France's Bond Market Is Flashing 2011. After Past Spread Peaks, French Banks Mostly Rallied Four Months Later.

In Thursday trading France paid more than the United States to borrow for 10 years for the first time since 2013, and a Moody's downgrade may land Friday. Measured from the start of each scare, two of three past French spread blowouts handed patient buyers 17% to 49% gains in French bank stocks.