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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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Medium- and long-term OATs  
BTANs and OATs
BTANs (Treasury notes with annual coupons) are fungible medium-term Treasury securities with a maturity at issue of 2 or 5 years.
OATs are fungible medium- and long-term Treasury bonds with a maturity of 2-50 years.

BTANs
Like BTFs, BTANs are negotiable Treasury securities with an initial maturity of 2-5 years. They have a par value of €1 and are redeemable at their par value on the maturity date.

For the sake of simplification, 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. The last BTAN has reached maturity on 25 July 2017.

The value of the accrued coupon is calculated on the basis of the exact number of days over the exact number of days (ACT/ACT). It is traded on the market based on the annual yield-to-maturity expressed as a percentage out of 365 or 366 days (ACT/ACT). BTAN trades are cleared by central and international securities depositories.

OATs
Since 1985, OATs have been the State’s preferred source of long‑term financing. They are fungible securities with a maturity at issue of 2 to 50 years. They are usually issued by auction. New issues are generally associated with existing issues. This enables the State to issue new bonds at a price in line with the latest market prices but identical in every other way to the initial issue. As a result, the State avoids issuing too many bonds with different characteristics and ensures the liquidity of those already issued.

OATs have a par value of €1. The value of the accrued coupon is calculated on the basis of the exact number of days over the exact number of days (ACT/ACT). The maturity dates and coupon dates of OATs are either the 1st or 25th of the month. OAT trades are settled by central and international securities depositories.

OAT auctions

On the Friday preceding an auction, AFT announces the bonds to be auctioned on the following Thursday and the upper and lower limits of the total amount to be auctioned. Auctions of long‑term (maturities of 7 years or more) OATs are held on the first Thursday of the month at 10.50am while auctions of medium‑term (maturities of 2-7 years) are held on the third Thursday of the month at 10.50am. Bids of at least one million euros are expressed on the basis of price as a percentage of par value net of accrued interest to two decimal places. Since 6 October 2014, OAT auctions have been settled at T+2, i.e. the following Monday.