It started this morning the placement of the Btp Italia May 2026, iThe government bond indexed to inflation and intended for small private savers.
The first day closed with an order collection of 2,3 billion euros with 33 concluded contracts. Also this thirteenth issue seems to confirm the success registered in slice precedents, but also the fact that the Btp Italia represents an attractive instrument for small savers. At the moment, fears on the eve of the impact of political uncertainty which, according to some, could have affected the outcome, seem to have been dispelled.
But what are the characteristics of this placement? Is it worth buying? Here's everything you need to know about the thirteenth issue of the BTP Italia.
Btp Italia: general information
As mentioned, the Btp Italia are inflation-linked securities. This feature makes them more accessible to small savers and retail investors who have the possibility to take advantage of the greater protection against price increases thanks to coupons that offer a guaranteed minimum annual real rate, paid every six months together with the capital appreciation for inflation for the semester. In the event of deflation, the coupons are calculated on the nominal capital invested, and the protection "covers" not only the principal amount, but also the interest.
Another characteristic of the Btp Italia concerns the issuance method. The latter does not take place through an auction, but by taking advantage of the Mot platform of Borsa Italiana, thus allowing the subscription not only in the bank, but also through any home banking enabled for trading functions.
BTP Italia: the dates of the 13th issue
Based on the provisions of the Ministry of Economy and Finance, the issuance of the BTP Italia with accrual date 21 May 2018 and maturity 21 May 2026 began today, Monday 14 May, and will continue until Thursday 17 May.
BTP Italia: the characteristics
The maturity of the BTP Italia is once again 8 years (May 21, 2026) after the 6 years experienced in the last issues
The Treasury has determined that the amount of guaranteed minimum annual (real) coupon rate for securities subject to placement it is equal to 0,40%. “The definitive annual (real) coupon rate – communicates the MEF – will be set at the end of the purchase order collection period and cannot be lower than the guaranteed minimum annual (real) coupon rate”.
The settlement date of all executed purchase orders is unique and coincides with the accrual date. The inflation index number calculated on the accrual and settlement date of the security is 101,62903.
BTP Italia: the two placement phases
As per tradition, there will be two phases of placement. The first will be three days, which can be reduced to two in the event of early closure: from Monday 14 to Wednesday 16 May. This first round is reserved for individual savers. The ISIN code of the security for this First Phase is IT0005332827.
The second phase, reserved for the institutional ones, will instead have a shorter duration and will take place in the morning May 17th.
(Last update: 18.16 on 14 May)
