Sovereign spreads

In August 2026, across 37 countries with a published 10-year yield for that month, the widest spread over the German Bund was Mexico at +598 bp and the lowest was Switzerland at -271 bp. France stood at +82 bp and Italy stood at +80 bp over the Bund. These are yield differences Kresmion computes from published data, not credit ratings.

Newest month: September 2026. Sources: ECB Data Portal, OECD Main Economic Indicators, Federal Reserve H.15, OECD Data Explorer, Ministry of Finance of the People's Republic of China. Method and limits.

10-year spreads by country42 countries; sorted by spread vs Bund; click a column to sort

Every spread uses the SAME month for both legs: the country's yield minus the German yield from ECB IRS, and minus the mean of that month's daily US 10-year Treasury yields. The As of column is that month. 39 countries have not published September 2026 yet and show an earlier month, marked older.

Method and limits

• Yields are monthly averages of 10-year benchmark government bond yields, exactly as published: the ECB's long-term interest rate for convergence purposes (IRS dataset) for the 27 EU members, and the OECD's long-term interest rate for other OECD countries. Colombia's yield comes from the OECD Data Explorer, where it is Banco de la República's monthly mean of its fitted 10-year zero-coupon TES rate rather than one benchmark bond's yield. China's yield is the 10-year point of the Ministry of Finance China Government Bond Yield Curve (interpolated from the day's market yields, not one benchmark bond), and its monthly value is Kresmion's mean of the published daily values for complete months. Both rows say so under their yield. The US yield is the mean of the month's daily 10-year Treasury constant-maturity yields (Federal Reserve H.15), only for complete months.
• Spread vs Bund = country yield minus Germany's yield for the same month, in basis points (1 bp = 0.01 percentage point). Spread vs UST uses the US yield the same way. Changes compare with the country's own spread 1 and 12 months earlier.
• A wider spread means investors demand more yield to hold that government's bonds than Germany's or the US's. It mixes credit risk with liquidity, supply and, outside the euro area, currency and inflation expectations, because those bonds are in the local currency. It is a market price relationship, not a credit rating, and not a forecast.
• Monthly data: the ECB publishes a month around the middle of the next one, so the table trails the market by several weeks. Countries publish on different days; each row names its own month.
• Published values can be revised. Kresmion keeps every value it has seen and uses the newest.

Sources and terms

• Source: ECB statistics, dataset IRS. The ECB yields are available free of charge at data.ecb.europa.eu. Modified: the spreads and changes are computed by Kresmion from the published yields.
• OECD (2026), Main Economic Indicators: long-term interest rates, data-explorer.oecd.org, retrieved via FRED (series IRLTLT01 followed by the country code).
• OECD (2026), Financial market (DSD_STES@DF_FINMARK), long-term interest rates, data-explorer.oecd.org; Colombia: source Banco de la República.
• Source: Ministry of Finance of the People's Republic of China, China Government Bond Yield Curve (财政部-中国国债收益率曲线), 10-year, yield.chinabond.com.cn. Monthly values are means of the published daily values, computed by Kresmion.
• Board of Governors of the Federal Reserve System, H.15 Selected Interest Rates, DGS10, via FRED. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

Cite this data

Kresmion, "Sovereign Spreads", data to 2026-09, https://kresmion.com/macro/sovereign-spreads. Upstream data: ECB (IRS), OECD (Main Economic Indicators), Federal Reserve (H.15).