South Africa government bonds
South Africa'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 |
|---|---|---|---|---|---|---|---|---|
| ZAR Own-currency bonds | own currency: yield only, no default number | 29 | — | — | — | — | 8.89% | $1.44B |
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 22 | 215 bp | 186 bp | 16.4% | +18 bp | 7.07% | $1.21B |
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.
South Africa's USD curve
Yield to maturity of each USD bond US funds hold (22 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
South Africa's ZAR curve
Yield to maturity of each ZAR bond US funds hold (29 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds South Africa's debt
Fund series holding South Africa's government and government-related bonds in their latest quarterly report: 428 now, 432 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| PIMCO Income Fund | 2026-06-30 | 7 | $43.19B | $2.66B |
| PIMCO Total Return Fund | 2026-06-30 | 8 | $7.93B | $494.5M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 14 | $456.5M | $428.8M |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2026-06-30 | 6 | $6.83B | $423.5M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 11 | $5.71B | $348.1M |
| Global Opportunities Portfolio | 2026-07-31 | 4 | $5.81B | $346.3M |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2026-06-30 | 11 | $5.19B | $315.2M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 23 | $4.31B | $295.2M |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 15 | $4.60B | $283.0M |
| MFS Emerging Markets Debt Fund | 2026-07-31 | 14 | $1.14B | $253.5M |
| Templeton Global Bond Fund | 2026-06-30 | 4 | $4.03B | $247.4M |
| T. Rowe Price Emerging Markets Bond Fund | 2026-06-30 | 8 | $630.0M | $222.3M |
| Bridge Builder Core Plus Bond Fund | 2026-06-30 | 9 | $3.52B | $221.3M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 3 | $1.23B | $181.3M |
| Emerging Markets Local Income Portfolio | 2026-07-31 | 8 | $2.89B | $173.6M |
| PIMCO Multisector Bond Active Exchange-Traded Fund | 2026-06-30 | 6 | $2.85B | $172.9M |
| PIMCO Investment Grade Credit Bond Fund | 2026-06-30 | 4 | $2.04B | $131.8M |
| iShares Flexible Income Active ETF | 2026-07-31 | 9 | $2.16B | $131.6M |
| PIMCO Low Duration Income Fund | 2026-06-30 | 5 | $1.93B | $118.2M |
| PIMCO Dynamic Bond Fund | 2026-06-30 | 8 | $1.75B | $115.7M |
ETFs holding South Africa'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 | 14 | $428.8M | 2.94% |
| EMLC VanEck J.P. Morgan EM Local Currency Bond ETF | 2026-06-30 | 15 | $283.0M | 5.81% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 20 | $113.3M | 1.70% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 15 | $100.6M | 4.45% |
| BOND PIMCO Active Bond Exchange-Traded Fund | 2026-06-30 | 5 | $55.8M | 0.67% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $39.4M | 2.85% |
| FEMB First Trust Emerging Markets Local Currency Bond ETF | 2026-07-31 | 5 | $33.2M | 9.19% |
| JPIB JPMorgan International Bond Opportunities ETF | 2026-05-31 | 6 | $33.0M | 1.64% |
| LEMB iShares J.P. Morgan EM Local Currency Bond ETF | 2026-07-31 | 14 | $28.6M | 3.99% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 16 | $27.0M | 0.06% |
| WIP State Street(R) SPDR(R) FTSE International Government Inflation-Protected Bond ETF | 2026-06-30 | 10 | $23.9M | 4.66% |
| XAGG Eaton Vance Income Opportunities ETF | 2026-06-30 | 3 | $21.7M | 1.86% |
| EMHY iShares J.P. Morgan EM High Yield Bond ETF | 2026-07-31 | 14 | $16.5M | 2.64% |
| JPIE JPMorgan Income ETF | 2026-05-31 | 7 | $14.7M | 0.16% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 5 | $12.6M | 1.49% |
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.