OATs and the OAT–Bund spread
France — OATs
French 10-year OAT (Maastricht): 4.00% as of August 2026 · ECB IRS long-term rate. Methodology
Obligations assimilables du Trésor (OATs) are France’s main coupon bonds. BTFs are bills; OATi and OATei are inflation-linked. Agence France Trésor publishes the calendar. Many OATs pay annually, unlike semi-annual gilts, so accrued-interest maths differs.
The OAT–Bund spread is the political-risk chart for euro rates after the bund itself. A wider spread is not a default call; it is a price.
ECB Maastricht long-term rates for France are the official monthly series we display, with the month on the card.
- 1What Are French OAT Bonds?OATs (Obligations assimilables du Trésor) are France’s benchmark government bonds.
- 2How Do French Government Bonds Work?Agence France Trésor issues OATs, BTFs and inflation-linked OATi/OATei on a regular calendar.
- 3French Government Bond Yields ExplainedOAT yields = euro core rates + France spread. Politics can move the spread faster than the ECB moves rates.
- 4OATs vs German BundsSame currency, modest spread. This is a pure euro sovereign-credit comparison.
- 5OATs vs UK GiltsEuro versus sterling. Hedge costs and BoE/ECB cycles decide more than the coupon language.