Panama government bonds
Panama'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 | 26 | 134 bp | 135 bp | 10.6% | +21 bp | 5.83% | $1.10B |
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.
Panama's USD curve
Yield to maturity of each USD 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 Panama's debt
Fund series holding Panama's government and government-related bonds in their latest quarterly report: 332 now, 339 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 | 17 | $479.0M | $424.0M |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 19 | $411.8M | $385.2M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 19 | $398.6M | $364.7M |
| Templeton Global Bond Fund | 2026-06-30 | 5 | $127.2M | $138.7M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 21 | $151.5M | $136.9M |
| iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 21 | $142.5M | $132.6M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 4 | $135.9M | $118.6M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 7 | $118.9M | $116.0M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 2 | $128.3M | $112.3M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 6 | $99.0M | $97.7M |
| Fidelity New Markets Income Fund | 2026-06-30 | 10 | $88.6M | $87.5M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 6 | $65.2M | $73.4M |
| BlackRock Total Return Fund | 2026-06-30 | 2 | $67.5M | $66.6M |
| Templeton Global Bond VIP Fund | 2026-06-30 | 6 | $60.3M | $64.8M |
| Fidelity U.S. Bond Index Fund | 2026-05-31 | 7 | $69.7M | $64.4M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 6 | $49.5M | $53.8M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 10 | $50.8M | $50.5M |
| PIMCO Emerging Markets Bond Fund | 2026-06-30 | 11 | $39.8M | $42.4M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | 1 | $38.7M | $41.0M |
| Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $37.0M | $40.1M |
ETFs holding Panama'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 | 17 | $424.0M | 2.90% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 19 | $385.2M | 0.10% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 21 | $136.9M | 2.05% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 21 | $132.6M | 0.10% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 6 | $97.7M | 0.19% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $40.1M | 2.90% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 22 | $33.9M | 0.08% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $30.6M | 0.04% |
| BLV VANGUARD LONG-TERM BOND INDEX FUND | 2026-06-30 | 10 | $20.1M | 0.23% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 8 | $18.3M | 2.17% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 2026-06-30 | 19 | $9.8M | 0.09% |
| SPAB State Street(R) SPDR(R) Portfolio Aggregate Bond ETF | 2026-06-30 | 17 | $8.7M | 0.09% |
| JEMB Janus Henderson Emerging Markets Debt Hard Currency ETF | 2026-07-31 | 6 | $7.6M | 1.77% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 15 | $7.2M | 2.64% |
| GTO Invesco Total Return Bond ETF | 2026-07-31 | 1 | $6.8M | 0.28% |
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.