Competition from Btp Valore: this is how the government aims to nationalize the debt

The Mef has announced the arrival of a new tranche of bonds dedicated to small savers, to make the deficit a little more national. However, this strategy risks having a side effect: discouraging other forms of investment by families

Prime Minister Giorgia Meloni had said it: we will increase the share of government bonds in the hands of Italians. And so, after two issuance of inflation-indexed BTPs in less than six months, the MEF announced today the arrival of a new tranche of bonds dedicated exclusively to small savers: the Btp “Valore” which will be placed from 5 to 9 June with a minimum denomination of one thousand euros. The technical details will be known later, but from what the Mef anticipated – duration four years, loyalty bonus for those who keep them until maturity, increasing returns, preferential taxation and zero commissions, but above all the fact of having excluded institutional investors – it is understood that the government’s strategy of making public debt a little more “national” is taking shape. Currently, the percentage of BTPs in the hands of Italian families amounts to about 8 percent, almost half of the 15 percent of ten years ago.