FRENCH BONDS TOP $241 BILLION MARK

Nearly $241 billion of French corporate bonds are now trading at lower yields than French government debt, the widest such gap on record. That pool has grown from just $14 billion at the start of 2026 and now covers 38% of France's high-grade corporate market. Bonds from L'Oreal and TotalEnergies, $TTE, both with sales far from Paris, are leading the shift as France's deficit fight and budget gridlock erode confidence in its own debt.