The Ministry of Economy and Finance has announced the characteristics of the BTP Italia Yesthe new government bond indexed to Italian inflation intended exclusively for the retail market, the first issue of which is scheduled for June 2026 with a duration of five years.
Coupon structure and inflation indexation
The security has a simplified coupon structure compared to the traditional BTP Italia. The semi-annual coupon is calculated as the sum of only two components applied to the subscribed nominal capital: one Fixed componentequal to half the annual coupon rate and guaranteed even in the event of deflation, and one Inflation componentdetermined on the basis of the inflation achieved in the reference semester and recorded by the ISTAT FOI Index net of tobacco. The revaluation linked to inflation is incorporated directly into the coupon and does not involve revaluation of the capital, which is repaid at maturity in a single installment at the non-revalued nominal value.
The minimum guaranteed annual coupon rate will be communicated by the Treasury before the opening of the placement, based on market conditions. At the end of the subscription period, the definitive rate will be announced, which cannot be lower than the guaranteed minimum. In the event of deflation, only the Fixed Component remains due.
The distinctive element of the new instrument is the extra final prizerecognized exclusively to those who purchase the securities during the placement period and hold them until maturity. For the first issue the premium will be equal to 0.6%, calculated on the nominal amount purchased not revalued. The right to the premium is preserved in the event of succession mortis causa, while it lapses in the event of a donation, advance sale or securities lending transactions. The MEF will also pay intermediaries a placement commission equal to 0.6% of the total nominal amount collected.
Placement methods
Placement will take place through the electronic platform MOT of the Italian Stock Exchange – Euronextaccording to a typical primary market procedure performed on secondary infrastructure. The placement period is divided into five days, subject to early closure which the MEF reserves the right to arrange by communicating this to the market. The price is set at par, while the definitive annual coupon rate is determined on the last day of placement. Anyone who purchases during the placement period is certain of winning the requested quantity.
Subjects admitted to subscription
Only individual and similar savers can participate in the subscription: natural persons, retail entities (with the exclusion of qualified counterparties and professional clients), management companies, authorized intermediaries and trust companies operating on behalf of these categories. Institutional investors will be able to purchase the security only on the secondary market, after the placement, without the right to the final premium.
The offer is not directed to individuals located in the United States, regardless of nationality or residence. However, American citizens resident in Italy and, in general, non-US foreign investors can participate, without prejudice to the sales restrictions established by the respective national legislation.
Minimum lot, taxation and ISEE treatment
The minimum lot is equal to 1,000 euroswith orders for multiples of this amount. There are no bank commissions to be paid by investors for the purchase upon issue. Taxation on capital and other income is reduced at 12.5% and securities are not subject to inheritance tax. The invested amount is also excluded from the calculation of the ISEE indicator, together with other government bonds and postal savings products, up to an overall limit of 50,000 euros.
Where and how you can buy it
The security will be subscribable at banks and post offices, also through home banking enabled for online trading. Official information is available on the MEF website and at the email address [email protected].
