Taking advantage of the re-issuance policy of the French Treasury, we show that additional issuances of short-term debt (bills) increase yields by four times less than additional issuances of long-term debt (bonds). This leads governments to issue more bills when they need cash quickly. The modest price impact of bills is not due to their higher liquidity, low duration, nor the dash-for-cash during crises. Rather, the different properties of bills and bonds stem from preferred habitat and the strong demand of foreign central banks for safe assets, such as French short-term debt.