France's 30-year borrowing costs hit highest since 2003 as bonds weaken
TLT•French 30-year yields hit a 2003 high
French 30-year bond yields, a proxy for government borrowing costs, hit their highest in almost 23 years on Thursday as energy prices rose and traders awaited an expected European Central Bank rate hike later in the day.
France's 30-year bond yield FR30YT=RR rose 2 bps to 5.085%, a level last seen in December 2003. Yields rose in the U.S. and Europe, with Germany's 30-year borrowing costs DE30YT=RR touching their highest since 2011. Yields move inversely to prices.
Energy prices and debt concerns lift global yields
Rising energy prices due to the U.S.-Iran war and concerns about government debt loads have pushed yields to multi-year highs around the world. France is under particular scrutiny due to upcoming elections and a looming battle over its large budget deficit.
