From the 20 24 October 2025 BTP Valore returns to the market, the government bond dedicated to retail savers that in previous editions has seen record demand. The Ministry of Economy and Finance has confirmed that the new emission, placed on the Italian Stock Exchange Mot, Sara intended exclusively for families and small investors, with the aim of consolidating the growing role of domestic savings in financing public debt.
The structure of the title: the “3+2+2” scheme
The new BTP Value will have a total duration of seven years and a performance built with the “step-up” mechanismThe first three years will guarantee a minimum coupon level, followed by two additional two-year periods with progressively higher returns. The approach, already tested in past editions, is designed to reward patience of the so-called "cassettisti" and offer greater stability to those who hold the title until maturity. coupons will be paid every three months, a choice that reinforces the perception of a constant flow comparable to an additional income.
New BTP Value: step-up coupons and final premium
Completing the issuance architecture will be a loyalty bonus equal to 0,8% of the nominal capital. It will be recognized exclusively to who will buy the title on the placement days and will hold it in its portfolio until 2032. To find out the details on the minimum guaranteed rates of the three bands and the ISIN code will be necessary wait until October 17th, when the Treasury announces the final terms. These values will serve as a baseline, with the possibility of upward adjustment if the market situation improves, but they can never be revised downward.
BTP Value: How to Subscribe
The BTP Value could be purchased directly via home banking for those who have an active online trading service, or by contacting their bank or post office. minimum threshold of investment is set at 1.000 € and the placement will take place at par, i.e. at a price of 100. During the offering days, no subscription commissions will be applied, with the saver only having to pay any costs for managing the securities portfolio that may be required by the intermediary.
Tax regime and additional benefits
The new title confirms the 12,5% preferential tax on coupons and on the final premium, an exemption from inheritance tax and exclusion from the ISEE calculation for up to €50.000 invested. Furthermore, as with other BTP Valore bonds, the principal is guaranteed at maturity: anyone who decides to resell early can do so without restrictions on the secondary market, while accepting the prices determined by current market conditions.
Dealer and co-dealer of the transaction
The placement will be managed by three dealer banks – Intesa Sanpaolo, UniCredit, and Banco BPM – joined by two co-dealers, Monte dei Paschi di Siena and Banca Sella Holding. The presence of these institutions aims to ensure broad distribution and full accessibility to the offering, replicating the operating model already successfully adopted in previous issuances.
A formula that is now consolidated
Since its introduction in 2023, the BTP Valore has attracted a growing number of saversIn just over two years, the various editions have raised a total of nearly €80 billion, through approximately 2,8 million contracts. This trend has contributed to increasing the share of public debt held by Italian households from 11,8% to 14,2%, an absolute increase of over €99 billion. This result explains the Treasury's decision to return to this instrument, while simultaneously increasing foreign demand for Italian securities.
