The BTP Valore are a new family of government bonds dedicated exclusively to individual investors and other persons similarly classified (i.e., retail market) with different maturity and coupons paid periodically.

The first two BTP Valore have a maturity of 4 and 5 years and coupons are paid semi-annually in the first issuance and every three months in the second one; the third issuance has a maturity of 6 years and coupons are paid every three months. For all issuances, coupons grow over time according to the so called “step-up” mechanism with guaranteed minimum coupon rates.

Moreover, the BTP Valore also provides for an extra final bonus for investors who purchase the bond during the placement period and hold it until maturity.

The series of guaranteed minimum coupon rates is communicated prior to issuance and may be confirmed or revised upward only at closing. 

The placement of the BTP Valore takes place at par (price 100) on the market through the MOT electronic platform (the Italian stock exchange’s electronic market for bonds and government securities) through the dealer banks.

The placement does not entail any cap or allotment hence guaranteeing the entirely satisfaction of the demand, except for the faculty of the MEF to close the issuance earlier. In order to allow for maximum investor participation in the issuance, any early closing cannot occur before the third day of placement, thus guaranteeing at least three full days of placement.

For subscribers, there are no commissions on purchases on placement days, and the taxation treatment on the bond return is equal to 12.5% and the Inheritance Tax does not apply.

The bond can be subscribed by contacting your contact person at the bank or post office where you have a securities account, or through your home banking, if enabled for online trading functions.

For more information see the section on BTP Valore Announcements inside which you will also find the FAQ - BTP Valore.