10-year OAT / German Bund spread
Yield differential between the French OAT and the German Bund at 10 years — Sources: Banque de France & Deutsche Bundesbank
Pour replacer le spread dans son contexte : voir les indicateurs macroéconomiques et l'agenda des décisions BCE et Fed.
The OAT/Bund spread remains at an elevated level
Recent OAT / Bund spread history
| Date | 10Y OAT | 10Y Bund | Spread (bps) |
|---|---|---|---|
| Oct 23, 2026 | 5.05 % | 3.33 % | 171.8 bps |
| Oct 22, 2026 | 5.13 % | 3.38 % | 174.6 bps |
| Oct 21, 2026 | 4.99 % | 3.41 % | 157.5 bps |
| Oct 20, 2026 | 4.93 % | 3.42 % | 150.8 bps |
| Oct 19, 2026 | 4.85 % | 3.43 % | 142.3 bps |
| Oct 16, 2026 | 4.79 % | 3.42 % | 137.4 bps |
| Oct 15, 2026 | 4.74 % | 3.39 % | 135.2 bps |
| Oct 14, 2026 | 4.81 % | 3.45 % | 135.5 bps |
| Oct 13, 2026 | 4.82 % | 3.43 % | 139.3 bps |
| Oct 12, 2026 | 4.86 % | 3.46 % | 139.5 bps |
| Oct 9, 2026 | 4.80 % | 3.47 % | 132.5 bps |
| Oct 8, 2026 | 4.90 % | 3.50 % | 139.8 bps |
| Oct 7, 2026 | 4.83 % | 3.49 % | 134.4 bps |
| Oct 6, 2026 | 4.72 % | 3.45 % | 127.4 bps |
| Oct 5, 2026 | 4.88 % | 3.45 % | 143.4 bps |
| Oct 2, 2026 | 4.90 % | 3.43 % | 146.9 bps |
| Oct 1, 2026 | 4.90 % | 3.60 % | 130.3 bps |
| Sep 30, 2026 | 4.75 % | 3.58 % | 117.1 bps |
| Sep 29, 2026 | 4.74 % | 3.63 % | 111.2 bps |
| Sep 28, 2026 | 4.72 % | 3.64 % | 108.4 bps |
| Sep 25, 2026 | 4.63 % | 3.58 % | 105.4 bps |
| Sep 24, 2026 | 4.67 % | 3.57 % | 109.9 bps |
| Sep 23, 2026 | 4.48 % | 3.46 % | 101.7 bps |
| Sep 22, 2026 | 4.47 % | 3.45 % | 102.0 bps |
| Sep 21, 2026 | 4.45 % | 3.46 % | 99.1 bps |
| Sep 18, 2026 | 4.47 % | 3.50 % | 96.8 bps |
| Sep 17, 2026 | 4.48 % | 3.53 % | 95.0 bps |
| Sep 16, 2026 | 4.52 % | 3.56 % | 95.6 bps |
| Sep 15, 2026 | 4.52 % | 3.56 % | 96.3 bps |
| Sep 14, 2026 | 4.48 % | 3.53 % | 95.0 bps |
Understanding the OAT / Bund spread
The OAT / Bund spread measures the yield differential between the French 10-year government bond (OAT) and its German counterpart (Bund), expressed in basis points (1 bp = 0.01%). This gap reflects the risk premium investors demand to hold French debt rather than German debt, which is considered the eurozone's risk-free benchmark. A wide spread signals elevated market concern about French public finances and mechanically raises the cost of government financing. Conversely, a tightening spread signals convergence in perceived risk between the two countries.
Frequently asked questions about the OAT / Bund spread
What is today's OAT / Bund spread?
As of Oct 23, 2026, the OAT / Bund spread stands at 171.8 basis points, down 2.8 bps from the previous session. The French 10-year OAT yields 5.05%, versus 3.33% for the German Bund.
What is the OAT / Bund spread?
The OAT / Bund spread is the yield differential between the French 10-year government bond (OAT) and the German 10-year government bond (Bund). Expressed in basis points (1 bp = 0.01%), it measures the risk premium investors demand to hold French debt rather than German debt, the Bund being considered the eurozone's risk-free benchmark.
What was the highest OAT / Bund spread on record?
Across our available history, the OAT / Bund spread peaked at 225.1 basis points on Nov 17, 2011.
Is a high OAT / Bund spread concerning?
A high spread means investors demand a higher interest rate to lend to the French state than to the German state. In practice, this raises the cost of French public debt and may reflect concerns about the trajectory of the country's public finances. A spread above 80 bps is generally seen as a warning signal by markets.
Where can I find the full OAT / Bund spread history?
The data shown on this page comes from the Banque de France (for the OAT) and the Deutsche Bundesbank (for the Bund). Available history goes back to 2005. The lowest recorded spread is -2.0 bps, on Jan 20, 2005.
