The Treasury uses a fungible issuance procedure that results in large and liquid issues which behave like medium-term OATs. 5-year BTANs are issued monthly. Currently, BTANs have amounts outstanding that range mostly between FF40bn to FF70 billion. If an investor already owns the same BTAN, he can purchase additional odd-lot amounts smaller than FF1 million. All BTANs are fixed rate, bullet maturity instruments.
International settlement is three business days after trade date.
Other possibilities can be negotiated with J.P. Morgan. These are always trading primary and investors use them like short-term futures. See the French Treasury auction screen, Telerate 20067, etc. for a current list. Tenders are submitted on a price basis with a minimum bid of FF1 million. The first coupon is set by the Banque de France as the number of francs per FF1 million, rounded to the nearest franc.