93B | $74.0M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 11 | $12.57B | $51.6M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | 1 | $44.4M | $48.2M |
| PIMCO Emerging Markets Bond Fund | 2026-06-30 | 13 | $40.8M | $43.1M |
| Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $40.3M | $41.8M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 6 | $36.6M | $38.2M |
| Fidelity Series Emerging Markets Debt Fund | 2026-06-30 | 13 | $8.11B | $37.9M |
| JPMorgan Income Fund | 2026-05-31 | 6 | $35.7M | $37.1M |
| New World Fund Inc | 2026-07-31 | 4 | $25.00B | $36.1M |
| SIIT EMERGING MARKETS DEBT FUND | 2026-05-31 | 14 | $31.25B | $35.5M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | 2 | $33.8M | $35.1M |
| Emerging Markets Core Fund | 2026-07-31 | 12 | $18.12B | $34.4M |
ETFs holding Nigeria'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 | 13 | $377.9M | 2.59% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 19 | $97.0M | 1.45% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $41.8M | 3.02% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 8 | $23.6M | 2.80% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 15 | $23.0M | 0.05% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 9 | $20.6M | 0.23% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 13 | $17.5M | 2.81% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 3 | $7.5M | 0.06% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 6 | $6.7M | 0.03% |
| EMBD Global X Emerging Markets Bond ETF | 2026-05-31 | 5 | $6.0M | 2.36% |
| JEMB Janus Henderson Emerging Markets Debt Hard Currency ETF | 2026-07-31 | 7 | $5.9M | 1.36% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 10 | $5.0M | 1.85% |
| EMBX VanEck Emerging Markets Bond ETF | 2026-06-30 | 3 | $3.9M | 1.57% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 1 | $3.1M | 0.16% |
| JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 2026-05-31 | 6 | $2.8M | 4.39% |
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.