Pakistan government bonds
Pakistan'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 | 8 | 334 bp | — | 24.3% | +36 bp | 7.63% | $233.1M |
| PKR Other foreign-currency bonds | own currency: yield only, no default number | 7 | — | — | — | — | 11.77% | $55.7M |
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.
Pakistan's PKR curve
Yield to maturity of each PKR bond US funds hold (6 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Pakistan's USD curve
Yield to maturity of each USD bond US funds hold (10 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Pakistan's debt
Fund series holding Pakistan's government and government-related bonds in their latest quarterly report: 152 now, 129 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 | 3 | $79.8M | $79.7M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 3 | $48.2M | $48.4M |
| Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 2 | $40.2M | $39.6M |
| American Beacon Developing World Income Fund | 2026-07-31 | 7 | $7.84B | $34.0M |
| Fidelity New Markets Income Fund | 2026-06-30 | 4 | $32.5M | $32.7M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 3 | $32.0M | $32.1M |
| ABRDN ASIA-PACIFIC INCOME FUND, INC. | 2026-07-31 | 3 | $7.60B | $29.2M |
| JPMorgan Income Fund | 2026-05-31 | 5 | $26.0M | $25.3M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 4 | $23.3M | $23.2M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 1 | $21.7M | $21.5M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 4 | $20.9M | $21.2M |
| Artisan Global Unconstrained Fund | 2026-06-30 | 1 | $19.3M | $19.5M |
| PIMCO Emerging Markets Bond Fund | 2026-06-30 | 6 | $18.8M | $18.8M |
| iShares Flexible Income Active ETF | 2026-07-31 | 4 | $18.4M | $18.4M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 4 | $17.6M | $17.5M |
| JPMorgan Core Plus Bond Fund | 2026-05-31 | 2 | $17.0M | $16.6M |
| Fidelity Series Emerging Markets Debt Fund | 2026-06-30 | 4 | $14.8M | $14.9M |
| JPMorgan Income ETF | 2026-05-31 | 3 | $14.9M | $14.5M |
| Emerging Markets Core Fund | 2026-07-31 | 4 | $13.4M | $13.3M |
| Six Circles Credit Opportunities Fund | 2026-06-30 | 4 | $12.5M | $12.6M |
ETFs holding Pakistan'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 | 3 | $79.7M | 0.55% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 2 | $39.6M | 2.87% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 4 | $23.2M | 0.35% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 3 | $14.5M | 0.16% |
| JCPB JPMorgan Core Plus Bond ETF | 2026-05-31 | 2 | $8.7M | 0.07% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 3 | $7.8M | 0.93% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 5 | $6.1M | 0.01% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 3 | $5.5M | 0.89% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 2 | $2.4M | 0.12% |
| JEMB Janus Henderson Emerging Markets Debt Hard Currency ETF | 2026-07-31 | 2 | $2.1M | 0.49% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 3 | $1.9M | 0.01% |
| ISTB iShares Core 1-5 Year USD Bond ETF | 2026-07-31 | 4 | $1.4M | 0.03% |
| JSCP JPMorgan Short Duration Core Plus ETF | 2026-05-31 | 2 | $1.3M | 0.09% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 3 | $1.1M | 0.39% |
| JFLX JPMorgan Flexible Debt ETF | 2026-05-31 | 2 | $1.0M | 0.07% |
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.