Today we want to deal with the operation of the new CCT CCT-called EU they replace the old CCT indexed to Treasury bills plus a spread dell'0, 30%.
In practice, the indexation mechanism of CCT-EU is simple, they are linked to '6-month Euribor plus a spread, that the two CCT-EU so far has been issued dell'0, 80%.
The official reason for this choice depends on the fact that foreigners were reluctant to buy CCT related to BOTs, then the Euribor is the rate of traditional variable-rate securities.
The rate of the BOT is related to country risk in addition to interest rates, while the Euribor interest rate is tied to the expectation and trust in the European banking system, at which point some evil might think that because we pass to Euribor our Treasury feared a financial crisis in the future of Italy, about not taking place.
Instead we want to comment on a passage from the statement of the MEF in explaining the operation of these financial instruments, states that "In a context of gradual downsizing of the share of floating rate notes on the total stock of securities State, the new instrument will gradually replace the old CCT, which will not be issued more regularly. "
So we learn that the proportion of floating rate notes on the total stock of our securities will fall, in our view this means that there expects a rate hike in the coming years is what we are saying for months, but there is an "antidote" that in future we will explain what types of bonds to bet in this situation objectively difficult for the fixed income securities.
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