Il Btp Value returns to the market with a newFor the first time, the Treasury will simultaneously place two titles of the family dedicated to retail savers: the Btp Value and new BTP Value Together. Both will have a duration of 5 years, but with different payment methods coupons.
The placement will be open from Monday, October 19th to Friday, October 23rd, until 1:00 PM, unless closed early. The guaranteed minimum coupon rates and ISINs for the two bonds will be announced by the Ministry of Economy and Finance on Friday, October 16th.
BTP Valore and BTP Valore Insieme: How the Double Placement Works
The two securities can be purchased separately or together, offering savers two different ways to collect interest.
Il Btp Value will expire in five years and will pay the coupons every three months, with a yield increasing over time according to a profile that the Treasury will make known before the start of the operation. BTP Value Together will have the same duration, but will include a single coupon, paid upon maturity of the security.
According to the Ministry of Economy and Finance, the two formulas will guarantee a financially equivalent return, albeit with different timing in the payment of the interests. The rates minimi could be confirmed or revised upwards at the end of the placement, depending on market conditions.
Who can buy BTP Value bonds and how much can be invested?
The two titles are reserved for individual savers and similar, i.e. and to investors retailThere are no limits or caps on the issue: the subscription will start from a minimum of 1.000 euros.
During the placement period, it will be possible to purchase BTP Valore bonds at par, at a price of 100, commission-free. Any costs related to managing the securities account or the online trading service are excluded.
The subscription will take place on Italian Stock Exchange Mot and can be done at a bank, at a post office if you have a securities deposit account, or directly online through your home banking, when enabled for trading.
For the operation Intesa Sanpaolo e Unicredit will be the dealer banks, while Monte dei Paschi di Siena Bank e Bpm bank will act as co-dealers.
BTP Value, Pre-Maturity Sale, and Taxation
BTP Value bonds do not have a constraint until the deadline: those who purchase them will therefore be able to sell all or part of the investment even before the five-year term, under current market conditions. The selling price may therefore be different from the subscription price, while the nominal capital is reimbursed at maturity.
For both titles the following will apply: 12,5% taxation, foreseen for Italian government bondsThe Ministry of Economy and Finance also indicates exemption from inheritance tax and exclusion from the ISEE calculation for up to 50.000 euros invested in government bonds.
When will the rates be announced?
The calendar therefore includes two main events. Friday 14th October will be communicated guaranteed minimum coupon rates and the ISINs that will identify the two issues. The placement will start on Monday 19 October, which will end on Friday, October 23rd at 1:00 PM, unless closed early. Depending on market conditions, rates may be confirmed or revised upward.
The Ministry of Economy and Finance has also announced that all the documents will be published in the next few days. Operation details in the FAQs, in the Securities Information Sheet and in the Technical Note.
