The buoni postali fruittiferi a termine, nicknamed golden bonds, offered a simple proposition. They were zero-coupon bonds that were puttable at any time. But if you kept the bonds for eight years you would get double your investment back. If kept it for 12 years the investment tripled.
The bonds in question were issued on a tap basis from November 1 1995, and still gave the same yield over 12 years of 9.58%.
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