Turkey government bonds
Turkey'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 | 32 | 262 bp | 270 bp | 19.6% | +28 bp | 7.04% | $1.93B |
| TRY Own-currency bonds | own currency: yield only, no default number | 27 | — | — | — | — | 38.09% | $133.2M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 3 | 188 bp | — | 14.5% | -12 bp | 4.83% | $15.4M |
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.
Turkey's EUR curve
Yield to maturity of each EUR bond US funds hold (3 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Turkey's TRY curve
Yield to maturity of each TRY bond US funds hold (8 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Turkey's USD curve
Yield to maturity of each USD bond US funds hold (55 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Turkey's debt
Fund series holding Turkey's government and government-related bonds in their latest quarterly report: 353 now, 352 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| PIMCO Income Fund | 2026-06-30 | 13 | $97.36B | $2.59B |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 36 | $685.0M | $669.8M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 36 | $408.6M | $400.0M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 7 | $378.8M | $359.9M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 15 | $1.07B | $242.0M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 9 | $220.4M | $196.0M |
| TCW Emerging Markets Income Fund | 2026-07-31 | 8 | $137.4M | $136.5M |
| Fidelity New Markets Income Fund | 2026-06-30 | 18 | $573.9M | $118.1M |
| VANGUARD SHORT-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 4 | $108.3M | $109.3M |
| iShares Core Universal USD Bond ETF | 2026-07-31 | 41 | $101.2M | $99.2M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 10 | $5.03B | $90.4M |
| Fidelity Emerging Markets Debt Central Fund | 2026-06-30 | 21 | $375.1M | $88.6M |
| Emerging Markets Debt Fund | 2026-05-31 | 4 | $90.4M | $84.5M |
| Emerging Markets Core Fund | 2026-07-31 | 22 | $87.5M | $83.6M |
| LORD ABBETT BOND DEBENTURE FUND INC | 2026-06-30 | 3 | $80.7M | $81.8M |
| State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 21 | $3.86B | $69.6M |
| VANGUARD STAR CORE-PLUS BOND FUND | 2026-07-31 | 6 | $70.9M | $69.4M |
| GMO Emerging Country Debt Fund | 2026-05-31 | 4 | $85.8M | $68.3M |
| Bridge Builder Core Plus Bond Fund | 2026-06-30 | 4 | $2.63B | $67.3M |
| TCW METWEST TOTAL RETURN BOND FUND | 2026-06-30 | 1 | $3.14B | $67.3M |
ETFs holding Turkey'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 | 36 | $669.8M | 4.59% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 36 | $400.0M | 5.99% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 41 | $99.2M | 0.23% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 10 | $90.4M | 1.85% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 21 | $69.6M | 3.08% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 28 | $45.1M | 5.35% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.2M | 2.83% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 35 | $25.9M | 4.16% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 9 | $25.2M | 3.53% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 11 | $23.9M | 4.67% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 21 | $23.4M | 0.09% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 6 | $22.7M | 1.13% |
| JEMB Janus Henderson Emerging Markets Debt Hard Currency ETF | 2026-07-31 | 12 | $17.9M | 4.15% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 11 | $14.2M | 0.85% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 28 | $13.3M | 4.89% |
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.