Romania government bonds
Romania'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 | 35 | 187 bp | 194 bp | 14.4% | +12 bp | 6.39% | $1.43B |
| EUR Euro bonds of non-euro countries | vs German Bunds | 63 | 239 bp | 249 bp | 18.1% | -8 bp | 5.47% | $1.04B |
| RON Own-currency bonds | own currency: yield only, no default number | 32 | — | — | — | — | 6.73% | $974.3M |
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.
Romania's EUR curve
Yield to maturity of each EUR bond US funds hold (65 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Romania's RON curve
Yield to maturity of each RON bond US funds hold (31 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Romania's USD curve
Yield to maturity of each USD bond US funds hold (36 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Romania's debt
Fund series holding Romania's government and government-related bonds in their latest quarterly report: 519 now, 525 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| PIMCO Income Fund | 2026-06-30 | 13 | $1.14B | $1.33B |
| VANGUARD TOTAL INTERNATIONAL BOND II INDEX FUND | 2026-07-31 | 41 | $2.16B | $735.5M |
| VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 38 | $1.79B | $617.3M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 17 | $499.8M | $475.2M |
| Lord Abbett Short Duration Income Fund | 2026-05-31 | 5 | $287.0M | $291.2M |
| TCW Emerging Markets Income Fund | 2026-07-31 | 11 | $223.8M | $225.7M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 11 | $210.9M | $206.5M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 16 | $203.8M | $206.1M |
| PIMCO Total Return Fund | 2026-06-30 | 11 | $181.0M | $201.2M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 24 | $863.9M | $188.6M |
| T. Rowe Price International Bond Fund (USD Hedged) | 2026-06-30 | 7 | $385.8M | $135.6M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 9 | $132.8M | $126.0M |
| Bridge Builder Core Plus Bond Fund | 2026-06-30 | 9 | $113.2M | $124.6M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 22 | $130.8M | $124.4M |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 9 | $99.9M | $115.4M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 19 | $277.4M | $114.9M |
| PGIM Total Return Bond Fund | 2026-07-31 | 2 | $102.0M | $107.0M |
| PIMCO Low Duration Income Fund | 2026-06-30 | 6 | $90.2M | $105.8M |
| Fidelity New Markets Income Fund | 2026-06-30 | 14 | $135.4M | $90.3M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 17 | $1.02B | $90.3M |
ETFs holding Romania'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 | 38 | $617.3M | 0.50% |
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 17 | $475.2M | 3.25% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 24 | $188.6M | 3.87% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 22 | $124.4M | 1.86% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 23 | $76.2M | 3.37% |
| IAGG iShares Core International Aggregate Bond ETF | 2026-07-31 | 56 | $41.6M | 0.37% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $38.3M | 2.77% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 12 | $30.1M | 3.57% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 17 | $29.5M | 0.07% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 25 | $27.3M | 3.82% |
| NXUS Nuveen International Aggregate Bond ETF | 2026-06-30 | 34 | $21.3M | 0.55% |
| FLIA Franklin International Aggregate Bond ETF | 2026-06-30 | 1 | $14.9M | 1.94% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 14 | $13.8M | 0.05% |
| FEMB First Trust Emerging Markets Local Currency Bond ETF | 2026-07-31 | 3 | $12.2M | 3.38% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 2 | $10.4M | 0.19% |
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.