The term sheet of the first issuance of BTP Valore , the new family of government bonds targeted exclusively to retail investors and maturity of 4 years, that will be placed from 5th to 9th of June 2023 (until 1 p.m.), unless early closing, is now available online.

The first BTP Valore will grant an extra final fidelity bonus equal to the 0.5% of the invested capital, to investors who purchased the bond during the placement period and hold it as a maturity ends.

The BTP Valore will have semi-annual nominal coupons based on a pre-set path of increasing rates over time (the so-called “step-up mechanism”). The coupons will be calculated on the basis of a fixed coupon rate for the first 2 years, that will increase for the last 2 years of the bond’s life.

The series of guaranteed minimum coupon rates of this first issuance will be communicated on Thursday 1^st June, while the final coupon rates will be announced at the end of the placement period, on 9^th of June, and in any case, they will not be lower than the coupon rates initially set.

The bond will be placed without constraints or fees, at par, price equal to 100, through MOT, the retail Borsa Italiana’s screen-based market for securities and government bonds, through two dealers: Intesa Sanpaolo S.p.A. and Unicredit S.p.A.

The minimum lot purchasable of each order is 1,000 Euros and the placement does not entail any cap or allotment hence guaranteeing the enteir satisfaction of the demand.

Additionally, the taxation treatment on the bond return is equal to 12.5% and the Inheritance Tax does not apply, as for all government securities.

For more information about the first issuance of BTP Valore, please write to btpvalore@mef.gov.it