French government bonds came under renewed pressure on Wednesday, pushing the yield on the 30-year OAT up five basis points to 4.45%, the highest level since 2011. The move extends a steady sell-off in French debt that has accelerated this month as investors reassess the country’s fiscal trajectory and political outlook. The risk premium over benchmark German Bunds also widened. The 10-year OAT-Bund spread reached 80 basis points, its widest since April, underscoring a flight to safer German paper and signalling growing concern that France’s budget deficit will remain well above European Union targets. France’s underperformance has compressed the differential with Italy: the gap between French and Italian 10-year yields has narrowed to roughly five basis points, the tightest in years. Market strategists say the shift complicates the European Central Bank’s task of maintaining orderly financing conditions across the euro area. The sell-off in French debt aligns with a broader rise in global long-dated yields. In the United States, the 30-year Treasury yield climbed to 4.955%, its highest level in a month, as traders pared expectations for near-term Federal Reserve rate cuts.