The Btp Valore returns in October, the Italian government bond launched for the first time on 8 May and dedicated exclusively to small savers with the aim of expanding the share of BTPs in the hands of Italian families.
After success of the first issue, which took place between 5 and 9 June, with which the Treasury collected over 18 billion divided into 654.675 contracts, the next appointment is ad October, between 2 and 6, for a second issue, this time for 5 years and a new operating mechanism for the coupons, which will be paid every three months instead of every six.
What is the Btp Value
The first to arrive were the Btp Italy, then, in full pandemic, it was the turn of the Btp Futura. 2023 is the year of the Btp Valore, a "new family of government bonds" - to use the same definition of the mef – aimed at individual and similar savers, those who in jargon are called retail. The objective of the stock is to increase the share of government bonds held by Italians. A sort of return to the past therefore, to the period of the subprime crisis in which the participation of Italians in the public debt nostrano even reached 20%. Then, over the years, a constant decline, down to 8% in 2022. Now, taking advantage of the rise in yields and investors' newfound affection for the bond market, the Treasury therefore hopes to attract small savers, offering on the market a security with a life of five years (it was five in June), two levels of yield for the coupons and quarterly payments.
Btp Valore: the dates of the second issue
The second issue of the Btp Valore is scheduled from Monday 2 to Friday 6 October (until 13 pm), except early closing. However, the latter cannot take place before the afternoon of Wednesday 4, thus guaranteeing at least three full days of placement.
The news of the second issue of the Btp Valore: 5 years and quarterly coupons
Compared to the first issue, the term has been extended by one year, therefore we will move from a four-year to a five-year maturity, but the most important change concerns the coupons. For the first time with a government bond, savers will receive quarterly coupons which will be calculated on the basis of fixed and increasing rates over time (the so-called step-up mechanism). The minimum guaranteed rates will be communicated on 29 September, together with the ISIN code that identifies the security.
The characteristics of the Btp Valore
There is a extra final loyalty bonus for those who buy it during placement days and hold it until maturity, the amount of which will be communicated in the next few days.
As with the previous issue, the security can only be purchased by small savers through their own home banking, if enabled for online trading functions, or by contacting your contact person at the bank or post office where you have a current account with a securities deposit account. The minimum investment has been set at One thousand Euro. The Btp Valore can be bought at par (price equal to 100) and without commissions during placement days. There applied tax it is the facilitated rate for government bonds at 12,5%. There is also an exemption from inheritance taxes, coupons and loyalty bonuses. As always, subscribers will be able to sell all or part of the security before its expiry, without restrictions and at market conditions. The subscribed capital is guaranteed at maturity.
