Good debut for the Btp Italia Sì, the new government bond entirely reserved for small savers and designed as a refuge against inflation. The issue, which lasted five days, closed with a collection of almost 9 billion euros. The final guaranteed minimum rate was confirmed at 1.60% plus the national inflation rate.
The placement numbers
The placement, distributed from 15 to 19 June and for the first time dedicated entirely to the retail market, started with a bang: 1 billion already in the first hour and 3.17 billion at the close of the first day. The daily takings then progressively decreased – over 2.18 billion on the second day, over 1.54 on the third and 1.19 on the fourth – up to 744.2 million on the last half day. At today’s close, at 1pm, 8,842.6 million euros had been raised, with 281,140 contracts and an average denomination of 31,453 euros. Almost two thirds of the subscriptions (around 65.6%) were for amounts less than 20,000 euros; considering contracts up to 50,000 euros we arrive at approximately 90.3% of the total.
A result above the historical average
The Btp Italia Sì is the first inflation-indexed security entirely dedicated to retail. Looking only at the component for small savers, the collection is well above the average of the last fifteen issues of BTP Italia (around 5.7 billion) and also exceeds the 6.5 billion of the last BTP Italia, that of May 2025. Only the BTP Italia of April 2014 (around 10 billion) and the record one of almost 14 billion of May 2020, in the midst of the pandemic, did better. «This issue, unlike that of the same period in 2025, was designed exclusively for the retail investor», explains the general director of Mts, Ciro Pietroluongo: the data, he adds, «suggest that the Treasury has effectively intercepted the target of small savers».
How it works: duration, coupons and loyalty bonus
The bond has a duration of five years, with an entitlement date of 23 June 2026 and maturity on 23 June 2031. “We wanted to offer a relatively short maturity because it is the most appreciated by savers,” explained the director of public debt Davide Iacovoni. Among the new features is a simplification in the calculation of the yield: the six-monthly coupons are obtained by adding the fixed rate of 1.6% – guaranteed even in the event of deflation – and the inflation for the semester, measured on the Istat Foi index. There is also a loyalty bonus: anyone who holds the title for all five years will be entitled to an extra final bonus equal to 0.6% of the invested capital.