Italy's BTP Italia Sì bond draws over €3 bn in first day of retail auction

The Italian Treasury launched a new five‑year inflation‑linked retail bond, BTP Italia Sì, on 15 June 2026. The issue carries a minimum guaranteed annual rate of 1.60 % plus the national consumer‑price index, semi‑annual coupons, a 0.6 % loyalty premium for holders to maturity, and a reduced 12.5 % tax rate. The bond is sold in €1,000 lots exclusively to individual savers through banks, post offices and online home‑banking.

On the first day of subscription the auction recorded orders for €3.176 billion across more than 94,000 contracts, exceeding €1 billion within the first two hours and reaching about €5.5 billion after two days. A separate report noted that €1 billion was raised in the first hour, with 27,648 individual contracts processed. The strong demand reflects investors’ desire for protection against inflation—Italy’s consumer‑price index was 3.2 % in May 2026—and for a low‑risk, sovereign instrument.

The operation aims to shift a larger share of public debt into the hands of households, while offering a return that could reach roughly 4 % gross annually under current inflation forecasts. No placement fees are charged, and the bond can be traded on the MOT before maturity.