Aforro certificates or Treasury Obligations: What is the most advantageous investment?

Although they seem attractive at first sight, variable performance treasury obligations now relaunched by the state imply various costs and commissions that reduce their profitability.

After seven years of absence, the state returned to the market of obligations for retail with a new euro issuance in variable income treasure obligations (OTRV 2031). Available from this Wednesday, these obligations have a period of six years And they offer an indexed interest rate to Euribor at six months, with a 0.25%award. At Euribor’s current rate (2.051%), the gross rate ascends to 2.301%.

Although at first glance, they seem a more attractive alternative to the aforro certificates – whose July base rate is 2.011% – or bank deposits (average 1.64%), OTRV Lose competitiveness when considering the associated costs.

Unlike aforro certificates, free of commissions, the OTRV 2031 imply subscription commissionsguard and negotiation, which can significantly reduce, or even nullify, the net gains of investors, especially in the upstream applications.

According to the analysis of the net income of the OTRV 2031 oscillate between 0.8% for a minimum investment of 1000 euros and 1.5% for values ​​over 10,000 euros. Even with the maximum investment of one million euros, liquid gain does not exceed 1.5%below 1.64% liquids offered by the certificates of aforro.

In addition to profitability, flexibility also favors aforro certificates, which can be rescued at any time After three months, always keeping the amount invested. OTRV, negotiated at Euronext Lisboa, are subject to market volatility and eventual capital losses.

However, not everything is disadvantages for ORTV. In a marked climb scenario of the Euribor beyond 2.75%, this option would become much more profitable, but for now this reality should not be realized, with markets currently not to anticipate it before 2031.

Thus, for most small investors, aforro certificates continue to be the safest, profitable and affordable optionin view of the complexity and hidden costs of new state obligations.