The Ministry of Economy and Finance announces the publication of the information sheet relating to the first issue of the BTP Valore, the government bond dedicated exclusively to small savers (retail), which will be placed from Monday 5 to Friday 9 June 2023 (until 13.00), unless early closing. The first BTP Value - explains the Mef - will have a maturity of 4 years and will provide an extra final loyalty premium equal to 0.5% of the invested capital for those who buy the bond during the placement days and hold it until maturity.
The first Btp Valore will have nominal half-yearly coupons calculated on the basis of pre-set rates and increasing over time (the so-called step-up mechanism). The coupons will be calculated on the basis of a given fixed coupon rate for the first 2 years, which increases for the remaining 2 years of the bond's life. The series of guaranteed minimum coupon rates of this first issue will be communicated to the public on Thursday 2023 June 9, while the final coupon rates will be announced at the closing of the placement, on 100 June, and cannot in any case be lower than the minimum guaranteed coupon rates. The bond will be placed at par, without constraints or commissions, and with a price equal to <> on the market through the MOT electronic platform of Borsa Italiana through two dealer banks: Intesa Sanpaolo and Unicredit.
The minimum amount that can be purchased is equal to 1,000 euros and there are no distributions, nor will any maximum limit be applied ensuring the complete satisfaction of orders, except for the right of the ministry to close the issue early. Any early closure cannot take place before Wednesday 7 June, guaranteeing the investor at least three full days of placement.
If the early closing takes place at 17.30 pm on the third or fourth day of the placement, the final coupon rates will be set on the morning of the day following the closing of the placement and can only be confirmed or revised upwards, based on market conditions. The usual preferential taxation on government bonds equal to 12.5% and the exemption from inheritance taxes will continue to be applied to the yield of the bond, as for other multi-year Treasury bonds.