The Ministry of Economy and Finance announces the third issuance of BTP Valore, that will be held from Monday 26th February to Friday 1st March (until 1 p.m.), unless early closing.
BTPs Valore are the Treasury bonds guaranteed by the State, targeted exclusively to individual investors and other persons similarly classified (the so-called retail market).
The next BTP Valore will have a maturity of 6 years, quarterly coupons payments, with pre-set increasing rates calculated on the basis of a step-up mechanism of 3+3 years, and an extra final fidelity bonus of 0.7% for investors who purchase the bond during the placement period and hold it until maturity.
The series of the guaranteed minimum annual coupons of the first three years and of the following three years will be announced on 23rd February together with the ISIN code.
As for the previous issuance, the BTP Valore can be purchased only by retail investors through their own home banking, if enabled with online trading functions, or by liaising with the contact person at the bank or post office.
The minimum investment amount is equal to 1,000 euro and it is guaranteed the full allotment of the overall demand. The bond can be purchased at par (price equal to 100) without fees during the placement period.
As for all government bonds, also for the BTP Valore the yield tax treatment is equal to 12.5%, while the Inheritance Tax does not apply, neither on the coupons nor on the bonus payment. Moreover, as always, it will be possible for subscribers to sell all or part of the security before maturity. The nominal principal subscribed is fully guaranteed at maturity.
The placement will take place on the MOT platform (Borsa Italiana's electronic market for bonds and government securities) through two dealer banks: Intesa Sanpaolo S.p.A and UniCredit S.p.A.
Please note that all official communications on the new BTP Valore, the FAQ, the term sheet and the technical note for market participants will be published on the website of the Ministry of Economy and Finance (www.mef.gov.en) and on the website of the Department of the Treasury in the Public Debt section (www.dt.mef.gov.it/en/debito_pubblico).
For further information, please write to the dedicated e-mail address btpvalore@mef.gov.it.
