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.
Daily tracking of the OAT/Bund spread
Recent OAT / Bund spread history
| Date | 10Y OAT | 10Y Bund | Spread (bps) |
|---|---|---|---|
| Jul 24, 2026 | 3.97 % | 3.18 % | 79.0 bps |
| Jul 23, 2026 | 3.97 % | 3.19 % | 78.0 bps |
| Jul 22, 2026 | 3.94 % | 3.17 % | 77.0 bps |
| Jul 21, 2026 | 3.91 % | 3.15 % | 76.0 bps |
| Jul 20, 2026 | 3.90 % | 3.13 % | 77.0 bps |
| Jul 17, 2026 | 3.90 % | 3.13 % | 77.0 bps |
| Jul 16, 2026 | 3.89 % | 3.14 % | 75.0 bps |
| Jul 15, 2026 | 3.88 % | 3.12 % | 76.0 bps |
| Jul 14, 2026 | 3.88 % | 3.12 % | 76.0 bps |
| Jul 10, 2026 | 3.81 % | 3.07 % | 74.0 bps |
| Jul 9, 2026 | 3.86 % | 3.11 % | 75.0 bps |
| Jul 8, 2026 | 3.87 % | 3.10 % | 77.0 bps |
| Jul 7, 2026 | 3.73 % | 2.98 % | 75.0 bps |
| Jul 6, 2026 | 3.67 % | 2.93 % | 74.0 bps |
| Jul 3, 2026 | 3.69 % | 2.93 % | 76.0 bps |
| Jul 2, 2026 | 3.70 % | 2.91 % | 79.0 bps |
| Jul 1, 2026 | 3.65 % | 2.88 % | 77.0 bps |
| Jun 30, 2026 | 3.59 % | 2.84 % | 75.0 bps |
| Jun 29, 2026 | 3.61 % | 2.86 % | 75.0 bps |
| Jun 26, 2026 | 3.59 % | 2.85 % | 74.0 bps |
| Jun 25, 2026 | 3.59 % | 2.86 % | 73.0 bps |
| Jun 24, 2026 | 3.62 % | 2.90 % | 72.0 bps |
| Jun 23, 2026 | 3.65 % | 2.93 % | 72.0 bps |
| Jun 22, 2026 | 3.69 % | 2.97 % | 72.0 bps |
| Jun 19, 2026 | 3.68 % | 2.96 % | 72.0 bps |
| Jun 18, 2026 | 3.64 % | 2.93 % | 71.0 bps |
| Jun 17, 2026 | 3.62 % | 2.92 % | 70.0 bps |
| Jun 16, 2026 | 3.62 % | 2.93 % | 69.0 bps |
| Jun 15, 2026 | 3.65 % | 2.95 % | 70.0 bps |
| Jun 12, 2026 | 3.69 % | 2.98 % | 71.0 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 Jul 24, 2026, the OAT / Bund spread stands at 79.0 basis points, up 1 bps from the previous session. The French 10-year OAT yields 3.97%, versus 3.18% 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.
