Bonds
Sovereign bonds by country
Government bonds held by US funds, grouped by what the spread can tell you. A government that borrows in a currency it cannot print (dollars for emerging markets, euros for euro members) carries credit risk that shows up as a spread. In its own currency it can always print, so the risk shows up as inflation and currency moves, not default: those rows show a yield and no odds. Fund marks as of Jul 2026.
Emerging markets, US-dollar bonds
Median spread over the matched-maturity Treasury; priced-in odds = spread ÷ (1 − 40% recovery), compounded over five years. Includes a risk premium, so it overstates actual defaults.
| Country | Ccy | Bonds | Spread | 10-year spread | Priced-in 5y odds | 1-month change | 12-month range | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|---|
| Mexico | USD | 39 | 176 bp | 176 bp | 13.6% | +18 bp | 149–185 bp | 6.46% | $3.36B |
| Argentina | USD | 11 | n/a | — | — | — | 501–639 bp | — | $2.42B |
| Turkey | USD | 32 | 262 bp | 270 bp | 19.6% | +28 bp | 216–322 bp | 7.04% | $1.93B |
| Indonesia | USD | 93 | 105 bp | 111 bp | 8.4% | +25 bp | 68–110 bp | 5.63% | $1.67B |
| Dominican Republic | USD | 42 | 182 bp | 182 bp | 14.1% | +22 bp | 160–234 bp | 6.39% | $1.61B |
| Saudi Arabia | USD | 59 | 84 bp | 89 bp | 6.8% | +15 bp | 60–102 bp | 5.30% | $1.55B |
| Colombia | USD | 25 | 210 bp | 221 bp | 16.1% | +15 bp | 195–301 bp | 6.78% | $1.45B |
| Romania | USD | 35 | 187 bp | 194 bp | 14.4% | +12 bp | 148–223 bp | 6.39% | $1.43B |
| Brazil | USD | 20 | 178 bp | 179 bp | 13.8% | +16 bp | 154–189 bp | 6.27% | $1.30B |
| Philippines | USD | 36 | 100 bp | 101 bp | 8.0% | +20 bp | 60–104 bp | 5.53% | $1.22B |
| South Africa | USD | 22 | 215 bp | 186 bp | 16.4% | +18 bp | 197–292 bp | 7.07% | $1.21B |
| Hungary | USD | 24 | 111 bp | 118 bp | 8.8% | +22 bp | 88–153 bp | 5.65% | $1.17B |
| Egypt | USD | 41 | 326 bp | 327 bp | 23.8% | +29 bp | 254–466 bp | 7.72% | $1.11B |
| Panama | USD | 26 | 134 bp | 135 bp | 10.6% | +21 bp | 104–203 bp | 5.83% | $1.10B |
| Ecuador | USD | 22 | 450 bp | 442 bp | 31.3% | +25 bp | 421–502 bp | 9.10% | $1.08B |
| Angola | USD | 20 | 449 bp | 460 bp | 31.2% | -17 bp | 414–644 bp | 9.05% | $1.02B |
| Poland | USD | 12 | 80 bp | 85 bp | 6.4% | +17 bp | 53–84 bp | 5.29% | $939.7M |
| Peru | USD | 17 | 104 bp | 104 bp | 8.3% | +20 bp | 82–123 bp | 5.62% | $903.6M |
| Ukraine | USD | 18 | n/a | — | — | — | — | — | $889.6M |
| Nigeria | USD | 31 | 249 bp | 274 bp | 18.7% | -33 bp | 248–419 bp | 6.96% | $864.7M |
| Oman | USD | 24 | 101 bp | — | 8.1% | +22 bp | 79–136 bp | 5.27% | $837.2M |
| Chile | USD | 20 | 87 bp | 86 bp | 7.0% | +25 bp | 59–87 bp | 5.51% | $742.3M |
| Cote d'Ivoire | USD | 12 | 241 bp | 254 bp | 18.2% | +28 bp | 214–355 bp | 6.92% | $686.8M |
| Bahrain | USD | 33 | 327 bp | 332 bp | 23.9% | +53 bp | 189–346 bp | 7.89% | $579.4M |
| Uruguay | USD | 10 | 81 bp | 87 bp | 6.6% | +20 bp | 56–90 bp | 5.50% | $550.5M |
| Sri Lanka | USD | 13 | n/a | — | — | — | 222–267 bp | — | $492.3M |
| Venezuela | USD | 15 | n/a | — | — | — | — | — | $480.7M |
| Guatemala | USD | 29 | 141 bp | 146 bp | 11.1% | +23 bp | 116–168 bp | 6.04% | $455.8M |
| Lebanon | USD | 29 | n/a | — | — | — | — | — | $437.8M |
| Costa Rica | USD | 15 | 135 bp | 126 bp | 10.6% | +16 bp | 119–185 bp | 6.30% | $407.1M |
| United Arab Emirates | USD | 46 | 61 bp | 56 bp | 4.9% | +16 bp | 32–75 bp | 5.10% | $406.3M |
| Kenya | USD | 16 | 394 bp | 393 bp | 28.0% | +44 bp | 350–526 bp | 8.48% | $404.9M |
| Ghana | USD | 8 | n/a | 275 bp | — | — | — | — | $388.9M |
| Suriname | USD | 4 | 272 bp | 280 bp | 20.3% | +20 bp | 252–398 bp | 7.16% | $380.0M |
| China | USD | 15 | -24 bp | — | 0.0% | +3 bp | -59–-13 bp | 4.09% | $363.0M |
| Serbia | USD | 10 | 141 bp | 147 bp | 11.1% | +20 bp | 112–170 bp | 5.88% | $362.7M |
| Morocco | USD | 16 | 125 bp | 125 bp | 9.9% | +20 bp | 103–154 bp | 5.70% | $354.5M |
| Kazakhstan | USD | 13 | 92 bp | 88 bp | 7.4% | +23 bp | 63–109 bp | 5.57% | $307.6M |
| Paraguay | USD | 17 | 114 bp | 113 bp | 9.1% | +13 bp | 88–135 bp | 5.70% | $271.4M |
| Kuwait | USD | 12 | 83 bp | 93 bp | 6.7% | +31 bp | 37–94 bp | 5.15% | $265.5M |
| El Salvador | USD | 17 | 274 bp | 259 bp | 20.4% | -6 bp | 279–382 bp | 7.53% | $265.3M |
| Pakistan | USD | 8 | 334 bp | — | 24.3% | +36 bp | 298–523 bp | 7.63% | $233.1M |
| Jordan | USD | 13 | 178 bp | — | 13.8% | +37 bp | 141–261 bp | 6.02% | $220.2M |
| Gabon | USD | 7 | 556 bp | 672 bp | 37.1% | -83 bp | 587–958 bp | 9.91% | $214.3M |
| Ethiopia | USD | 2 | n/a | — | — | — | — | — | $206.3M |
| Uzbekistan | USD | 14 | 134 bp | — | 10.6% | +11 bp | 122–213 bp | 5.68% | $195.9M |
| Trinidad and Tobago | USD | 10 | 174 bp | 174 bp | 13.5% | +15 bp | 158–233 bp | 6.24% | $133.8M |
| Senegal | USD | 4 | 1447 bp | — | 70.0% | +30 bp | 728–1447 bp | 18.91% | $131.9M |
| Benin | USD | 4 | 284 bp | 282 bp | 21.1% | +24 bp | 260–386 bp | 7.59% | $127.7M |
| Qatar | USD | 10 | 63 bp | 46 bp | 5.1% | +33 bp | 24–78 bp | 5.00% | $121.6M |
| Bermuda | USD | 9 | 91 bp | — | 7.3% | +13 bp | 77–99 bp | 5.27% | $117.6M |
| Mongolia | USD | 12 | 157 bp | — | 12.3% | -1 bp | 156–264 bp | 5.85% | $116.2M |
| Jamaica | USD | 3 | 127 bp | — | 10.0% | +15 bp | 112–184 bp | 6.00% | $114.1M |
| Honduras | USD | 6 | 186 bp | 187 bp | 14.4% | +27 bp | 159–286 bp | 6.41% | $109.7M |
| Barbados | USD | 2 | n/a | 253 bp | — | — | 246–352 bp | — | $104.2M |
| Bolivia | USD | 5 | 422 bp | — | 29.6% | +13 bp | 409–934 bp | 8.50% | $92.4M |
| Cameroon | USD | 2 | n/a | — | — | — | 622–622 bp | — | $86.4M |
| Zambia | USD | 3 | n/a | — | — | — | -362–-269 bp | — | $68.5M |
| Bahamas | USD | 5 | 216 bp | 217 bp | 16.5% | +8 bp | 208–332 bp | 6.65% | $61.6M |
| Mozambique | USD | 2 | n/a | — | — | — | — | — | $61.2M |
| Azerbaijan | USD | 3 | 59 bp | — | 4.8% | +10 bp | 48–98 bp | 4.93% | $34.2M |
| Armenia | USD | 5 | 152 bp | 165 bp | 11.9% | +18 bp | 134–239 bp | 5.83% | $27.4M |
| Montenegro | USD | 2 | n/a | — | — | — | 176–194 bp | — | $19.7M |
| Malaysia | USD | 6 | 41 bp | — | 3.3% | — | 9–34 bp | 5.26% | $19.2M |
| LA | USD | 2 | n/a | — | — | — | — | — | $17.1M |
| CG | USD | 2 | n/a | 565 bp | — | — | — | — | $16.4M |
| Georgia | USD | 2 | n/a | — | — | — | — | — | $15.6M |
| Rwanda | USD | 2 | n/a | — | — | — | 329–405 bp | — | $9.2M |
Euro members, euro bonds (vs German Bunds)
Spread over a Nelson-Siegel curve fitted to German federal bonds at the same maturity. The 10-year column uses bonds with 7–12 years left.
| Country | Ccy | Bonds | Spread | 10-year spread | Priced-in 5y odds | 1-month change | 12-month range | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|---|
| France | EUR | 95 | 64 bp | 74 bp | 5.2% | +9 bp | 45–74 bp | 3.71% | $22.25B |
| Italy | EUR | 109 | 54 bp | 72 bp | 4.4% | +7 bp | 35–74 bp | 3.58% | $19.99B |
| Spain | EUR | 43 | 32 bp | 39 bp | 2.6% | -1 bp | 22–44 bp | 3.39% | $6.89B |
| Belgium | EUR | 38 | 49 bp | 49 bp | 4.0% | +2 bp | 44–73 bp | 3.69% | $4.75B |
| Netherlands | EUR | 24 | 6 bp | 7 bp | 0.5% | -1 bp | 7–17 bp | 3.21% | $3.73B |
| Austria | EUR | 34 | 21 bp | 21 bp | 1.8% | -1 bp | 16–36 bp | 3.39% | $3.22B |
| Finland | EUR | 26 | 24 bp | 25 bp | 1.9% | -2 bp | 23–36 bp | 3.37% | $1.80B |
| Portugal | EUR | 17 | 27 bp | 29 bp | 2.2% | -4 bp | 24–40 bp | 3.44% | $1.62B |
| Greece | EUR | 33 | 64 bp | 67 bp | 5.2% | +4 bp | 54–82 bp | 3.82% | $1.29B |
| Ireland | EUR | 16 | 10 bp | 13 bp | 0.8% | -3 bp | 12–27 bp | 3.27% | $1.05B |
| Slovakia | EUR | 23 | 48 bp | 64 bp | 3.9% | -3 bp | 51–60 bp | 3.53% | $735.5M |
| Lithuania | EUR | 13 | 62 bp | 62 bp | 5.0% | -7 bp | 67–80 bp | 3.72% | $251.2M |
| Slovenia | EUR | 13 | 23 bp | 23 bp | 1.9% | +2 bp | 21–42 bp | 3.39% | $222.3M |
| Croatia | EUR | 11 | 32 bp | 40 bp | 2.6% | -5 bp | 33–50 bp | 3.31% | $186.4M |
| Latvia | EUR | 8 | 62 bp | 65 bp | 5.1% | +18 bp | 45–65 bp | 3.68% | $163.9M |
| Luxembourg | EUR | 6 | 16 bp | — | 1.3% | -4 bp | 12–22 bp | 3.17% | $59.9M |
| Estonia | EUR | 3 | 43 bp | 54 bp | 3.6% | -1 bp | 45–66 bp | 3.53% | $56.4M |
| Cyprus | EUR | 8 | 29 bp | 35 bp | 2.4% | -8 bp | 35–52 bp | 3.49% | $49.2M |
| Malta | EUR | 2 | n/a | — | — | — | — | — | $3.4M |
Germany (the euro reference curve)
German federal bonds are the reference curve for euro spreads.
| Country | Ccy | Bonds | Median yield | Held by US funds |
|---|---|---|---|---|
| Germany | EUR | 77 | 2.99% | $15.06B |
Euro bonds of non-euro countries
Euro bonds of governments outside the euro, over German Bunds.
| Country | Ccy | Bonds | Spread | 10-year spread | Priced-in 5y odds | 1-month change | 12-month range | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|---|
| Romania | EUR | 63 | 239 bp | 249 bp | 18.1% | -8 bp | 220–308 bp | 5.47% | $1.04B |
| Hungary | EUR | 16 | 105 bp | 108 bp | 8.4% | +2 bp | 104–169 bp | 4.11% | $512.5M |
| Mexico | EUR | 21 | 172 bp | 192 bp | 13.3% | -12 bp | 163–210 bp | 4.81% | $461.8M |
| Bulgaria | EUR | 15 | 75 bp | 81 bp | 6.1% | -3 bp | 65–105 bp | 3.88% | $403.5M |
| Poland | EUR | 19 | 54 bp | 58 bp | 4.4% | -7 bp | 59–73 bp | 3.58% | $378.8M |
| Indonesia | EUR | 16 | 155 bp | 163 bp | 12.1% | -6 bp | 110–175 bp | 4.61% | $335.6M |
| Chile | EUR | 16 | 96 bp | 101 bp | 7.7% | +14 bp | 83–107 bp | 4.18% | $314.1M |
| Cote d'Ivoire | EUR | 9 | 257 bp | — | 19.3% | +1 bp | 255–404 bp | 5.52% | $310.1M |
| Morocco | EUR | 8 | 165 bp | 167 bp | 12.9% | -2 bp | 110–176 bp | 4.78% | $228.8M |
| Colombia | EUR | 6 | 250 bp | 269 bp | 18.8% | -16 bp | 266–357 bp | 5.58% | $220.0M |
| Sweden | EUR | 2 | n/a | — | — | — | — | — | $209.7M |
| Serbia | EUR | 11 | 175 bp | 186 bp | 13.6% | +14 bp | 134–176 bp | 4.79% | $173.1M |
| Bosnia and Herzegovina | EUR | 4 | 289 bp | — | 21.4% | -1 bp | 290–346 bp | 5.82% | $156.3M |
| Philippines | EUR | 5 | 113 bp | — | 9.0% | -1 bp | 84–120 bp | 4.15% | $148.7M |
| Uzbekistan | EUR | 4 | n/a | — | — | — | 156–222 bp | 4.50% | $98.7M |
| Saudi Arabia | EUR | 7 | 96 bp | 96 bp | 7.6% | -1 bp | 72–114 bp | 4.21% | $90.6M |
| Argentina | EUR | 5 | n/a | — | — | — | — | — | $88.9M |
| South Korea | EUR | 5 | 25 bp | — | 2.1% | — | — | 3.17% | $76.4M |
| Montenegro | EUR | 4 | 166 bp | — | 12.9% | -8 bp | 173–234 bp | 4.52% | $74.8M |
| Israel | EUR | 5 | 110 bp | — | 8.8% | — | 100–115 bp | 4.36% | $67.7M |
| Egypt | EUR | 5 | 333 bp | — | 24.2% | +6 bp | 325–551 bp | 6.26% | $53.2M |
| Brazil | EUR | 3 | 216 bp | — | 16.5% | +7 bp | 208–216 bp | 5.21% | $50.3M |
| Albania | EUR | 5 | 77 bp | 158 bp | 6.2% | -14 bp | 92–163 bp | 3.71% | $47.1M |
| Iceland | EUR | 3 | n/a | — | — | — | 43–43 bp | — | $40.6M |
| Hong Kong | EUR | 5 | 13 bp | — | 1.1% | — | 15–34 bp | 3.09% | $36.5M |
| Peru | EUR | 3 | 99 bp | — | 7.9% | — | 107–115 bp | 4.03% | $30.5M |
| Senegal | EUR | 2 | n/a | — | — | — | 773–4657 bp | — | $16.3M |
| Turkey | EUR | 3 | 188 bp | — | 14.5% | -12 bp | 201–244 bp | 4.83% | $15.4M |
| Costa Rica | EUR | 5 | 218 bp | 219 bp | 16.6% | -3 bp | 221–255 bp | 5.39% | $15.0M |
| Benin | EUR | 4 | 291 bp | 291 bp | 21.5% | -6 bp | 297–392 bp | 6.06% | $12.4M |
| North Macedonia | EUR | 6 | 162 bp | 185 bp | 12.7% | -18 bp | 171–266 bp | 4.60% | $11.4M |
| United Arab Emirates | EUR | 2 | n/a | — | — | — | — | — | $8.4M |
| Kazakhstan | EUR | 3 | n/a | — | — | — | — | 3.67% | $7.5M |
| Cameroon | EUR | 3 | 538 bp | — | 36.1% | -21 bp | 559–747 bp | 8.38% | $6.4M |
| China | EUR | 9 | 7 bp | 10 bp | 0.6% | -11 bp | 3–32 bp | 3.13% | $5.4M |
Developed markets, US-dollar bonds
Median spread over the matched-maturity Treasury; priced-in odds = spread ÷ (1 − 40% recovery), compounded over five years. Includes a risk premium, so it overstates actual defaults.
| Country | Ccy | Bonds | Spread | 10-year spread | Priced-in 5y odds | 1-month change | 12-month range | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|---|
| Italy | USD | 5 | 105 bp | — | 8.4% | +40 bp | 57–92 bp | 6.15% | $131.4M |
| Israel | USD | 2 | n/a | — | — | — | — | — | $57.1M |
| Belgium | USD | 2 | n/a | — | — | — | — | — | $49.2M |
| Hong Kong | USD | 12 | 10 bp | — | 0.8% | +9 bp | -6–14 bp | 4.39% | $34.9M |
| Latvia | USD | 2 | n/a | 75 bp | — | — | — | — | $33.8M |
| South Korea | USD | 20 | 22 bp | — | 1.9% | +12 bp | 8–36 bp | 4.55% | $25.7M |
| Canada | USD | 4 | 9 bp | — | 0.7% | +6 bp | -10–11 bp | 4.35% | $20.4M |
| Finland | USD | 3 | 17 bp | 19 bp | 1.4% | — | — | 4.67% | $18.5M |
| Ireland | USD | 4 | 548 bp | — | 36.6% | — | — | 9.72% | $12.0M |
| Slovenia | USD | 2 | n/a | 36 bp | — | — | 37–56 bp | — | $4.4M |
Own-currency bonds
Yield only. A government can print its own currency, so no default number is shown.
| Country | Ccy | Bonds | Median yield | Held by US funds |
|---|---|---|---|---|
| Japan | JPY | 370 | — | $31.05B |
| United Kingdom | GBP | 67 | 5.14% | $18.07B |
| South Korea | KRW | 70 | 4.21% | $7.34B |
| Canada | CAD | 54 | 3.38% | $6.97B |
| Australia | AUD | 60 | 5.03% | $6.34B |
| China | CNY | 138 | 1.49% | $4.21B |
| New Zealand | NZD | 14 | 4.56% | $3.94B |
| Malaysia | MYR | 70 | 3.71% | $3.27B |
| Indonesia | IDR | 56 | 7.47% | $2.95B |
| Poland | PLN | 34 | 5.07% | $2.76B |
| Thailand | THB | 48 | 2.04% | $2.65B |
| Czechia | CZK | 27 | 4.77% | $1.50B |
| South Africa | ZAR | 29 | 8.89% | $1.44B |
| Switzerland | CHF | 22 | -2.53% | $1.41B |
| Singapore | SGD | 22 | 2.28% | $1.35B |
| Israel | ILS | 15 | 3.62% | $1.34B |
| Hungary | HUF | 21 | 5.54% | $1.32B |
| Romania | RON | 32 | 6.73% | $974.3M |
| Denmark | DKK | 11 | 2.88% | $962.9M |
| Norway | NOK | 12 | 4.46% | $746.8M |
| Sweden | SEK | 17 | 2.72% | $681.5M |
| India | INR | 50 | 6.79% | $520.0M |
| Egypt | EGP | 38 | 24.22% | $488.5M |
| Nigeria | NGN | 18 | 17.48% | $213.5M |
| Philippines | PHP | 12 | 7.36% | $155.6M |
| Peru | PEN | 17 | 6.11% | $150.5M |
| Turkey | TRY | 27 | 38.09% | $133.2M |
| Serbia | RSD | 4 | 5.33% | $118.2M |
| Hong Kong | HKD | 10 | 3.17% | $118.2M |
| Brazil | BRL | 4 | 7.62% | $111.7M |
| Uruguay | UYU | 7 | 6.66% | $95.0M |
| Dominican Republic | DOP | 10 | 9.27% | $74.2M |
| Chile | CLP | 5 | 5.26% | $61.0M |
| Kenya | KES | 10 | 12.49% | $58.2M |
| Kazakhstan | KZT | 18 | 14.76% | $55.2M |
| Ghana | GHS | 11 | 14.41% | $50.9M |
| Colombia | COP | 7 | 12.24% | $28.6M |
| Mexico | MXN | 15 | 9.32% | $25.3M |
| Argentina | ARS | 3 | — | $4.9M |
| Russia | RUB | 3 | — | $0 |
Other foreign-currency bonds
Yield only. A government can print its own currency, so no default number is shown.
| Country | Ccy | Bonds | Median yield | Held by US funds |
|---|---|---|---|---|
| Armenia | AMD | 9 | 7.96% | $475.1M |
| Uzbekistan | UZS | 7 | 10.98% | $388.8M |
| Zambia | ZMW | 47 | 15.91% | $323.3M |
| Sri Lanka | LKR | 30 | 11.61% | $208.9M |
| Albania | ALL | 11 | 4.08% | $203.1M |
| Paraguay | PYG | 6 | 9.02% | $125.9M |
| UG | UGX | 11 | 14.34% | $81.5M |
| Pakistan | PKR | 7 | 11.77% | $55.7M |
| Indonesia | JPY | 4 | — | $44.6M |
| Italy | GBP | 2 | — | $39.0M |
| Austria | CHF | 2 | — | $34.5M |
| Georgia | GEL | 6 | 8.60% | $19.9M |
| Indonesia | CNY | 3 | 2.38% | $15.1M |
| Philippines | JPY | 2 | — | $14.9M |
| Hong Kong | CNY | 2 | — | $11.5M |
| Iceland | ISK | 2 | — | $10.8M |
| Costa Rica | CRC | 5 | 6.59% | $10.2M |
| Cote d'Ivoire | XOF | 2 | — | $8.1M |
| Uruguay | CHF | 2 | — | $4.9M |
| Argentina | JPY | 5 | — | $2.5M |
| Bosnia and Herzegovina | BAM | 2 | — | $59K |
Some governments' dollar bonds have step-up or amortising coupons (Argentina, Ecuador); N-PORT reports them as variable-rate and no reliable yield can be computed, so their spread shows n/a when fewer than three bonds have one. Index-linked bonds, regional governments, agencies and state-owned companies are left out of the country figures.
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.