Italy launches new retail inflation‑linked BTP Italia Sì bond in June

The Italian Ministry of Economy and Finance (MEF) announced the issuance of a new sovereign bond, BTP Italia Sì, reserved for individual savers. The subscription window runs from 15 to 19 June (2026) on the Borsa Italiana MOT platform, with a minimum purchase of €1,000. The five‑year instrument pays semi‑annual coupons that combine a guaranteed fixed rate with the national inflation rate measured by ISTAT, and offers an extra 0.6 % loyalty premium to investors who hold the bond to maturity.

The bond enjoys favourable tax treatment: coupons and the loyalty premium are taxed at 12.5 % instead of the standard 26 %, are exempt from inheritance tax, and are not counted toward the ISEE calculation for amounts up to €50,000. It will be placed by dealer banks Intesa Sanpaolo and UniCredit, with co‑dealers Banca Monte dei Paschi di Siena and Banco BPM.

Analysts note that the issuance follows a decline in foreign holdings of Italian sovereigns and reflects the Meloni government’s strategy of tapping domestic retail savings to finance the country’s public debt, which remains among the highest in the euro area relative to GDP.