The veil is lifted on the Btp Futura. The Minister of Economy has published online the information sheet on the first issue of this new type of government bond, intended exclusively for individual savers (the so-called retail public, with the exclusion, therefore, of institutional investors).
1) BTP FUTURA: MATURITY AND RATES
The Btp Futuras have a 10-year maturity, with fixed rates that increase over time: the first time after four years, then after another three. On the basis of these rates, semi-annual nominal coupons are calculated. The minimum guaranteed coupon rates will be communicated on Friday the 3rd, while the definitive ones will arrive only at the close of the placement.
2) LOYALTY AWARD
Anyone who purchases the security upon issue and holds it until maturity is entitled to a loyalty bonus equal to 1% of the invested capital, which may increase up to a maximum of 3% based on the performance of the Italian nominal GDP (as Istat statistics).
3) WHEN AND HOW TO SUBSCRIBE FUTURA BTPs
The Btp Futura will be placed from Monday 6 July until 13 pm on Friday 10 July. As in the case of BTP Italy, it will be possible to purchase the securities at the bank, at the post office or – more conveniently – via the internet, through the services of home banking. The placement does not provide for distributions, nor will any maximum cap be applied: the Treasury will be able to close the auction early, but not before Wednesday 8 July, so savers are sure they can buy all the bonds they want for at least three days.
4) FEES AND TAXES
Those subscribing to the Btp Futura will not be charged commissions for purchases on the placement days, while the yield on the securities is envisaged – as always – with the preferential taxation on government bonds, equal to 12,5%, in addition to the exemption from succession.
5) PURPOSE OF THE ISSUE
With the proceeds from the Btp Futura, the Treasury aims to cover the expenses envisaged by the latest measures launched by the government to deal with the coronavirus emergency. In particular, the funds will be used to finance income support measures, job protection, strengthening of the national health system and support for families and businesses.
