The MEF has announced the issue of new bots and BTPs for September 2025. The latter are of three types: BTP Short Term with expiry at two years, BTP € ia 5 years and BTP € ia 15 years.
Please note that the bots (vouchers of the polienn treasure) have no coupon and the gain derives from the difference between the purchase price and the reimbursement value. Instead the BTPs (vouchers of the polienn treasure) guarantee coupon.
New Bot emission
The proposed bots, in issue on September 30, have a duration of 182 days and can be signed for a minimum amount of 1,000 euros. The ISIN code is still to be attributed.
These are the dates to be marked on the calendar:
- deadline for booking – September 24th;
- deadline for submitting applications to auction – 11:00 on 25 September;
- end of the additional placement – 15:30 on 26 September;
- Regulation date – September 30th;
- date of issue – September 30th;
- deadline – March 31, 2026.
To those who agree the bots
The bots agree to those looking for safe and short -term liquidity, to those who want to park capital waiting for better opportunities and those who prefer tools without risk of rate or low volatility. The advantages consist of a very low risk, since we are talking about securities guaranteed by the state, a short duration that reduces exposure to the variations of the market and subsidized taxation. Another advantage is the potential possibility of breaking down the ISEE.
The disadvantages: the real performance is relatively contained and can be eroded by inflation. The bots have no periodic coupons and are practically useless for medium-long term plans.
New BTP Short Term and BTP € i
Even in the case of the BTPs, the minimum amount subscribable is 1,000 euros. This is the calendar regarding the issue of the BTP Short Term and the two BTP € i (at 5 years and 15 years):
- deadline for booking – 23 September;
- deadline for submitting applications to auction – 11:00 on 24 September;
- Presentation of additional auction applications – 15:30 on 25 September;
- Regulations for subscriptions – 29 September.
| Type | BTP Short term | BTP € 5 years | BTP € 15 years old |
|---|---|---|---|
| Residual life | in the course of EM | in the course of EM | in the course of EM |
| ISIN code | IT0005657330 | IT0005657348 | IT0005547812 |
| Tranche | 7th | 5th | 8th |
| Emission | 27/06/2025 | 27/06/2025 | 15/05/2023 |
| Expiration | 26/08/2027 | 15/08/2031 | 15/05/2039 |
| Annual coupon | 2.10% | 1.10% | 2.40% |
| Cedola payment date | 26/02/2026 | 15/02/2026 | 15/11/2025 |
| Imp. Min. Off. (Mln. €) | 2,000 | 1,000 | 1,000 |
| Imp. Max. Off. (Mln. €) | 2,500 | 1.250 | 1.250 |
| Dietic days | 34 | 45 | 137 |
| Provv. Place. | 0.075% | 0.175% | 0.275% |
| % Imp. Suppl. Specialist. | 20% | 15% | 15% |
| Imp. Suppl. (mln. €) | 500,000 | 187.500 | 187.500 |
To those who agree the BTPs
The BTPs agree to those looking for periodic income, for those who aim to block a good performance today waiting for a drop in rates and for those who build a portfolio for retirement or have long -term goals. The advantages of the BTPs consist of constant coupons and good protection in the event of drops in decline and (potential) possibilities to break down the ISEE.
Among the disadvantages we remember that selling before the deadline exposes to market risk, that is, it is possible to go to loss. It must then be considered that you are exposed to the variation of the rates (if they go up, the price drops).
Btp value
It should be remembered for completeness that from 20 to 24 October the BTP value returns, the title of state at 7 years with growing coupons and an extra final prize equal to 0.8% of the nominal capital invested ..
How to buy Bot and BTP
The purchase of Bot and BTP is reserved exclusively for retail savers. The titles can be bought through:
- your home banking if enabled for online trading;
- one’s own reference bank;
- The post office where you have a current account with securities deposit.
Facilitated taxation and ISEE exclusion
The taxation on BTP (Poliennial Treasury vouchers) and Bot (ordinary vouchers of the treasure) is 12.5% on the proceeds. This subsidized rate applies both to the interest of coupons (in the BTPs), and to the capital gains created by the sale or reimbursement of securities. It is an absolutely advantageous taxation, if we consider that the gain deriving from the stock market is taxed at 26%.
Finally, it should be remembered that the government bonds are excluded from the calculation of the ISEE for a maximum amount of 50,000 euros.
