The 10-year government bond yield in France hits a multi-year high ahead of the budget announcement

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智通财经2026/10/01 07:36

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The yield on France’s 10-year OAT rose to 4.9% on Thursday, the highest since June 2002.
This movement occurred ahead of the government's upcoming budget announcement.
The French government is set to unveil a €54 billion fiscal consolidation plan, with the goal of reducing the budget deficit from 5.4% this year to 5% of GDP by 2027.
The measures are expected to target politically sensitive spending areas such as pensions and public sector salaries, while extending one-off taxes on large corporations.
Against the backdrop of global bond sell-offs, France’s borrowing costs have risen sharply.
The yield spread between 10-year OATs and German government bonds widened to 127 basis points on Wednesday, close to levels seen during the Eurozone debt crisis.
The rise in yields and an expected debt burden exceeding 120% of GDP next year are also pushing up interest costs.
The French government expects interest expenses to reach €91 billion by 2027.
Subsequent focal points include the details of the budget, whether the fiscal consolidation measures can be implemented, and developments in the spread of French government bonds.

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The 10-year government bond yield in France hits a multi-year high ahead of the budget announcement

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