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French Trésor (Trésor Francais) - French Treasury. Issuer of Treasury debt in the form of BTANs and OATs which are fully guaranteed by the French Government. Maturities range from three months to 30 years. The introduction of OATs in 1985 has made the French government securities market one of the most active in the world. The French Treasury has simplified the issuance procedure by regularly publishing auction calendars and introducing fungible bonds. Foreign investors hold approximately one third of outstanding French Government debt.