Non-stop orders for the Btp Valore on the first day of placement which will close on Friday, unless in advance. The subscriptions of the BTP Valore are 4 billion euros, which receives a warm welcome from retail investors, to whom the fixed-rate bond with loyalty premium is intended.
FOR THE BOND INTENDED FOR RETAIL COUPONS INCREASING IN THE 4 YEARS
The first issue of the new BTP Valore, the government bond designed by the Mef exclusively for small savers, starts on Monday 5 June. The guaranteed minimum rate will be increasing: for the first and second years it is set at 3.25%, for the third and fourth years it will rise to 4%. But for those who will hold the title for all four years until the natural maturity, the guaranteed percentage will also be added to the expected final loyalty bonus equal to 0.5% of the invested capital. The final rates will, as usual, be announced at the end of the placement: they may be confirmed or revised, but only upwards, based on the market conditions on the closing day of the issue, i.e. 9 June. The placement does not include allocations or investment ceilings, which may start from a minimum of 1,000 euros. Savers will always be assured of complete satisfaction of orders, except for the right of the Ministry of Economy to close the issue early, in any case not before Wednesday 7 June, guaranteeing the saver 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. In the event of a close on 9 June, the final rates will be announced on the same day. The share 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 and Unicredit, but it will be possible to subscribe it at any bank or post office where a securities account is held. More experienced savers can also buy it online in home-banking, through the trading functions. After the success obtained also in the last issue by BTP Italia, the forecasts on the operation are positive. "I am quite convinced that there will be a high show of confidence on the part of Italian savers," says Ciro Pietroluongo, general manager of MTS. This is an "innovative" title, explains the dg of the Government Bond Market. The coupons are communicated in advance and set for 2 years in 2 years" and the average maturity of 4 years "is not extremely demanding for savings and is shorter than that of the Italian BTPs indexed to inflation, issued until now". Today "we are returning to a pre-pandemic situation, towards normality, and it is clear how resources that were held firm are now managed with more tranquility", underlines the manager of Borsa Italia.