The Btp Futura is about to return. The Ministry of Economy has announced that the third issue will be placed from Monday 19 to Friday 23 April 2021 (until 13.00 pm), unless closed early.
As always, the Btp Futura will be reserved exclusively for private savers and the proceeds will finance the measures for the recovery from the pandemic and the expenses related to the vaccination campaign. Unlike the first two issues, however, the security will have a longer duration, with a maturity of 16 years.
LOYALTY BONUS IN TWO TRANS
The loyalty bonus has been confirmed, which is linked to the growth of the national economy during the life of the bond, but unlike past issues, it will be paid in two tranches disbursed at different times. At the end of the first eight years, anyone who has held the security since issue will be entitled to a first tranche of the loyalty bonus with a guaranteed minimum of 0,4% of the invested capital, up to a maximum of 1,2% , based on the average GDP growth rate recorded in the first 8 years of the security's life.
At the final maturity of the security (after the following eight years), investors who have continued to hold the security without interruption from issue until maturity will obtain a second tranche which will include two components: the first always calculated on the basis of the average GDP growth rate recorded in the first eight years of the premium with a guaranteed minimum of 0,6% up to a maximum of 1,8%; the second calculated on the basis of the growth of the national economy from the ninth to the sixteenth year, with a guaranteed minimum of 1% and a maximum of 3%.
THE COUPONS OF THE FUTURA BTP
The Btp Futura will pay six-monthly nominal coupons calculated on the basis of predetermined fixed rates that increase over time. The coupons will be paid on the basis of a fixed coupon rate for the first 4 years, which will increase once for the following 4 years, once again for the following 4 years and finally once again for the remaining 4 years of the life of the security before the deadline.
The series of minimum guaranteed coupon rates of this third issue of the BTP Futura will be communicated to the public on Friday 16 April 2021, while the definitive coupon rates will be announced at the close of the placement, on Friday 23 April 2021, and cannot in any case be lower at the minimum guaranteed coupon rates communicated at the start of the placement. The coupon rate for the first 4 years will remain unchanged, while based on market conditions, only rates subsequent to the first may be revised upwards at the end of the issue.
NEITHER BREAKDOWN NOR ROOF
The placement does not provide for any distributions, nor will any maximum cap be applied, ensuring complete satisfaction of the orders, unless the Mef has the right to close the issue early. To allow maximum citizen participation, any early closure cannot take place before Wednesday 21 April, guaranteeing at least three full placement days.
ZERO COMMISSIONS AND REDUCED TAXATION
No commissions are envisaged for the subscriber on purchases on placement days, while the usual preferential taxation for government bonds of 12,5% and exemption from inheritance taxes, coupons and loyalty bonuses apply to the yield of the security , as for other government bonds.
HOW TO BUY THE FUTURA BTP
The security can be subscribed by contacting your contact person at the bank or post office where you have a securities account or through your home banking, if enabled for online trading functions. For more information, the dedicated mailbox (btpfutura@mef.gov.it) managed by the Department of the Treasury will be active again until the title is settled.
