Btp Valore, returns and loyalty bonus: what to know

MILAN. The Treasury has set the guaranteed minimum coupons for the new four-year Btp Valore at 3.25% for the first two years and 4% for the following two. The announcement, as expected, came this morning from Via XX Settembre in a press release.

The Treasury will launch the new security reserved exclusively for retail customers next week, from 5 to 9 June. The issue provides for a growing coupon over the years and a loyalty bonus of 0.5% for those who hold it to maturity.

The four-year bond is part of the new family of instruments created by the Treasury with the aim of expanding the share of debt in the hands of small investors.

At the end of the placement, the final coupon rates will be announced and may be confirmed or revised, but only upwards, based on the market conditions on the closing day of the issue.

The bond will be placed on the market at par (i.e. with a price equal to 100) through the MOT electronic platform of Borsa Italiana through two dealer banks: Intesa Sanpaolo SpA and Unicredit SpA, but it will be possible to subscribe for it at any bank or post office where you have a securities account. Furthermore, savers will be able to purchase it online through their own home-banking, having enabled the trading functions.

The placement does not envisage allocations or caps on the investment, which may start from a minimum of 1,000 euros. Investors will always be guaranteed complete satisfaction with their orders, subject to the Ministry’s right to close the issue in advance. However, any early closure cannot take place before Wednesday 7 June, guaranteeing savers at least three full placement days. If the early closing takes place at 5.30 pm on the third or fourth day of placement, the final coupon rates will be set in the morning of the day following the closing date of the placement. In the event of closure on 9 June, the final rates will be communicated on the same day. The settlement date of all executed purchase orders is unique and coincides with the accrual date.

No commissions will be applied to the subscriber for purchases made on placement days, while the usual taxation of 12.5% ​​and the exemption from inheritance taxes will continue to be applied to the yield of the security as for other multi-year Treasury bills.