French Bond Risk Premium Hits 120 Basis Points, First Since 2012

The symbolic weight here exceeds the move itself: a spread last seen in 2012 revives the eurozone's sovereign-risk playbook, when peripheral stress and French yields were not spoken of in the same breath. The practical read is that France is now priced closer to the bloc's riskier credits, which matters for the region's benchmark curve rather than for France alone. Whether this level holds or fades is the open question, and the answer likely sits with fiscal signals rather than with a single session's trading.