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AGENCE FRANCE TRESOR is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer.
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General information  
In 1985, the Treasury embarked on a series of reforms designed to lay the groundwork for harmonious growth of a liquid, attractive and safe government securities market. From inception, the objective was to enable the State as an issuer to borrow on optimum conditions while offering market players standardised securities, and easy and safe access to the primary and secondary markets.

The composition of government debt has been rationalised by creating three categories of standardised government securities: OATs, BTANs and BTFs. These securities, whose nominal value is EUR 1, are distinguished by their maturity on issue.
For streamlining purposes, as of 1 January 2013, new benchmark medium-term securities (2-year and 5-year maturities) have been issued as OATs, as have long-term securities with 7-year maturities or longer.
No more new BTANs will therefore be created. Tap issues will continue for existing BTANs to guarantee their liquidity.
Obligations assimilables du Trésor (OATs, or fungible Treasury bonds) are the government's medium- and long-term debt instruments with maturities from two to fifty years. Most OATs are fixed-rate bonds redeemable on maturity. However, the Treasury also issues floating-rate bonds (TEC 10 OATs pegged to the constant 10-year maturity rate) and inflation-indexed bonds (OATi, OAT€i).
Auctions of long-term OATs (7 years, or more, depending on market conditions) are held on the first Thursday of each month. OAT maturities and interest payment dates are set on the 25th of the month. Depending on market conditions, medium-term (2-year to 7-year maturity) and floating-rate OATs (OATi, OAT€i) are auctioned on the third Thursday of each month, as part of a yearly calendar published in advance. More information

Until 31 December 2012, Bons du Trésor à intérêts annuels (BTANs or negotiable fixed-rate medium-term Treasury notes with annual interest) represented medium-term government debt. BTANs maturities were either two or five years. The last BTANs will fall due on 25 July 2017.

Bons du Trésor à taux fixe et à intérêts précomptés (BTFs or negotiable fixed-rate discount Treasury bills) are the government's cash management instrument. They are used to cover short-term fluctuations in the government's cash position, mainly due to differences in the pace with which revenues are collected and expenses are paid and in the debt amortisation schedule. On issue, BTFs have a maturity of less than one year. They are auctioned every Monday as part of a quarterly calendar published in advance. This calendar specifies the maturity of the BTFs to be auctioned. Every week, one BTF with a maturity of 3 months is issued. As applicable, this issue is complemented by semi-annual or annual BTFs. Certain BTFs with maturities from 4 to 7 weeks may be issued outside the calendar if needed for cash management requirements. More information