Group 1 - The eurozone bond market is experiencing a historic shift, with French five-year government bond yields surpassing Italian counterparts for the first time since 2005, marking France as the highest-yielding bond among major eurozone economies [1] - The traditional "core-periphery" divide in the bond market is rapidly dissolving, with market focus shifting towards when French ten-year bonds will align in yield with Italian bonds [1] - The yield premium of Italian ten-year bonds over French bonds has narrowed to 17 basis points, the lowest since 2007, down from nearly 200 basis points three years ago, indicating a significant change in risk pricing [3] Group 2 - The current political deadlock and stalled fiscal reforms in France have substantially impacted the attractiveness of French debt, which is now priced similarly to traditionally riskier Italian bonds [3] - France's benchmark government bond yields have exceeded those of Greece and Portugal, making it the weakest-performing bond market among core eurozone countries [4] - The dual challenges of fundamental and political issues facing the French bond market are unprecedented, as the European Central Bank's policy shift increases sensitivity to fiscal sustainability across countries [4]