An Axios market snapshot put France’s 10-year borrowing yield above the U.S. Treasury rate on Oct. 22, as the comparison came while France’s 2027 budget remained under parliamentary review. Axios reported that at 11:30 a.m. ET, the French yield was 5.07%, up 0.08 percentage point, while the U.S. 10-year Treasury yield was 5.02%, down 0.12 point.
Agence France Trésor (AFT), France’s debt agency, recorded its daily 10-year TEC 10 rate at 5.13% on Oct. 22, compared with 4.99% on Oct. 21. The U.S. Department of the Treasury’s daily table listed its latest 10-year par yield at 5.13% for Oct. 21. The department says the daily par yields are based on indicative bid-side quotes gathered at or near 3:30 p.m. ET. The official daily figures refer to different dates, so they do not provide a same-day comparison with Axios’ intraday snapshot.
France’s 2027 finance bill was filed in the National Assembly on Oct. 1. AFT’s projections for 2027 include a deficit target of 5.0% of gross domestic product, a state financing requirement of €339.7 billion and state debt service of €72.9 billion. AFT estimates state debt service at €62.6 billion for 2026. These are projections while the bill remains under parliamentary review.
France’s National Institute of Statistics and Economic Studies (INSEE) reported a public deficit of €152.5 billion, or 5.1% of GDP, and gross public debt of €3,460.5 billion, or 115.7% of GDP, at the end of 2025. EconoTimes previously tracked French bond yields as the budget debate approached.
Demonstrations took place Oct. 17. In an official briefing on Oct. 19, Prime Minister Sébastien Lecornu said many people had demonstrated peacefully and also referred to violence against property. Axios quoted Michael Pedroni, chief executive of Highland Global Advisors and a former Treasury official, saying, “Treasuries are benefiting from France’s deteriorating debt dynamics and bond market turmoil.”
The National Assembly’s calendar schedules debate on the bill’s revenue section to resume Oct. 27 and continue through Nov. 2, with a vote set for Nov. 3.
