The Btp Italia does not deny itself. The first day of placement dedicated to retail collected requests for 6,7 billion euros and over 100 contracts. A good result for the first day, despite the fact that the minimum yield is not particularly generous (1,65% to which the inflation rate must then be added). The definitive real annual coupon rate will be set at the end of the order collection period and cannot be lower than the minimum guaranteed annual real coupon rate) and the duration has been extended to six years from four (precisely to make interest rates more attractive in a scenario of low interest rates). The similar six-year BTP offers a gross effective yield of just under 2%.
The subscription period for retail continues until the 17th for retail, unless the treasury decides to close early. In fact, only tomorrow is guaranteed, from the 16th he will be able to decide to stop the placement in retail. The day dedicated to institutional investors is the 17th. Here too, it is possible to close the placement early before the natural end of the trading day, by giving 30 minutes' notice. The Mef guarantees full satisfaction of the applications received on the Mot at a fixed price of 100 during the opening of the placement. In past editions, the Btp Italia offered a real yield between 2,15% and 3,55%.
Se the sixth issue presented news on separate placement for retail and institutional and on the duration of the security, the other financial characteristics remain unchanged: six-monthly coupons indexed to the Foi (ex tobacco) to which is added the payment for the recovery of the inflation accrued in the six-month period, (with the provision of a floor in the event of deflation), a single repayment on expiry and a loyalty bonus for those who buy at issuance during the first phase of distribution and holds the security until maturity. In the event of deflation, the coupons are in any case calculated on the nominal capital invested, therefore with protection extended not only to the principal amount, but also to interest.
The subscription methods are similar: the Btp Italia can be subscribed directly online through any home-banking system where the trading function is active. Alternatively, as with all other government bonds, you can contact the bank counter or the Italian post office where you hold a securities account. The minimum denomination that can be subscribed is 1.000 euros or multiples. The ISIN code of the security is IT0005012783
