The Ministry of Economy and Finance has set the minimum guaranteed annual coupon rate for the first issue of the BTP Italia Sì at 1.60%, the new government bond indexed to Italian inflation reserved for savers. The placement starts on Monday 15 June 2026 and closes on Friday 19 at 1pm, unless early closure. It is a debut that inaugurates a family of securities designed for retail and designed differently from the old BTP Italia.
How the coupon is calculated and how much it yields
The characteristics of the new BTP Italia Sì reported in the Mef information sheet are:
- maturity in 5 years (entitlement 23 June 2026, repayment 23 June 2031);
- issue price at par (100);
- minimum denomination 1,000 euros;
- semi-annual coupons and calculated by adding a fixed component (half the annual coupon rate) and one linked to inflation (measured by the Foi Index without tobacco);
- final premium of 0.6%;
- Isin code IT0005713539.
The rate of 1.60% communicated is the guaranteed minimum. The definitive rate will be set after 1pm on June 19th based on market conditions and may be confirmed or revised upwards. It means that, even in the event of deflation, the fixed component is always due. If inflation falls, the indexed component goes to zero, but does not subtract anything from the return.
What changes compared to the traditional BTP Italia
With the “classic” BTP Italia, inflation revalued both the coupons and the nominal capital every six months, returned at maturity in a revalued version. With the BTP Italia Sì the mechanism changes: inflation only enters the coupons and the capital is repaid at maturity at the non-revalued nominal value.
For the saver this means richer coupon flows in periods of rising prices but no inflation-linked capital gains at the end of 5 years. The final extra premium of 0.6% gross remains for those who purchase on the days of issue and hold the title until 23 June 2031.
The dates of the placement and how to buy it
The security can be purchased on the Mot, the Telematic Market of Government Bonds and Securities of the Italian Stock Exchange, through dealers and co-dealers.
Dealers:
- Intesa Sanpaolo;
- UniCredit.
Co-dealers:
- Banca Monte dei Paschi di Siena;
- BPM desk.
For the saver there are three paths:
- bank branch;
- post office (with securities deposit associated with the Bancoposta current account or the Postal Booklet);
- home banking with trading function enabled.
Subscription is reserved for individual savers and similar. There are no caps or distributions, so all applications submitted by 1pm on June 19th will be satisfied in full.
The settlement date coincides with the enjoyment date, June 23rd. An early closure remains possible on the third or fourth day of placement, with simultaneous notice from the MEF and Borsa Italiana.
Taxation, ISEE and early transfer
Preferential taxation of 12.5% also applies to the BTP Italia Sì, as for all government bonds.
Invested capital is excluded from the calculation of family assets for ISEE purposes up to a maximum cumulative sum of 50,000 euros, considering together all government bonds and postal savings products already held.
The security can be sold in whole or in part before expiry on the Mot, always for minimum lots of nominal 1,000 euros, at the market conditions of the moment. But be careful: early transfer means you lose the right to the final premium of 0.6%.
All the technical documents, from the information sheet to the FAQs updated on 12 June, are published on the website of the Ministry of Economy and Finance.
How the coupon is calculated: yield examples
The Mef has published some calculation examples based on a fixed rate of 2% per year and an investment of 1,000 nominal euros.
On this basis, if in the first half of the year inflation measured by the Foi without tobacco rose by 5%, the gross coupon collected would be 60 euros:
- 10 from the fixed component (half the annual rate applied to the capital);
- 50 from the indexed one.
If inflation slowed to 2% in the following six months, the coupon would drop to 30 euros:
- 10 from the fixed component;
- 20 from the indexed one.
In the event of a 2% deflation, only the 10 euros of the fixed component would be paid, while the indexed component would go to zero. When inflation resumes, the calculation starts again from the new index.
By transferring the same scheme to the announced minimum 1.60%, the fixed component for each semester would be worth 8 euros out of 1,000 of capital, to which is added the revaluation of prices for the period.
Upon maturity, for those who hold the security until 23 June 2031, the final extra premium of 0.6% is triggered, i.e. another 6 euros gross for every 1,000 euros subscribed.
