French treasury bonds continued to rise, and the yield premium with German treasury bonds narrowed further. Traders cut demand for safe-haven assets after Moody's decision to keep France's credit rating unchanged on Friday. The yield on French 10-year treasury bonds once fell 8 basis points to 4.94%; the difference between French and German 10-year treasury yields narrowed by 11 basis points to 157 basis points, and widened to 178 basis points last week. The spread on Italian and German treasury bonds narrowed by 6 basis points to 117 basis points; the spread on French and Italian treasury bonds narrowed by 4 basis points to 41 basis points.

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