Italy's BTP Italia Sì bond draws €6.9 billion in retail orders

The Italian Treasury’s new inflation‑linked bond, BTP Italia Sì (ISIN IT0005713539), completed its three‑day retail subscription on 19 June with total orders of about €6.91 billion across roughly 49,000 contracts. Daily demand was €3.18 billion on the first day, €2.18 billion on the second, and €1.55 billion on the third. The five‑year security offers a minimum guaranteed annual coupon of 1.60% plus a 0.6% premium for investors who hold it to maturity, with semi‑annual coupons linked to the national consumer‑price index (FOI).

Only individual savers and qualified retail investors could participate; there was no allocation for institutional investors. Orders could be placed in minimum lots of €1,000, and many high‑net‑worth participants placed very large orders – over 80 contracts exceeding €1 million, the biggest being €24.2 million. The average order size was about €32,200. The bond can be bought through banks, post offices or online home‑banking platforms and may be sold before maturity without restrictions.

The strong subscription reflects robust retail appetite for inflation‑protected government debt and provides the Treasury with significant funding ahead of the auction’s close at 13:00 on 19 June.