France 5-Year Credit Default Swap Tops 100 Basis Points for First Time Since October 2012

A French sovereign CDS back above 100bp for the first time since 2012 puts euro-area credit risk back on the radar in a way it hasn't been for over a decade. This is a signal about fiscal credibility, not just a technical level, and it matters most for holders of French government debt and for the broader euro-area sovereign complex that trades off France as a core name. The open question is whether this repricing stays contained to France or starts to pull peripheral spreads wider, which would tell you whether the market is treating it as a France-specific story or a euro-area risk reappraisal.