{"content_id":"zsnmu89u3l","slug":"france-government-bond-yields-2026-causes-and-comparisons","locale":"en","schema_type":"Article","category":"report","category_name":"Report","title":"French Government Bond Yields in 2026: Causes and Benchmarks","summary":"Rising French government bond yields reflect both global inflation and interest rate pressures and France's fiscal and political instability. To assess the scale of the risk, consider the yield gap with Germany, whether the budget can be implemented, and the maturity structure of government bonds together.","sponsorship_disclosure":null,"affiliate_disclosure":null,"commerce_disclosure":null,"author":{"name":"Injoys Editorial Team","url":"https://injoys.com/ko/about"},"key_points":["The TEC10 for October 8, 2026, published by France's central bank, is 4.8980% per year.","France's fiscal deficit and uncertainty over a budget agreement add to the pressure from rising long-term interest rates worldwide.","To compare yields across countries, use the same date, currency, and maturity.","Rising market interest rates gradually feed into government interest spending through new bond issues and refinancing.","Falling government bond prices and higher funding costs for financial institutions can spill over into lending, investment, and consumption."],"content_markdown":"Rising French government bond yields reflect a combination of global inflation pressure and fiscal and political uncertainty. The benchmark 10-year yield is **4.8980% per year**. To distinguish pressures specific to France, it is important to look at the gap with Germany as well as the yield itself.\n\nThe yield figures are based on a release from the Bank of France dated October 8, 2026.\n\n## How much have French government bond yields risen?\n\nFrance’s 10-year benchmark yield, TEC10, was 4.8980% per year on October 8, 2026. The French Treasury Agency, AFT, displayed the figure as 4.90% on the same day. The difference comes from the number of decimal places shown. [Bank of France yield release](https://www.banque-france.fr/fr/statistiques/taux-et-cours/indices-obligataires-2026-10-08), [AFT key indicators](https://www.aft.gouv.fr/fr?page=0)\n\n| Indicator | Date | Annual yield | Meaning |\n| --- | --- | --- | --- |\n| TEC10 | October 2, 2026 | 4.8990% | 10-year benchmark |\n| TEC10 | October 6, 2026 | 4.7240% | A short-term decline |\n| TEC10 | October 8, 2026 | 4.8980% | A subsequent rise |\n| TEC30 | October 8, 2026 | 5.4460% | 30-year benchmark |\n\nThe table comes from the same Bank of France release. Daily yields rise and fall even during a longer-term upward trend. Mixing 10-year and 30-year figures can lead to a mistaken reading of how much yields have risen.\n\nTEC10 is a theoretical yield adjusted to a remaining maturity of 10 years. AFT calculates it using yields on government bonds with maturities on either side of 10 years. It should not be confused with the interest rate or auction yield of a particular bond. [AFT’s explanation of how TEC10 is calculated](https://www.aft.gouv.fr/en/tec-10-oat)\n\n## Global yield increases and factors specific to France\n\nFrench yields reflect both global upward pressure and country-specific risk. Rising energy prices can raise inflation expectations. Investors may demand higher yields to compensate for losses caused by inflation.\n\nIn its June 2026 forecast, the Bank of France analyzed the effects of the war in the Middle East. It identified high energy prices as a risk to purchasing power and also raised concerns about slower growth. [Bank of France economic forecast for June 2026](https://www.banque-france.fr/fr/publications-et-statistiques/publications/projections-macroeconomiques-juin-2026)\n\n| Factor pushing yields up | How it affects yields | Indicators to examine separately |\n| --- | --- | --- |\n| Inflation concerns | Lower real value of future interest payments | Inflation forecasts, energy prices |\n| Expectations of high policy rates | Higher expectations for future short-term rates | Central bank decisions, rate forecasts |\n| Increased government bond supply | Higher yields demanded to absorb the additional bonds | Issuance plans, auction results |\n| Long-term uncertainty | Greater compensation for the risk of holding bonds for longer | Yield differences by maturity |\n| French fiscal and political uncertainty | Concerns about repayment capacity and policy implementation | Yield gap with Germany, budget progress |\n\nRising yields in the United States, Germany and Japan, among others, show the common pressure. In a September 2026 analysis, S\u0026P Global confirmed that yields were rising across major countries. The ranking of countries by the size of their increases, however, depends on the period compared. [S\u0026P Global’s government bond market analysis](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/9/global-bond-sell-off-signals-potential-boost-for-eurozone-banks-105965671)\n\n## How are the fiscal deficit and political uncertainty connected?\n\nMarkets assess both the size of the deficit and the ability to reduce it. A fiscal deficit is the amount by which government spending exceeds revenue in a year. Continued deficits increase the need for additional borrowing.\n\nFrance’s 2026 budget included a target of reducing the deficit to **5% of GDP**. The budget was finally adopted on February 2, 2026. The government used Article 49.3 of the constitution during the process. [Explanation of the French budget law](https://www.vie-publique.fr/loi/300444-budget-de-letat-2026-loi-de-finances-2026?eml-publisher=NL_VP\u0026eml_name=NL_VP-695-260120)\n\nThis provision allows the government to put its responsibility at stake to pass a bill. If a motion of no confidence does not pass, the bill is considered adopted. France’s lower house announced the budget’s adoption after rejecting two motions of no confidence. [French lower house explanation of the 2026 budget’s adoption](https://www.assemblee-nationale.fr/dyn/actualites-accueil-hub/adoption-du-plf2026-en-lecture-definitive-apres-l-engagement-de-la-responsabilite-du-gouvernement-sur-le-projet-de-loi-et-le-rejet-de-2-motions-d)\n\nOn September 30, 2026, AOF reported the government’s deficit forecast as 5.5% of GDP. The same report described a plan to save 54 billion euros in the next budget. These were forecasts and plans at the time, not finalized accounts or achieved results. [AOF report on French public finances and the bond market](https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f)\n\nAgreeing on spending cuts becomes harder in a parliament without majority support. The political calendar ahead of the 2027 presidential election also affects negotiations. What matters most to markets is not the announced amount of savings but whether the plan can actually be carried out.\n\n## How to compare France with Germany and Italy\n\nThe gap with German government bonds of the same maturity can help show the burden specific to France. This yield gap is called a spread. Because France and Germany both use the euro, this comparison reduces the effect of currency differences.\n\n| Comparison | What it can show | What to watch for |\n| --- | --- | --- |\n| France and Germany | Additional yield over the eurozone’s benchmark government bonds | Also reflects liquidity and supply and demand, not just French credit risk |\n| France and Italy | Relative changes in market assessments of the two countries | Past crisis experience alone cannot determine their current ranking |\n| France and the United States, United Kingdom and Japan | Global trends in long-term yields | Currencies, inflation and monetary policies differ |\n| French government bonds and corporate bonds | Differences in borrowing terms between the government and a particular company | Currency, remaining maturity, trading date and bond terms must match |\n\nOn September 30, 2026, AOF reported on the gap between France and Italy. At the time, France’s 10-year yield was more than 0.2 percentage points higher. That figure should not be taken to mean the same gap persisted on October 8. [AOF comparison of yields by country](https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f)\n\nCredit ratings and market yields are not the same measure. A credit rating reflects a rating agency’s assessment of repayment capacity. Market yields also reflect supply and demand and new information. A country with a higher rating can therefore have a higher yield.\n\n## What does Vanguard’s warning mean?\n\nVanguard’s warning reflects an investor’s assessment of France’s fiscal path. On September 30, 2026, AOF reported comments from a Financial Times interview. Ales Koutny, Vanguard’s head of international rates, expressed concern about a deterioration in long-term creditworthiness.\n\nAccording to the report, Vanguard kept its allocation to French government bonds below the benchmark index weight. The same report also included another asset manager’s view that the risk was already priced in. An investor’s warning should not be interpreted as confirmation of a credit rating downgrade. [AOF report citing the Vanguard interview](https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f)\n\n## The delay between market yields and government interest spending\n\nWhen market yields rise, the interest on existing fixed-rate government bonds does not change immediately. The government’s burden grows gradually through new issuance and refinancing. Refinancing means repaying maturing debt with newly borrowed money.\n\nAFT reported an average remaining maturity of 8 years and 158 days for government bonds at the end of September 2026. This figure covers tradable central government debt. It does not mean all government debt moves to the new rate on the same day. [AFT debt and maturity indicators](https://www.aft.gouv.fr/fr?page=0)\n\n| Debt terms | How rising yields take effect | What to check |\n| --- | --- | --- |\n| Existing fixed-rate government bonds | Contracted interest stays the same, while the market price changes | Maturity schedule, fixed interest rate |\n| Newly issued and refinanced government bonds | Market conditions at issuance affect borrowing costs | Issuance amount, auction yield |\n| Short-term government bonds | Short maturities cause new borrowing terms to take effect quickly | Share of short-term bonds, refinancing cycle |\n| Inflation-linked government bonds | Higher inflation affects costs according to the bond’s terms | Linked inflation index, issuance terms |\n\nA longer average maturity can slow the transmission of a yield shock. But if yields stay high, refinancing costs accumulate. Calculating actual interest spending requires repayment amounts by maturity. Multiplying total debt by the 10-year yield is inaccurate.\n\n## Effects on European banks, consumption and investment\n\nUncertainty surrounding French government bonds can spread through financial firms’ assets and borrowing costs. Prices of existing fixed-rate bonds fall when yields rise. The effect depends on how much firms hold and how the bonds are classified for accounting purposes.\n\nThe ECB analyzed government bond market pressure in its May 2026 Financial Stability Review. It described the possibility that weaknesses in public finances could spread to corporate financing conditions. It also pointed to ways in which financial markets and the real economy could amplify each other’s burdens. [ECB Financial Stability Review](https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202605~50566915a7.en.html)\n\n- Financial firms holding government bonds: They may face valuation losses as bond prices fall.\n- Banks: If their own bond issuance costs rise, they may pass them on through loan pricing.\n- Companies: Higher borrowing costs may lead them to delay capital investment.\n- Households: New loans or interest rate resets may reduce their capacity to spend.\n- Other eurozone countries: A reassessment of fiscal risk may spread through government bond markets.\n\nThe effects on banks do not all point in the same direction. Higher lending rates can also increase interest income. Funding costs and credit losses must also be considered to assess the net effect. [S\u0026P Global analysis of the effects on banks](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/9/global-bond-sell-off-signals-potential-boost-for-eurozone-banks-105965671)\n\nFor overseas investors, exchange rates are a separate factor. Yields on euro-denominated bonds can differ from returns converted into won. Rising French yields alone cannot establish the direction of the won-to-dollar exchange rate.\n\n## Can the ECB stop yields from rising?\n\nThe ECB’s market stabilization tools are not an automatic guarantee of government bonds. Its Transmission Protection Instrument, TPI, is a tool for responding to disorderly market movements. It addresses a deterioration in financing conditions that cannot be explained solely by a country’s economic fundamentals.\n\nThe ECB also assesses factors including fiscal sustainability. The ECB Governing Council decides whether to activate the tool. Detailed criteria are available in the TPI announcement of July 21, 2022. [ECB’s official explanation of TPI](https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html)\n\nThe ECB’s ability to respond must therefore be distinguished from improvements in France’s public finances. Measures to calm market turmoil can help borrowing conditions. But they cannot replace a political agreement to reduce persistent deficits.\n\n## Common mistakes when reading French government bond yields\n\nA yield figure alone cannot establish the likelihood of a country defaulting or the return on an investment. First check the date and definition of the figure. The following distinctions also apply when comparing countries.\n\n| Common interpretation | What to check |\n| --- | --- |\n| Rising yields immediately benefit existing bondholders | Prices of existing fixed-rate bonds can fall |\n| The 10-year yield is the interest rate on all government debt | New borrowing terms and the cost of existing debt differ |\n| Government bond yields must be lower than those of all domestic corporate bonds | The order can reverse depending on issuer risk and individual bond terms |\n| A fiscal deficit forecast is already a finalized result | Targets, forecasts and finalized results must be distinguished |\n| A comparison of some countries can establish the G7 ranking for yield increases | Data for the same period is needed for every member, including Canada |\n\nA comparison with LVMH corporate bonds must also match the terms of the individual bonds. Verification requires the International Securities Identification Number, or ISIN, and the trading date. A corporate bond yield without an identified bond is difficult to use as a definitive comparison figure.\n\n## Indicators to watch\n\nChanges in the risk specific to France require looking at both yield gaps and budget implementation. Falling yields alone do not confirm an improvement in public finances. They may simply have followed a global decline in yields.\n\n1. Check the gap between French and German 10-year yields on the same date.\n2. Distinguish the budget’s savings plan from the outcome of its passage through parliament.\n3. Check who issued the fiscal deficit forecast and when it was released.\n4. Look at both the auction yield and the amount bid at AFT government bond auctions.\n5. Check changes in actual interest spending and repayment plans by maturity.","content_html":"\u003cp\u003eRising French government bond yields reflect a combination of global inflation pressure and fiscal and political uncertainty. The benchmark 10-year yield is \u003cstrong\u003e4.8980% per year\u003c/strong\u003e. To distinguish pressures specific to France, it is important to look at the gap with Germany as well as the yield itself.\u003c/p\u003e\n\u003cp\u003eThe yield figures are based on a release from the Bank of France dated October 8, 2026.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-much-have-french-government-bond-yields-risen\" class=\"anchor\" id=\"how-much-have-french-government-bond-yields-risen\"\u003e\u003c/a\u003eHow much have French government bond yields risen?\u003c/h2\u003e\n\u003cp\u003eFrance’s 10-year benchmark yield, TEC10, was 4.8980% per year on October 8, 2026. The French Treasury Agency, AFT, displayed the figure as 4.90% on the same day. The difference comes from the number of decimal places shown. \u003ca href=\"https://www.banque-france.fr/fr/statistiques/taux-et-cours/indices-obligataires-2026-10-08\"\u003eBank of France yield release\u003c/a\u003e, \u003ca href=\"https://www.aft.gouv.fr/fr?page=0\"\u003eAFT key indicators\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eIndicator\u003c/th\u003e\n\u003cth\u003eDate\u003c/th\u003e\n\u003cth\u003eAnnual yield\u003c/th\u003e\n\u003cth\u003eMeaning\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eTEC10\u003c/td\u003e\n\u003ctd data-label=\"Date\"\u003eOctober 2, 2026\u003c/td\u003e\n\u003ctd data-label=\"Annual yield\"\u003e4.8990%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003e10-year benchmark\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eTEC10\u003c/td\u003e\n\u003ctd data-label=\"Date\"\u003eOctober 6, 2026\u003c/td\u003e\n\u003ctd data-label=\"Annual yield\"\u003e4.7240%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eA short-term decline\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eTEC10\u003c/td\u003e\n\u003ctd data-label=\"Date\"\u003eOctober 8, 2026\u003c/td\u003e\n\u003ctd data-label=\"Annual yield\"\u003e4.8980%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003eA subsequent rise\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Indicator\"\u003eTEC30\u003c/td\u003e\n\u003ctd data-label=\"Date\"\u003eOctober 8, 2026\u003c/td\u003e\n\u003ctd data-label=\"Annual yield\"\u003e5.4460%\u003c/td\u003e\n\u003ctd data-label=\"Meaning\"\u003e30-year benchmark\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eThe table comes from the same Bank of France release. Daily yields rise and fall even during a longer-term upward trend. Mixing 10-year and 30-year figures can lead to a mistaken reading of how much yields have risen.\u003c/p\u003e\n\u003cp\u003eTEC10 is a theoretical yield adjusted to a remaining maturity of 10 years. AFT calculates it using yields on government bonds with maturities on either side of 10 years. It should not be confused with the interest rate or auction yield of a particular bond. \u003ca href=\"https://www.aft.gouv.fr/en/tec-10-oat\"\u003eAFT’s explanation of how TEC10 is calculated\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#global-yield-increases-and-factors-specific-to-france\" class=\"anchor\" id=\"global-yield-increases-and-factors-specific-to-france\"\u003e\u003c/a\u003eGlobal yield increases and factors specific to France\u003c/h2\u003e\n\u003cp\u003eFrench yields reflect both global upward pressure and country-specific risk. Rising energy prices can raise inflation expectations. Investors may demand higher yields to compensate for losses caused by inflation.\u003c/p\u003e\n\u003cp\u003eIn its June 2026 forecast, the Bank of France analyzed the effects of the war in the Middle East. It identified high energy prices as a risk to purchasing power and also raised concerns about slower growth. \u003ca href=\"https://www.banque-france.fr/fr/publications-et-statistiques/publications/projections-macroeconomiques-juin-2026\"\u003eBank of France economic forecast for June 2026\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFactor pushing yields up\u003c/th\u003e\n\u003cth\u003eHow it affects yields\u003c/th\u003e\n\u003cth\u003eIndicators to examine separately\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Factor pushing yields up\"\u003eInflation concerns\u003c/td\u003e\n\u003ctd data-label=\"How it affects yields\"\u003eLower real value of future interest payments\u003c/td\u003e\n\u003ctd data-label=\"Indicators to examine separately\"\u003eInflation forecasts, energy prices\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Factor pushing yields up\"\u003eExpectations of high policy rates\u003c/td\u003e\n\u003ctd data-label=\"How it affects yields\"\u003eHigher expectations for future short-term rates\u003c/td\u003e\n\u003ctd data-label=\"Indicators to examine separately\"\u003eCentral bank decisions, rate forecasts\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Factor pushing yields up\"\u003eIncreased government bond supply\u003c/td\u003e\n\u003ctd data-label=\"How it affects yields\"\u003eHigher yields demanded to absorb the additional bonds\u003c/td\u003e\n\u003ctd data-label=\"Indicators to examine separately\"\u003eIssuance plans, auction results\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Factor pushing yields up\"\u003eLong-term uncertainty\u003c/td\u003e\n\u003ctd data-label=\"How it affects yields\"\u003eGreater compensation for the risk of holding bonds for longer\u003c/td\u003e\n\u003ctd data-label=\"Indicators to examine separately\"\u003eYield differences by maturity\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Factor pushing yields up\"\u003eFrench fiscal and political uncertainty\u003c/td\u003e\n\u003ctd data-label=\"How it affects yields\"\u003eConcerns about repayment capacity and policy implementation\u003c/td\u003e\n\u003ctd data-label=\"Indicators to examine separately\"\u003eYield gap with Germany, budget progress\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eRising yields in the United States, Germany and Japan, among others, show the common pressure. In a September 2026 analysis, S\u0026amp;P Global confirmed that yields were rising across major countries. The ranking of countries by the size of their increases, however, depends on the period compared. \u003ca href=\"https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/9/global-bond-sell-off-signals-potential-boost-for-eurozone-banks-105965671\"\u003eS\u0026amp;P Global’s government bond market analysis\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-are-the-fiscal-deficit-and-political-uncertainty-connected\" class=\"anchor\" id=\"how-are-the-fiscal-deficit-and-political-uncertainty-connected\"\u003e\u003c/a\u003eHow are the fiscal deficit and political uncertainty connected?\u003c/h2\u003e\n\u003cp\u003eMarkets assess both the size of the deficit and the ability to reduce it. A fiscal deficit is the amount by which government spending exceeds revenue in a year. Continued deficits increase the need for additional borrowing.\u003c/p\u003e\n\u003cp\u003eFrance’s 2026 budget included a target of reducing the deficit to \u003cstrong\u003e5% of GDP\u003c/strong\u003e. The budget was finally adopted on February 2, 2026. The government used Article 49.3 of the constitution during the process. \u003ca href=\"https://www.vie-publique.fr/loi/300444-budget-de-letat-2026-loi-de-finances-2026?eml-publisher=NL_VP\u0026amp;eml_name=NL_VP-695-260120\"\u003eExplanation of the French budget law\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eThis provision allows the government to put its responsibility at stake to pass a bill. If a motion of no confidence does not pass, the bill is considered adopted. France’s lower house announced the budget’s adoption after rejecting two motions of no confidence. \u003ca href=\"https://www.assemblee-nationale.fr/dyn/actualites-accueil-hub/adoption-du-plf2026-en-lecture-definitive-apres-l-engagement-de-la-responsabilite-du-gouvernement-sur-le-projet-de-loi-et-le-rejet-de-2-motions-d\"\u003eFrench lower house explanation of the 2026 budget’s adoption\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eOn September 30, 2026, AOF reported the government’s deficit forecast as 5.5% of GDP. The same report described a plan to save 54 billion euros in the next budget. These were forecasts and plans at the time, not finalized accounts or achieved results. \u003ca href=\"https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f\"\u003eAOF report on French public finances and the bond market\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eAgreeing on spending cuts becomes harder in a parliament without majority support. The political calendar ahead of the 2027 presidential election also affects negotiations. What matters most to markets is not the announced amount of savings but whether the plan can actually be carried out.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#how-to-compare-france-with-germany-and-italy\" class=\"anchor\" id=\"how-to-compare-france-with-germany-and-italy\"\u003e\u003c/a\u003eHow to compare France with Germany and Italy\u003c/h2\u003e\n\u003cp\u003eThe gap with German government bonds of the same maturity can help show the burden specific to France. This yield gap is called a spread. Because France and Germany both use the euro, this comparison reduces the effect of currency differences.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eComparison\u003c/th\u003e\n\u003cth\u003eWhat it can show\u003c/th\u003e\n\u003cth\u003eWhat to watch for\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eFrance and Germany\u003c/td\u003e\n\u003ctd data-label=\"What it can show\"\u003eAdditional yield over the eurozone’s benchmark government bonds\u003c/td\u003e\n\u003ctd data-label=\"What to watch for\"\u003eAlso reflects liquidity and supply and demand, not just French credit risk\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eFrance and Italy\u003c/td\u003e\n\u003ctd data-label=\"What it can show\"\u003eRelative changes in market assessments of the two countries\u003c/td\u003e\n\u003ctd data-label=\"What to watch for\"\u003ePast crisis experience alone cannot determine their current ranking\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eFrance and the United States, United Kingdom and Japan\u003c/td\u003e\n\u003ctd data-label=\"What it can show\"\u003eGlobal trends in long-term yields\u003c/td\u003e\n\u003ctd data-label=\"What to watch for\"\u003eCurrencies, inflation and monetary policies differ\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Comparison\"\u003eFrench government bonds and corporate bonds\u003c/td\u003e\n\u003ctd data-label=\"What it can show\"\u003eDifferences in borrowing terms between the government and a particular company\u003c/td\u003e\n\u003ctd data-label=\"What to watch for\"\u003eCurrency, remaining maturity, trading date and bond terms must match\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eOn September 30, 2026, AOF reported on the gap between France and Italy. At the time, France’s 10-year yield was more than 0.2 percentage points higher. That figure should not be taken to mean the same gap persisted on October 8. \u003ca href=\"https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f\"\u003eAOF comparison of yields by country\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eCredit ratings and market yields are not the same measure. A credit rating reflects a rating agency’s assessment of repayment capacity. Market yields also reflect supply and demand and new information. A country with a higher rating can therefore have a higher yield.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#what-does-vanguards-warning-mean\" class=\"anchor\" id=\"what-does-vanguards-warning-mean\"\u003e\u003c/a\u003eWhat does Vanguard’s warning mean?\u003c/h2\u003e\n\u003cp\u003eVanguard’s warning reflects an investor’s assessment of France’s fiscal path. On September 30, 2026, AOF reported comments from a Financial Times interview. Ales Koutny, Vanguard’s head of international rates, expressed concern about a deterioration in long-term creditworthiness.\u003c/p\u003e\n\u003cp\u003eAccording to the report, Vanguard kept its allocation to French government bonds below the benchmark index weight. The same report also included another asset manager’s view that the risk was already priced in. An investor’s warning should not be interpreted as confirmation of a credit rating downgrade. \u003ca href=\"https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f\"\u003eAOF report citing the Vanguard interview\u003c/a\u003e\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#the-delay-between-market-yields-and-government-interest-spending\" class=\"anchor\" id=\"the-delay-between-market-yields-and-government-interest-spending\"\u003e\u003c/a\u003eThe delay between market yields and government interest spending\u003c/h2\u003e\n\u003cp\u003eWhen market yields rise, the interest on existing fixed-rate government bonds does not change immediately. The government’s burden grows gradually through new issuance and refinancing. Refinancing means repaying maturing debt with newly borrowed money.\u003c/p\u003e\n\u003cp\u003eAFT reported an average remaining maturity of 8 years and 158 days for government bonds at the end of September 2026. This figure covers tradable central government debt. It does not mean all government debt moves to the new rate on the same day. \u003ca href=\"https://www.aft.gouv.fr/fr?page=0\"\u003eAFT debt and maturity indicators\u003c/a\u003e\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eDebt terms\u003c/th\u003e\n\u003cth\u003eHow rising yields take effect\u003c/th\u003e\n\u003cth\u003eWhat to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Debt terms\"\u003eExisting fixed-rate government bonds\u003c/td\u003e\n\u003ctd data-label=\"How rising yields take effect\"\u003eContracted interest stays the same, while the market price changes\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eMaturity schedule, fixed interest rate\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Debt terms\"\u003eNewly issued and refinanced government bonds\u003c/td\u003e\n\u003ctd data-label=\"How rising yields take effect\"\u003eMarket conditions at issuance affect borrowing costs\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eIssuance amount, auction yield\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Debt terms\"\u003eShort-term government bonds\u003c/td\u003e\n\u003ctd data-label=\"How rising yields take effect\"\u003eShort maturities cause new borrowing terms to take effect quickly\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eShare of short-term bonds, refinancing cycle\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Debt terms\"\u003eInflation-linked government bonds\u003c/td\u003e\n\u003ctd data-label=\"How rising yields take effect\"\u003eHigher inflation affects costs according to the bond’s terms\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eLinked inflation index, issuance terms\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eA longer average maturity can slow the transmission of a yield shock. But if yields stay high, refinancing costs accumulate. Calculating actual interest spending requires repayment amounts by maturity. Multiplying total debt by the 10-year yield is inaccurate.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#effects-on-european-banks-consumption-and-investment\" class=\"anchor\" id=\"effects-on-european-banks-consumption-and-investment\"\u003e\u003c/a\u003eEffects on European banks, consumption and investment\u003c/h2\u003e\n\u003cp\u003eUncertainty surrounding French government bonds can spread through financial firms’ assets and borrowing costs. Prices of existing fixed-rate bonds fall when yields rise. The effect depends on how much firms hold and how the bonds are classified for accounting purposes.\u003c/p\u003e\n\u003cp\u003eThe ECB analyzed government bond market pressure in its May 2026 Financial Stability Review. It described the possibility that weaknesses in public finances could spread to corporate financing conditions. It also pointed to ways in which financial markets and the real economy could amplify each other’s burdens. \u003ca href=\"https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202605~50566915a7.en.html\"\u003eECB Financial Stability Review\u003c/a\u003e\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eFinancial firms holding government bonds: They may face valuation losses as bond prices fall.\u003c/li\u003e\n\u003cli\u003eBanks: If their own bond issuance costs rise, they may pass them on through loan pricing.\u003c/li\u003e\n\u003cli\u003eCompanies: Higher borrowing costs may lead them to delay capital investment.\u003c/li\u003e\n\u003cli\u003eHouseholds: New loans or interest rate resets may reduce their capacity to spend.\u003c/li\u003e\n\u003cli\u003eOther eurozone countries: A reassessment of fiscal risk may spread through government bond markets.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThe effects on banks do not all point in the same direction. Higher lending rates can also increase interest income. Funding costs and credit losses must also be considered to assess the net effect. \u003ca href=\"https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/9/global-bond-sell-off-signals-potential-boost-for-eurozone-banks-105965671\"\u003eS\u0026amp;P Global analysis of the effects on banks\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eFor overseas investors, exchange rates are a separate factor. Yields on euro-denominated bonds can differ from returns converted into won. Rising French yields alone cannot establish the direction of the won-to-dollar exchange rate.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#can-the-ecb-stop-yields-from-rising\" class=\"anchor\" id=\"can-the-ecb-stop-yields-from-rising\"\u003e\u003c/a\u003eCan the ECB stop yields from rising?\u003c/h2\u003e\n\u003cp\u003eThe ECB’s market stabilization tools are not an automatic guarantee of government bonds. Its Transmission Protection Instrument, TPI, is a tool for responding to disorderly market movements. It addresses a deterioration in financing conditions that cannot be explained solely by a country’s economic fundamentals.\u003c/p\u003e\n\u003cp\u003eThe ECB also assesses factors including fiscal sustainability. The ECB Governing Council decides whether to activate the tool. Detailed criteria are available in the TPI announcement of July 21, 2022. \u003ca href=\"https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html\"\u003eECB’s official explanation of TPI\u003c/a\u003e\u003c/p\u003e\n\u003cp\u003eThe ECB’s ability to respond must therefore be distinguished from improvements in France’s public finances. Measures to calm market turmoil can help borrowing conditions. But they cannot replace a political agreement to reduce persistent deficits.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#common-mistakes-when-reading-french-government-bond-yields\" class=\"anchor\" id=\"common-mistakes-when-reading-french-government-bond-yields\"\u003e\u003c/a\u003eCommon mistakes when reading French government bond yields\u003c/h2\u003e\n\u003cp\u003eA yield figure alone cannot establish the likelihood of a country defaulting or the return on an investment. First check the date and definition of the figure. The following distinctions also apply when comparing countries.\u003c/p\u003e\n\u003cdiv class=\"overflow-x-auto\"\u003e\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eCommon interpretation\u003c/th\u003e\n\u003cth\u003eWhat to check\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Common interpretation\"\u003eRising yields immediately benefit existing bondholders\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003ePrices of existing fixed-rate bonds can fall\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Common interpretation\"\u003eThe 10-year yield is the interest rate on all government debt\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eNew borrowing terms and the cost of existing debt differ\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Common interpretation\"\u003eGovernment bond yields must be lower than those of all domestic corporate bonds\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eThe order can reverse depending on issuer risk and individual bond terms\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Common interpretation\"\u003eA fiscal deficit forecast is already a finalized result\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eTargets, forecasts and finalized results must be distinguished\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd data-label=\"Common interpretation\"\u003eA comparison of some countries can establish the G7 ranking for yield increases\u003c/td\u003e\n\u003ctd data-label=\"What to check\"\u003eData for the same period is needed for every member, including Canada\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\u003c/div\u003e\n\u003cp\u003eA comparison with LVMH corporate bonds must also match the terms of the individual bonds. Verification requires the International Securities Identification Number, or ISIN, and the trading date. A corporate bond yield without an identified bond is difficult to use as a definitive comparison figure.\u003c/p\u003e\n\u003ch2\u003e\n\u003ca href=\"#indicators-to-watch\" class=\"anchor\" id=\"indicators-to-watch\"\u003e\u003c/a\u003eIndicators to watch\u003c/h2\u003e\n\u003cp\u003eChanges in the risk specific to France require looking at both yield gaps and budget implementation. Falling yields alone do not confirm an improvement in public finances. They may simply have followed a global decline in yields.\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eCheck the gap between French and German 10-year yields on the same date.\u003c/li\u003e\n\u003cli\u003eDistinguish the budget’s savings plan from the outcome of its passage through parliament.\u003c/li\u003e\n\u003cli\u003eCheck who issued the fiscal deficit forecast and when it was released.\u003c/li\u003e\n\u003cli\u003eLook at both the auction yield and the amount bid at AFT government bond auctions.\u003c/li\u003e\n\u003cli\u003eCheck changes in actual interest spending and repayment plans by maturity.\u003c/li\u003e\n\u003c/ol\u003e\n","tags":["Monetary policy","Global economy","Inflation","Investor psychology","Exchange rate","Public Finance"],"faqs":[{"question":"What is the yield on French 10-year government bonds?","answer":"In the French central bank's October 8, 2026, release, TEC10 is 4.8980% per year. This measure is calculated using a remaining maturity of 10 years."},{"question":"What are the main reasons French government bond yields are rising?","answer":"France's fiscal uncertainty is adding to global inflation and interest rate pressures. Whether France can agree on and carry out a budget to reduce the deficit affects the assessment of additional risk."},{"question":"Is France borrowing at a higher cost than Italy?","answer":"According to an AOF report on September 30, 2026, France's 10-year yield was more than 0.2 percentage points higher than Italy's. The yield gap keeps changing, so that figure cannot be applied to other dates."},{"question":"Can government bond yields be higher even with a high credit rating?","answer":"Yes. Besides credit ratings, market yields reflect the volume of bonds issued, trading conditions, and new political and fiscal information."},{"question":"What does the yield gap between France and Germany show?","answer":"When comparing government bonds in the same currency, the euro, and with the same maturity, it shows the additional yield required for French bonds. It reflects not only credit risk but also differences in liquidity and supply and demand."},{"question":"If government bond yields rise, does the government also pay higher interest on its existing debt?","answer":"The agreed interest on existing fixed-rate government bonds does not change immediately. Higher market yields are reflected gradually through new bond issues and the refinancing of maturing debt."},{"question":"Are rising government bond yields always bad for banks?","answer":"The outcome is not always the same. Losses in bond values and higher funding costs are a burden. On the other hand, higher lending rates can increase interest income."},{"question":"Is it unusual for LVMH's corporate bond yield to be lower than the French government bond yield?","answer":"There is no rule that government bond yields must be lower than the corporate bond yields of every domestic company. A valid comparison requires the same currency, a similar remaining maturity, the same trading day, and comparable bond terms."},{"question":"Is the ECB required to buy French government bonds?","answer":"There is no automatic obligation to buy them. Activating TPI requires the ECB to assess market conditions, fiscal sustainability, and other factors."},{"question":"Does a rise in French government bond yields also affect investment returns measured in Korean won?","answer":"Changes in the prices of euro-denominated bonds affect investment returns. Returns converted into Korean won also reflect exchange rates and currency hedging costs."}],"sources":[{"url":"https://www.banque-france.fr/fr/statistiques/taux-et-cours/indices-obligataires-2026-10-08","title":"Banque de France, Indices obligataires, October 8, 2026","type":"data_point"},{"url":"https://www.aft.gouv.fr/fr?page=0","title":"Agence France Trésor, key indicators for outstanding government debt, average maturity, and TEC10","type":"data_point"},{"url":"https://www.aft.gouv.fr/en/tec-10-oat","title":"Agence France Trésor, TEC 10 OAT calculation method","type":"source"},{"url":"https://www.banque-france.fr/fr/publications-et-statistiques/publications/projections-macroeconomiques-juin-2026","title":"Banque de France, June 2026 macroeconomic outlook","type":"source"},{"url":"https://www.vie-publique.fr/loi/300444-budget-de-letat-2026-loi-de-finances-2026?eml-publisher=NL_VP\u0026eml_name=NL_VP-695-260120","title":"Vie publique, explanation of the budget law, February 19, 2026","type":"source"},{"url":"https://www.assemblee-nationale.fr/dyn/actualites-accueil-hub/adoption-du-plf2026-en-lecture-definitive-apres-l-engagement-de-la-responsabilite-du-gouvernement-sur-le-projet-de-loi-et-le-rejet-de-2-motions-d","title":"Assemblée nationale, final adoption of the budget, February 2, 2026","type":"source"},{"url":"https://www.boursorama.com/bourse/actualites/vanguard-lance-un-avertissement-a-la-france-sur-sa-dette-0611c4271b5f12935bbfbe843ff1b37f","title":"AOF·Boursorama, Vanguard's warning about France's national debt, September 30, 2026","type":"source"},{"url":"https://www.spglobal.com/market-intelligence/en/news-insights/articles/2026/9/global-bond-sell-off-signals-potential-boost-for-eurozone-banks-105965671","title":"S\u0026P Global Market Intelligence, global government bond sell-off and its impact on eurozone banks, September 15, 2026","type":"source"},{"url":"https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202605~50566915a7.en.html","title":"ECB, Financial Stability Review, May 2026","type":"source"},{"url":"https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.pr220721~973e6e7273.en.html","title":"ECB, The Transmission Protection Instrument, July 21, 2022","type":"source"}],"images":[{"id":1721,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjYyNjEsInB1ciI6ImJsb2JfaWQifX0=--4ce7469db76c3752d8108134b2c511d3b5d5d93a/ai-f596655f.webp","is_representative":true,"generation_method":"ai_photo","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"은행 로비에서 여성이 빨간 선이 파란 선보다 가파르게 오르고 4.8980%가 표시된 그래프를 바라본다.","caption":"프랑스 국채금리 상승 위험은 독일과의 금리 차이를 함께 봐야 판단할 수 있습니다.","description":null},"en":{"alt":"A woman in a bank lobby studies a chart with a red line rising above a blue line to 4.8980%.","caption":"The gap with German yields helps gauge the risk behind rising French bond yields.","description":null},"ja":{"alt":"銀行のロビーで、女性が青い線を上回って4.8980％まで上昇する赤い線のグラフを見つめる。","caption":"フランス国債の金利上昇リスクは、ドイツとの金利差も見て判断する必要があります。","description":null},"es":{"alt":"Una mujer observa en el vestíbulo de un banco una gráfica cuya línea roja sube por encima de la azul hasta el 4,8980 %.","caption":"La brecha con los rendimientos alemanes ayuda a valorar el riesgo del alza de los bonos franceses.","description":null},"id":{"alt":"Seorang perempuan di lobi bank mengamati grafik dengan garis merah yang naik melampaui garis biru hingga 4,8980%.","caption":"Risiko kenaikan imbal hasil obligasi Prancis perlu dinilai bersama selisihnya terhadap Jerman.","description":null},"pt":{"alt":"Uma mulher no saguão de um banco observa um gráfico em que a linha vermelha sobe acima da azul até 4,8980%.","caption":"A diferença em relação aos juros alemães ajuda a avaliar o risco da alta dos títulos franceses.","description":null},"zh-hant":{"alt":"銀行大廳裡，一名女子注視紅線升至4.8980%、高於藍線的走勢圖。","caption":"評估法國公債殖利率上升的風險，也須觀察與德國的利差。","description":null},"de":{"alt":"Eine Frau betrachtet in einer Banklobby ein Diagramm, dessen rote Linie über die blaue auf 4,8980 % steigt.","caption":"Der Abstand zu deutschen Renditen hilft, das Risiko steigender französischer Staatsanleiherenditen einzuschätzen.","description":null}}},{"id":1722,"url":"https://injoys.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsiZGF0YSI6MjYyNjcsInB1ciI6ImJsb2JfaWQifX0=--aefc5fba05d5b04a18a22a68596cc4cd4710c03e/ai-771d16ec.webp","is_representative":false,"generation_method":"ai_semi","license":"ai_generated","mime_type":"image/webp","width":1536,"height":1024,"translations":{"ko":{"alt":"주방 식탁에 앉은 남자가 서류를 옆에 두고 창밖을 바라본다. 옆에는 집 모양 표시와 위쪽 화살표가 있다.","caption":"금융회사의 조달비용 상승은 주택대출 비용으로 번질 수 있습니다.","description":null},"en":{"alt":"A man sits at a kitchen table beside a letter, looking toward the window; a house symbol and upward arrow appear nearby.","caption":"Higher funding costs for lenders can feed through to home-loan costs.","description":null},"ja":{"alt":"台所のテーブルで、書類をそばに置いた男性が窓の方を見る。近くに家のマークと上向きの矢印がある。","caption":"金融機関の資金調達コスト上昇は、住宅ローンの負担に波及し得ます。","description":null},"es":{"alt":"Un hombre sentado a la mesa de la cocina mira hacia la ventana, con una carta al lado y un símbolo de casa con una flecha ascendente.","caption":"El aumento del coste de financiación de las entidades puede encarecer los préstamos hipotecarios.","description":null},"id":{"alt":"Seorang pria duduk di meja dapur sambil memandang ke arah jendela, dengan surat di dekatnya serta simbol rumah dan panah naik.","caption":"Naiknya biaya pendanaan lembaga keuangan dapat meningkatkan biaya kredit rumah.","description":null},"pt":{"alt":"Um homem sentado à mesa da cozinha olha para a janela, com uma carta ao lado e um símbolo de casa com seta para cima.","caption":"O aumento do custo de financiamento das instituições financeiras pode encarecer o crédito à habitação.","description":null},"zh-hant":{"alt":"一名男子坐在廚房餐桌旁望向窗外，身旁有一份文件，旁邊可見房屋符號與向上箭頭。","caption":"金融機構籌資成本上升，可能推高房貸成本。","description":null},"de":{"alt":"Ein Mann sitzt am Küchentisch neben einem Schreiben und blickt zum Fenster; daneben sind ein Haussymbol und ein Aufwärtspfeil zu sehen.","caption":"Steigende Finanzierungskosten der Banken können Wohnungsdarlehen verteuern.","description":null}}}],"published_at":"2026-10-09T22:09:30+09:00","updated_at":"2026-10-09T22:09:30+09:00","license":"cc_by","translation_status":"reviewed","available_locales":["ko","en","ja","es"],"data_locales":["ko","en","ja","es","id","pt","zh-hant","de"],"url":"https://injoys.com/en/articles/france-government-bond-yields-2026-causes-and-comparisons"}