BTP Italia orders reach €4 billion on second day of retail offering
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Orders for the new BTP Italia, the inflation-linked Italian government bond, reached €4 billion shortly after 11 a.m. on the second day of issuance, with €860 million added to the €3.14 billion collected on day one. The offering, which began on May 27, targets retail investors in its initial phase.
This seven-year bond, maturing on June 4, 2032, offers a minimum guaranteed coupon of 1.85% and a 1% loyalty bonus for investors who buy during the placement and hold until maturity. The current phase of the issuance runs through May 29 (subject to early closure), while institutional investors will be able to participate on May 30.
The final coupon will be confirmed or adjusted on May 30. The bond benefits from favorable tax treatment: a 12.5% tax rate, exemption from inheritance tax, and exclusion from ISEE calculations up to €50,000, as per the 2024 Budget Law.
Retail investors can subscribe through online trading (if enabled), or via their bank or post office. The bond is issued on the MOT (Borsa Italiana’s electronic bond market), via Intesa Sanpaolo, UniCredit, and Banco BPM. The ISIN code for the retail phase is IT0005648248.
For comparison, the March 2023 five-year BTP Italia issuance raised €10 billion (€8.6 billion from retail), the November 2022 issue raised €12 billion, and the June 2022 issuance collected €9.4 billion.
This seven-year bond, maturing on June 4, 2032, offers a minimum guaranteed coupon of 1.85% and a 1% loyalty bonus for investors who buy during the placement and hold until maturity. The current phase of the issuance runs through May 29 (subject to early closure), while institutional investors will be able to participate on May 30.
The final coupon will be confirmed or adjusted on May 30. The bond benefits from favorable tax treatment: a 12.5% tax rate, exemption from inheritance tax, and exclusion from ISEE calculations up to €50,000, as per the 2024 Budget Law.
Retail investors can subscribe through online trading (if enabled), or via their bank or post office. The bond is issued on the MOT (Borsa Italiana’s electronic bond market), via Intesa Sanpaolo, UniCredit, and Banco BPM. The ISIN code for the retail phase is IT0005648248.
For comparison, the March 2023 five-year BTP Italia issuance raised €10 billion (€8.6 billion from retail), the November 2022 issue raised €12 billion, and the June 2022 issuance collected €9.4 billion.