Abstract
CCTs (Italian Treasury credit certificates) were first introduced in 1977 in order to meet the need for more effective management of the public debt. The CCT was accepted in the market as a `centaur': a short-term security in its yield and risk features, but with a long maturity. However, in terms of techniques of financial analysis and portfolio management, the methodological approach to CCTs appears to be generally confused. JEL: G20
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