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  
The French government has simplified and standardised its securities to ensure optimum terms for its borrowing. The market for French government securities offers investors the liquidity to convert securities into cash or vice versa at any time, rapidly and at a reasonable cost. This provides French and international investors with safe access to the primary and secondary markets. The market for French government securities is now easily accessible and very attractive. The structure of government debt has been rationalised by creating two categories of standardised Treasury securities: OATs and BTFs. These securities are issued with a face value of EUR 1 and are distinguished by their maturity at issue. To simplify the market, new medium-term benchmark securities with 2-year and 5‑year maturities have been issued as OATs as of 1 January 2013, as is the case for long-term securities with maturities of 7 years or more.

Obligations assimilables du Trésor (OATs, or fungible Treasury bonds) are used for the government's medium- and long-term borrowing, with maturities ranging from two to fifty years. Most OATs are fixed-rate bonds redeemable on maturity, but the Treasury also issues inflation-indexed bonds (OATi, OAT€i). Auctions of long-term OATs are held on the first Thursday of each month. The State uses these auctions to sell OATs with maturities of 7 years, or more, depending on market conditions. OAT maturities and coupon dates fall on the 25th of the month. Auctions of floating-rate medium-term OATs (OATi, OAT€i) are held on the third Thursday of each month, according to a yearly schedule published in advance. The State uses these auctions to sell OATs with maturities of two to seven years, depending on market conditions. The Treasury holds these auctions on a very regular and predictable basis. These features of France's issuance policy are very popular with investors. Learn more

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 fluctuations in the government's cash position over the course of the year, which are mainly the result of lags between revenue collection and expenditure disbursement, as well as the debt repayment schedule. BTFs have maturities of less than one year at issue. BTFs are issued at auctions held every Monday, according to a quarterly schedule published in advance that specifies the maturities of securities to be issued at each auction. Every week, one BTF with a maturity of 3 months is issued. This issue is supplemented with BTFs issued with maturities of 6 months or 1 year, as the case may be. Unscheduled BTFs with maturities from 4 to 7 weeks may be issued as needed for cash management purposes. The reliability of BTF issuance enhances the advantages of this market for short-term assets. Learn more