Portugal government bonds
Portugal'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 |
|---|---|---|---|---|---|---|---|---|
| EUR Euro members, euro bonds (vs German Bunds) | vs German Bunds | 17 | 27 bp | 29 bp | 2.2% | -4 bp | 3.44% | $1.62B |
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.
EUR spread history
Median spread vs German Bunds, month-ends with complete filings. Fund-reported.
Portugal's EUR curve
Yield to maturity of each EUR bond US funds hold (26 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Portugal's debt
Fund series holding Portugal's government and government-related bonds in their latest quarterly report: 38 now, 43 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 | 19 | $827.9M | $902.8M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 19 | $676.1M | $731.7M |
| Fidelity Series International Developed Markets Bond Index Fund | 2026-06-30 | 17 | $617.1M | $661.4M |
| iShares International Treasury Bond ETF | 2026-07-31 | 21 | $61.0M | $65.1M |
| Six Circles Global Bond Fund | 2026-06-30 | 19 | $53.1M | $56.4M |
| iShares Core International Aggregate Bond ETF | 2026-07-31 | 20 | $47.4M | $50.7M |
| Capital World Bond Fund | 2026-06-30 | 9 | $36.4M | $41.1M |
| iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 3 | $33.2M | $37.5M |
| American Funds Global Balanced Fund | 2026-07-31 | 5 | $30.0M | $32.4M |
| Nuveen International Aggregate Bond ETF | 2026-06-30 | 15 | $24.1M | $26.2M |
| State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 20 | $17.8M | $19.3M |
| iShares Global Government Bond USD Hedged Active ETF | 2026-07-31 | 13 | $11.6M | $11.9M |
| BNY Mellon Global Fixed Income Fund | 2026-06-30 | 1 | $9.6M | $10.8M |
| International Bond Fund | 2026-07-31 | 3 | $8.3M | $9.2M |
| Fidelity International Bond Index Fund | 2026-06-30 | 15 | $7.7M | $8.3M |
| DoubleLine Global Bond Fund | 2026-06-30 | 2 | $6.8M | $7.3M |
| Franklin Global Allocation Fund | 2026-06-30 | 1 | $6.3M | $7.2M |
| Wellington Global Multi-Strategy Fund | 2026-07-31 | 3 | $5.7M | $6.3M |
| Capital World Bond Fund | 2026-06-30 | 6 | $3.8M | $4.3M |
| State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 2 | $3.0M | $3.4M |
ETFs holding Portugal'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 | 19 | $731.7M | 0.60% |
| IGOV iShares International Treasury Bond ETF | 2026-07-31 | 21 | $65.1M | 4.26% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 20 | $50.7M | 0.45% |
| ISHG iShares 1-3 Year International Treasury Bond ETF | 2026-07-31 | 3 | $37.5M | 4.54% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 15 | $26.2M | 0.68% |
| BWX State Street(R) SPDR(R) Bloomberg International Treasury Bond ETF | 2026-06-30 | 20 | $19.3M | 1.43% |
| BWZ State Street(R) SPDR(R) Bloomberg Short Term International Treasury Bond ETF | 2026-06-30 | 2 | $3.4M | 1.14% |
| CGIB Capital Group International Bond ETF (USD-Hedged) | 2026-06-30 | 1 | $633K | 0.23% |
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.