Italy issues BTP Valore and BTP Valore Insieme retail bonds

The Italian Ministry of Economy and Finance has launched a dual offering of retail government bonds, BTP Valore and the new BTP Valore Insieme. The placement, scheduled from October 19 to October 23, 2026, has already surpassed 7 billion euros in subscriptions.

The standard BTP Valore features a step-up coupon mechanism, paying quarterly interest at increasing rates: 3.70% for the first two years, 4.10% for the third and fourth years, and 4.70% for the fifth year. In contrast, the BTP Valore Insieme does not pay periodic coupons; instead, it provides a single guaranteed minimum return of 22.25% at its maturity on October 27, 2031.

Both products are designed to offer similar total yields at maturity, differing primarily in the timing of cash flows. The bonds are available through home banking, banks, or post offices with a minimum investment of 1,000 euros and no maximum cap. They are traded on the Borsa Italiana MOT platform and benefit from a preferential 12.5% tax rate on returns.