Within 35 days Cassa Depositi e Prestiti (CDP), a MEF subsidiary, introduced two world premieres in the panorama of postal savings bonds (BFP). He threw Coupon coupon on November 10, and the neo Good at 6 months starting December 16th.
It’s one newpotential investment solution which covers a time horizon of approximately 182/183 days starting from the subscription date. Let’s present it in detail, trying to understand what the small investor’s portfolio spending could be. So, be careful because there is a new postal savings bond that lasts just 6 months.
The main features of the 6 month voucher
Like the other BFPs it is issued at parat 100% of the nominal value subscribed, on a daily basis and on request (so-called “tap” issue). It is issued in dematerialized format and it can also be subscribed and reimbursed online, remotely, without management costs from opening to closing.
The scope of availability does not change, only natural persons of age, and the joint ownership regime for up to a maximum of four individuals. Obviously the voucher must have the same name as the settlement account, i.e. the postal account or savings book on which it is based. Finally, it cannot be pledged or transferred to third parties except by transfer mortis causa or for reasons that determine its universal succession.
At the end of 6 months the issuer recognizes a fixed return known a prioriwith direct crediting of interest to your settlement account.
If the product is exempt from management taxes, the same is not true for fiscal ones. The interests are subject to the regime ofsubstitute tax of income taxes with a rate at 12,50%while I am exempt from inheritance tax. The same cannot be said for thestamp duty of 2X1,000 of the nominal capital, except in the case in which the overall redemption value (all the postal savings certificates held) does not exceed the threshold of €5 thousand. Finally, together with postal savings books and government bonds they are excluded, within the limit of €50 thousand per family unit, from the movable assets taken into consideration for ISEE purposes.
Automatic reinvestment of capital on a 6-month voucher
Another peculiarity of the title is that it expires provides for an Automatic Reinvestment mechanism (RA) of the originally subscribed capital. Meaning what at the end of 6 months the starting capital, net of any partial reimbursements, is automatically reinvested in a new voucher of the same type.
The RA operates up to a maximum of 40 times from the expiry of the first 6 month voucher subscribed to, and cannot be deactivated. The renewal takes place under the economic conditions, i.e. at the rate of return in force from time to time, so it may happen that some renewals provide higher returns and others lower than that/s of the expired 6 month voucher/s.
However, the Information Sheet specifies that Poste Italiane, the intermediary, will not be able to give rise to the RA in the event that CDP, the issuer, definitively withdraws the 6 month voucher from the market. One thing will be the renewal of the series available for subscription, another matter is its actual subscription availability.
Like the other BFPs, here too the issuer provides for the possibility of early repayment of the capital, which could be either total or partial. The important thing is that the reimbursement is requested in multiples of €50 and that the residual capital balance does not fall below the minimum threshold of €500.
How much does this short-term savings bond yield?
Il minimal cut of subscription is in fact 500 € and related multiples of €50, up to a maximum of €50,000 to a single customer. Once this threshold has been reached, it will no longer be possible to subscribe to further 6-month vouchers, even in the event of any early, total or partial reimbursements.
To find out the economic conditions you need to go to Table A of the Information Sheets, located on the page dedicated to the voucher on the Poste Italiane portal. The annual effective rate at the end of 6 months it is1.25% gross and 1.09% net. However, if the rate is annual the investment is semi-annual, so the expected annual profit must be divided by 2. In simple words, €1,000 invested on a 6-month voucher entitles you to a net reward of €1,005.45.
More generally, i coefficients for calculating the gross and net amount (withholding) final are 1,00623059 e 1,00545177.
Be careful because there is a new postal savings voucher that lasts just 6 months
In light of these considerations we can understand what the problem could be potential spendability of the portfolio Good at 6 months. That is to say theshort-term use of only “residual capital” to try to make it yield something instead of keeping it fruitless. Furthermore, it has no management costs, communicates easily with settlement accounts, enjoys sovereign guarantees and is refundable at any time, in whole or in part.
The RA should also be read from this perspective rather than as a permanent investment choice. In fact, if you are so sure and sure of taking advantage of the 40 maximum RAs allowed by CDP, then why not think about a BTP of the same duration that yields 3 times as much? Or again, why not opt directly for the Ordinary Coupon which after 2 decades yields 2.50% gross per year?
Obviously the market is also full of many other interesting solutions outside of those with sovereign guarantees such as BFP and MEF bonds. It is up to the individual investor to identify the right composition of the portfolio, always trying to optimize time, risk, expenses and final return.
