Gross monthly yields on treasury credit certificates (CCTs) in Italy 2016-2022

This timeline shows the gross monthly yields on treasury credit certificate (CCTs) issued by public administrations in Italy from January 2016 to June 2022. During the period of consideration, positive returns on CCTs were reported. However, there were sizeable fluctuations in the average yields throughout the months, with an all-time low in March 2021 (-0.19 percent) and a peak at 2.32 percent in November 2018. As of June 2022, the interest rate on CCTs amounted to 0.89 percent.
In Italy, Treasury Credit Certificates are a government-issued debt security with a variable rate coupon linked to the rates of Italian Treasury bills. The variable coupon rate is intended to protect the holder from inflationary pressures. It is, indeed, a short-term security in its risk features, but with a long maturity.