France-Germany 10-year bond yield spread widens to 169 bps, highest since 2011

A spread at its widest since 2011 puts the eurozone's core relationship back under scrutiny, and the signal matters beyond bond desks: it implies markets are charging France a persistent premium over Germany rather than a temporary blip. That feeds directly into the cost of sovereign funding and, by extension, into the fiscal backdrop that RWA and tokenized-treasury products are priced against. The open question is whether this is a slow repricing of credit perception or an episodic widening tied to domestic politics and budget credibility; the durability of the gap, not its headline level, is what carries through to broader European risk appetite.