On the first day of collection, the new BTP Valore totaled orders for just under 5.4 billion euros, with over 154 thousand contracts.
The application for the sixth issue of the BTP Valore will continue until Friday 24 October, unless closed early.
The Btp Valore, dedicated exclusively to small savers, provides nominal coupons paid every three months and a maturity of 7 years with a final extra premium equal to 0.8% of the invested capital.
The minimum guaranteed rates are: 2.60% for the first, second and third year; 3.10% for the fourth and fifth year and 4% for the sixth and seventh year. The definitive coupon rates will be announced at the end of the placement.
The characteristics of the title
- Duration of 7 years;
- Quarterly coupons increasing over time, according to a “step-up” mechanism of 3+2+2 years;
- Extra final premium equal to 0.8% of the nominal capital invested, for those who purchase it during the placement days and hold it until maturity;
- Capital guaranteed at maturity;
- Non-time bound investment;
- Preferential taxation, as for all Treasury bonds, at 12.5% on coupons and extra final premium;
- Exemption from inheritance taxes;
- Exclusion from the ISEE calculation of up to 50,000 euros invested in government bonds;
- No commission for small savers who purchase on placement days (excluding account management or online trading costs);
- Guarantee of seeing the entire requested amount subscribed;
- Minimum denomination that can be purchased: 1,000 euros.
What will be the expected returns for those who subscribe to this BTP Valore issue?
This BTP Valore provides quarterly coupons that increase over time, according to a “step-up” mechanism of 3+2+2 years.
The series of minimum coupon rates for this issue was announced on Friday 17 October and is as follows:
- 2.60% for the 1st, 2nd and 3rd year
- 3.10% for the 4th and 5th year
- 4.00% for the 6th and 7th year
At the end of the placement, the definitive rates will be announced, which can only be confirmed or revised upwards, based on market conditions on the closing day of the issue.
How to subscribe to Btp Valore?
The Security is reserved for individual and similar savers (so-called retail). The placement will take place on the MOT electronic platform (the electronic market for bonds and government securities of the Italian Stock Exchange) through the following dealer banks: Intesa Sanpaolo SpA, Unicredit SpA and Banco BPM SpA
Two co-dealer banks will also be present: Banca Monte dei Paschi di Siena SpA and Banca Sella Holding SpA
The BTP Valore can be subscribed at a bank or at post offices, where a securities deposit account is held; or even directly online through your home banking, if enabled for the online trading function.
There are no emission limits or ceilings. It will be possible to subscribe to securities starting from 1,000 euros.
The Security can be purchased at par (price equal to 100) and without commissions during the placement days.
Subscribers will be able to sell it in whole or in part before its maturity, without constraints and at market conditions. The nominal subscribed capital is guaranteed upon maturity.
The ISIN code of the security, which identifies it during the days of placement on the MOT, was communicated on Friday 17 October and is IT0005672016.
All the details of the issue of the new BTP Valore can be consulted in the FAQs, in the Security Information Sheet and in the Note for market operators.
All communications are also available on the Ministry of Economy and Finance website.
Further information can be requested via email by writing to: (email protected).