Poland government bonds
Poland'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 |
|---|---|---|---|---|---|---|---|---|
| PLN Own-currency bonds | own currency: yield only, no default number | 34 | — | — | — | — | 5.07% | $2.76B |
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 12 | 80 bp | 85 bp | 6.4% | +17 bp | 5.29% | $939.7M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 19 | 54 bp | 58 bp | 4.4% | -7 bp | 3.58% | $378.8M |
| JPY Other foreign-currency bonds | own currency: yield only, no default number | 1 | — | — | — | — | — | $644K |
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.
Poland's EUR curve
Yield to maturity of each EUR bond US funds hold (31 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Poland's PLN curve
Yield to maturity of each PLN bond US funds hold (29 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Poland's USD curve
Yield to maturity of each USD bond US funds hold (20 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Poland's debt
Fund series holding Poland's government and government-related bonds in their latest quarterly report: 443 now, 422 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 33 | $4.19B | $1.26B |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 33 | $3.68B | $1.12B |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 16 | $525.5M | $513.4M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 12 | $379.6M | $380.3M |
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 12 | $377.7M | $377.6M |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2026-06-30 | 8 | $1.05B | $280.0M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 17 | $1.02B | $266.2M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 17 | $915.6M | $264.3M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 9 | $671.4M | $178.8M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 10 | $170.5M | $172.9M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 17 | $162.6M | $158.6M |
| Global Macro Absolute Return Advantage Portfolio | 2026-07-31 | 1 | $555.2M | $134.0M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 5 | $115.2M | $116.6M |
| iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 12 | $104.0M | $103.4M |
| State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 18 | $385.1M | $99.0M |
| Eaton Vance Emerging Markets Debt Opportunities Fund | 2026-07-31 | 1 | $400.6M | $96.7M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 4 | $247.4M | $95.6M |
| New World Fund Inc | 2026-07-31 | 4 | $329.7M | $94.0M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 1 | $88.3M | $89.7M |
| Six Circles Global Bond Fund | 2026-06-30 | 17 | $328.0M | $86.4M |
ETFs holding Poland'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 | 33 | $1.12B | 0.92% |
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 16 | $513.4M | 3.52% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 12 | $377.6M | 0.10% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 17 | $266.2M | 5.46% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 17 | $158.6M | 2.38% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 5 | $116.6M | 0.22% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 12 | $103.4M | 0.08% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 18 | $99.0M | 4.38% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 39 | $82.9M | 0.74% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $43.1M | 0.06% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 16 | $38.8M | 0.09% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 12 | $32.2M | 3.82% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 17 | $32.1M | 4.49% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 24 | $31.2M | 0.80% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 2 | $25.9M | 3.37% |
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.