Italy’s Treasury has opened a dual placement of its new Btp Valore Oct 2026 bonds, a first for the ministry. The offer, available until 23 October, targets small savers and allows them to choose between two five‑year instruments.
Both securities can be bought in minimum lots of €1,000 and carry a reduced tax rate of 12.5 %. The first option, the traditional Btp Valore (ISIN IT0005735201), pays quarterly coupons that rise over time: 3.7 % for the first two years, 4.1 % for years three and four, and 4.7 % in the final period. This structure is suited to investors who prefer regular income.
The second option, the Btp Valore Insieme (ISIN IT0005735227), offers a single gross coupon of 22.25 % payable at maturity on 27 October 2031. The arrangement was calibrated to compensate for the lack of reinvestment opportunities, delivering a gross annual yield of 4.1 % at the end of the term.
Orders poured in immediately, with commitments exceeding €300 million in the first hours of the launch. The bonds can be subscribed through banks, post offices and online trading platforms, with no subscription fees or loyalty premiums.
Analysts note that secondary‑market bonds already listed may provide higher gross yields than the minimum guaranteed rates of this new issue. The choice between the two products ultimately depends on whether a saver prefers quarterly cash flows or a single payment at maturity.
