The BTP Value once again exceeds its objectives. Having reached its fourth placement, the stock achieves new success, albeit with a lower result than previous issues, confirming investors' renewed interest in Italian government bonds.
Btp Value: the numbers of the fourth issue
In particular, the fourth issue of the security intended for small investors closed with one raised of 11,2 billion euros for a total of 384.295 overall contracts.
On the last day of the offer, which ended at 13pm, BTP Valore received 910,1 million requests compared to 34.727 contracts.
In the issue last February, the bond raised 18,3 billion euros, a very high level that also surpassed the previous record set for the first issue in June 2023 (18,2 billion euros). The second issue in October 2023 closed with 17,2 billion. This time the bar was therefore lowered, also because the fourth issue was considered of "extraordinary character", having arrived just two months after the third. Expectations were therefore lower and the stock met the expectations of the Mef which had set a target of 10 billion euros.
In any case, the BTP Valore allowed the Treasury to raise approximately 65 billion euros in less than a year.
The Mef confirms the rates
The Ministry of Economy has confirmed the definitive annual rates on the level announced last May 3: 3,35% for the first, second and third year; 3,90% for the fourth, fifth and sixth years.
The BTP Valore has an entitlement date of 14 May 2024 expires May 14, 2030. The coupon, as is now the tradition of BTp Valore, will be detached on a quarterly basis. Subscribers who maintain the title for the entire duration of the 6 years will be guaranteed a loyalty bonus of 0,8%, which brings the average annual total return to 3,79%. Compared to an ordinary government bond of the same duration (six years), the premium is around 40 basis points.
