The CTPM returned to capture more than 100 million euros in the last month, and the savings product which most contributed to the positive balance. In total, however, the amount raised has shrunk from April.
State of savings products have captured less money savings of Portuguese families. They totaled 126 million euros in May, a drop compared with April, with the Treasury Certificates Savings Plus (CTPM) to be primarily responsible for the funding raised to retail investors. Despite lower rates, the CTPM continue to yield more than 2%.
According to the Monthly Bulletin of Treasury Management Agency and Public Debt (IGCP), the CTPM recorded net subscriptions of 107 million in May, slightly more than the 104 million recorded in the previous month. On the contrary, savings certificates captured less.
There were subscriptions amounting to € 65 million during the past month, but at the same time were rescued savings certificates worth 46 million euros. The net balance was thus 19 million euros (ie including the capitalization effect). April had come, in net terms, 29 million.
Lower rates
The savings certificates have been presenting monthly subscriptions of a few million euros , reflecting the lower attractiveness of rates offered by the Government in these debt securities intended for retail investors. Gross rate, which was more than 3% in January, was low in review. Is 0.989%.
The CTPM also suffered a profitability cut accordingly. However, these bonds continue to present a more attractive rate. The average annual gross rate the lights to 2.25%, which given the low rate environment is considered attractive by investors. Deposits pay an average of 0.91%.
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