New Zealand government bonds
New Zealand'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 |
|---|---|---|---|---|---|---|---|---|
| NZD Own-currency bonds | own currency: yield only, no default number | 14 | — | — | — | — | 4.56% | $3.94B |
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.
New Zealand's EUR curve
Yield to maturity of each EUR bond US funds hold (4 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
New Zealand's NZD curve
Yield to maturity of each NZD bond US funds hold (27 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds New Zealand's debt
Fund series holding New Zealand's government and government-related bonds in their latest quarterly report: 118 now, 125 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| The Hartford World Bond Fund | 2026-07-31 | 12 | $1.15B | $639.3M |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 22 | $1.03B | $557.2M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 25 | $790.2M | $429.0M |
| DFA Investment Grade Portfolio | 2026-07-31 | 4 | $698.4M | $416.8M |
| DFA FIVE-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 7 | $696.6M | $409.8M |
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | 7 | $672.6M | $382.8M |
| T. Rowe Price Dynamic Global Bond Fund | 2026-06-30 | 3 | $732.2M | $374.1M |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 13 | $677.1M | $357.1M |
| Global Opportunities Portfolio | 2026-07-31 | 3 | $486.9M | $277.8M |
| DFA TWO-YEAR GLOBAL FIXED INCOME PORTFOLIO | 2026-07-31 | 4 | $469.8M | $267.6M |
| Dimensional Short-Duration Fixed Income ETF | 2026-07-31 | 5 | $342.6M | $203.4M |
| DFA Short-Term Extended Quality Portfolio | 2026-07-31 | 4 | $317.0M | $188.8M |
| Dimensional Core Fixed Income ETF | 2026-07-31 | 2 | $177.3M | $105.7M |
| Dodge & Cox Global Bond Fund | 2026-06-30 | 1 | $217.7M | $105.6M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 1 | $183.8M | $103.5M |
| Global Macro Portfolio | 2026-07-31 | 7 | $176.0M | $100.2M |
| Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 7 | $183.6M | $99.3M |
| T. Rowe Price Global Multi-Sector Bond Fund, Inc. | 2026-05-31 | 3 | $156.6M | $87.8M |
| DFA Global Core Plus Fixed Income Portfolio | 2026-07-31 | 6 | $157.5M | $85.4M |
| DFA Short-Duration Real Return Portfolio | 2026-07-31 | 4 | $115.5M | $68.7M |
ETFs holding New Zealand'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 | 25 | $429.0M | 0.35% |
| DFSD Dimensional Short-Duration Fixed Income ETF | 2026-07-31 | 5 | $203.4M | 2.86% |
| DFCF Dimensional Core Fixed Income ETF | 2026-07-31 | 2 | $105.7M | 0.96% |
| DFGP Dimensional Global Core Plus Fixed Income ETF | 2026-07-31 | 7 | $99.3M | 2.94% |
| DFGX Dimensional International Core Fixed Income ETF | 2026-07-31 | 8 | $50.8M | 2.95% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 25 | $37.8M | 0.34% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 13 | $33.4M | 2.18% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 21 | $30.3M | 0.78% |
| DGCB Dimensional Global Credit ETF | 2026-07-31 | 6 | $30.0M | 2.80% |
| DFSB Dimensional Global Sustainability Fixed Income ETF | 2026-07-31 | 9 | $21.3M | 2.95% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 2 | $18.5M | 2.24% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 4 | $15.5M | 3.02% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 13 | $10.3M | 0.77% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 2 | $9.3M | 0.80% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 2 | $5.5M | 2.00% |
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.