The Treasure look at the market retail with the new Btp Plusan innovative title that allows for the first time the early reimbursement of the invested capital. This mechanism aims to incentivize i savers towards a long-term issuance of eight yearssurpassing the previous ones Btp Valuethe duration of which had been extended to six years.
The fixed coupons they are paid quarterly with a system step up in two phases: an initially lower coupon rate in the first four years, and then higher in the following four, encouraging maintenance until maturity. Subscription is expected from 17 to 21 February (until 1pm), reserved for small savers via home bankingbanks or post offices, with a minimum lot of 1,000 euros. Among the tax advantages: preferential taxation at 12.5%exemption from inheritance taxes and exclusion from the calculation Isee for investments up to 50,000 euros.
2025 is off to a turbulent start for bond markets, but Italian debt is holding up. The Treasury’s planned medium-long term issues reach i 350 billion euroswhile the ECB reduces its support, “unloading” 67 billion BTPs acquired through the programs Pepp And App. In this context, the involvement of the segment retail represents an element of stability, supporting a strategy that includes possible issues of new ones BTP Italy.
The minimum guaranteed rates of Btp Plus will be known February 14 and will vary based on demand and market conditions. However, the quarterly coupons and fiscal conditions make the security particularly attractive, also considering that Italian yields remain the highest in theeuro areawhile domestic inflation remains low (1.3% against the 2.4% than the European average).
The option of early refundavailable only to those who sign up during the initial period and keep the title until the pre-established date, allows greater flexibility without having to sell on the market. The title is purchasable at par and without commissionswhile remaining responsible for any management costs of the securities account or online trading.
Main features of the BTP Più:
- Duration: 8 years.
- Fixed coupons: Pay every three months, with a mechanism step up in two phases of 4 years each, with a coupon rate higher in the second phase.
- Early refund:
- Possible at the end of the fourth year.
- Recovery of the entire invested capital or a minimum portion of 1,000 euros.
- Communication to be sent to the bank or post office within the window indicated by MEF (scheduled for January 2029).
- Available only to those who purchased the security in the initial placement period and held it until the exercise date.
- Capital guarantee:
- Fully guaranteed at the end of 8 years for those who do not exercise early repayment.
- The security can be sold before expiry at market conditionswithout constraints.
- Minimum investment amount: 1,000 euros, with guaranteed subscription of the entire amount requested during the placement days. The purchase is at par and without commissionsexcept for any costs of managing the securities account or online trading.
- Facilitated taxation:
- 12.5%as for other government bonds.
- Exemption from inheritance taxes.
- Exclusion from the calculation ISEE up to 50,000 euros invested, as required by the 2024 budget law.
- Placement platform:
- Through the platform MOT of the Italian Stock Exchange.
- Dealers: Banca Monte dei Paschi di Siena SpA, Intesa Sanpaolo SpA, UniCredit SpA.
- Communication of minimum guaranteed rates:
- Friday February 14 the rates for the first 4 years and subsequent years will be announced.
Purchase method:
- Home banking enabled for online trading.
- By contacting your bank or post office, in the presence of a securities deposit account.
The BTP Plus represents an interesting opportunity for small savers, thanks to the combination of flexibility, capital securityAnd tax advantages.