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Ministry of Economy and FinanceBonds: Coupons value in case of negative interest rates

Press Release N° 57 of 03/29/2016

The circular signed by the Minister of Economy and Finance regarding the determination of the CCT and CCTeu coupons in the event of negative interest rates has been published on the Official Gazette (n. 70 as of 03/24/2016).

The circular clarifies that CCTs and CCTeus’ coupons, for either outstanding bonds or new ones, cannot be negative even in the case the reference parameters (the BOT 6 month yield at issuance or the 6-month euribor rate) become negative to a sufficient degree to erode the spread provided for each single bond.

The circular is available on the Public Debt website of the Department of the Treasury at the following link: www.publicdebt.it.

Roma 03/29/2016

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