OAT–Bund spread
Definition · Level 11 · Interview practice
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French 10-year government yield minus the German 10-year yield, in bp: the market’s main gauge of French fiscal and political risk relative to Germany (liquidity differences also play a part).
Example
Hypothetical: OAT 3.42%, Bund 2.61% → 81 bp.
Where Tradecraft teaches it
Level 11 · Interview practice, in the lesson “Markets awareness: the numbers on the day”: Which numbers to check the morning of the interview and where, the definitions and relationships that don’t go stale, and how to explain a move.
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