Ukraine government bonds
Ukraine'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 | 18 | n/a | — | — | — | — | $889.6M |
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.
Who holds Ukraine's debt
Fund series holding Ukraine's government and government-related bonds in their latest quarterly report: 180 now, 183 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 | 8 | $387.2M | $270.2M |
| TCW Emerging Markets Income Fund | 2026-07-31 | 11 | $253.7M | $166.5M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 6 | $204.6M | $154.3M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 3 | $160.4M | $110.1M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 9 | $149.3M | $108.8M |
| Fidelity New Markets Income Fund | 2026-06-30 | 9 | $110.7M | $78.2M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 16 | $103.5M | $67.2M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 14 | $93.2M | $65.1M |
| GMO Emerging Country Debt Fund | 2026-05-31 | 8 | $73.7M | $48.0M |
| Strategic Advisers Fidelity Core Income Fund | 2026-05-31 | 9 | $63.1M | $43.6M |
| PIMCO Emerging Markets Bond Fund | 2026-06-30 | 10 | $55.5M | $41.8M |
| Fidelity Series Emerging Markets Debt Fund | 2026-06-30 | 9 | $52.5M | $37.1M |
| Six Circles Credit Opportunities Fund | 2026-06-30 | 9 | $40.3M | $27.7M |
| BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 8 | $36.9M | $25.9M |
| Fidelity Emerging Markets Debt Central Fund | 2026-06-30 | 9 | $35.3M | $24.6M |
| THE HARTFORD BALANCED INCOME FUND | 2026-07-31 | 11 | $37.8M | $24.6M |
| American Beacon Developing World Income Fund | 2026-07-31 | 7 | $34.4M | $23.2M |
| Finisterre Emerging Markets Total Return Bond Fund | 2026-07-31 | 4 | $29.0M | $21.9M |
| JPMorgan Income Builder Fund | 2026-07-31 | 8 | $31.9M | $21.1M |
| Payden Emerging Markets Bond Fund | 2026-07-31 | 12 | $27.1M | $20.2M |
ETFs holding Ukraine'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 | 8 | $270.2M | 1.85% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 14 | $65.1M | 0.98% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 8 | $25.9M | 3.07% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 9 | $15.5M | 0.04% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 8 | $13.1M | 2.10% |
| JEMB Janus Henderson Emerging Markets Debt Hard Currency ETF | 2026-07-31 | 9 | $6.7M | 1.56% |
| FBND Fidelity Total Bond ETF | 2026-05-31 | 9 | $5.9M | 0.02% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 3 | $5.9M | 0.50% |
| EMBD Global X Emerging Markets Bond ETF | 2026-05-31 | 7 | $4.2M | 1.63% |
| EMHC State Street(R) SPDR(R) Bloomberg Emerging Markets USD Bond ETF | 2026-06-30 | 7 | $3.6M | 1.33% |
| EVTR Eaton Vance Total Return Bond ETF | 2026-06-30 | 6 | $3.4M | 0.06% |
| NFLT Virtus Newfleet Multi-Sector Bond ETF | 2026-07-31 | 11 | $1.9M | 0.41% |
| VPLS VANGUARD CORE-PLUS BOND ETF | 2026-06-30 | 4 | $1.5M | 0.09% |
| VEMY Virtus Stone Harbor Emerging Markets High Yield Bond ETF | 2026-07-31 | 8 | $1.2M | 2.44% |
| VSDB VANGUARD SHORT DURATION BOND ETF | 2026-06-30 | 2 | $545K | 0.06% |
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.