The Ministry of Economy and Finance has communicated the minimum guaranteed rates of the BTP Valore and the BTP Valore Insieme, the two government bonds intended for small savers which will be placed simultaneously from 19 to 23 October 2026. Both have a duration of five years, but provide different methods of payment of interest. The traditional BTP Valore offers increasing quarterly coupons, while the BTP Valore Insieme concentrates the yield in a single large coupon at maturity. Subscription will be reserved for individual investors and similar subjects, with a minimum investment of 1,000 euros for each security.
BTP Valore and BTP Valore together, yields and coupons
The BTP Valore provides for the payment of coupons every three months. The minimum guaranteed rates follow the step-up mechanism, which establishes a progressive growth of interest over the duration of the security. In detail, the expected gross annual returns are:
- 3.70% for the first and second year;
- 4.10% for the third and fourth year;
- 4.70% for the fifth year.
The saver will then receive periodic payments, calculated on the nominal capital invested and the coupon applicable in the reference period. For an investment of 10,000 euros, for example, the rate of 3.70% corresponds to 370 euros gross per year in the first two years, distributed through four quarterly coupons.
The BTP Valore Insieme introduces a different method of capital remuneration. There are no periodic coupons. The entire return is recognized at the end of five years, together with the reimbursement of the invested capital. The minimum guaranteed rate is 22.25% overall, paid at the end of the period.
With an investment of 10,000 euros, the saver who keeps the security until maturity will therefore receive a maxi-coupon of 2,225 euros gross, in addition to the repayment of the initial 10,000 euros. Applying the preferential taxation of 12.5%, the net yield of the maxi coupon would be equal to approximately 1,946.88 euros, in the absence of other costs. The gross annualized yield of the security is approximately close to 4.10%, considering the effect of the collection concentrated at maturity.
The main difference is when interest is paid. The traditional BTP Valore guarantees a flow of coupons every three months, while the BTP Valore Insieme provides for a single payment after five years.
How much you earn at the end of the investment
To understand how much the two government bonds yield after five years, it is possible to simulate the gain using the minimum rates guaranteed by the Mef and applying the preferential taxation of 12.5%. The traditional BTP Valore provides a gross annual return of 3.70% for the first two years, 4.10% for the third and fourth years and 4.70% for the fifth. By adding the coupons over the five years, the total gross return is equal to 20.30% of the invested capital. After taxation, the overall net gain is approximately 17.76%. The BTP Valore Insieme, however, recognizes a gross maxi-coupon of 22.25% upon maturity. Net of the 12.5% tax, the overall yield is approximately 19.47%. An earnings simulation after five years:
| Invested capital | BTP Value: net gain | BTP Value Together: net gain |
|---|---|---|
| 1,000 euros | 177.63 euros | 194.69 euros |
| 5,000 euros | 888.13 euros | 973.44 euros |
| 10,000 euros | 1,776.25 euros | 1,946.88 euros |
With an investment of 10,000 euros, the traditional BTP Valore generates a total of 2,030 euros gross of interest, which becomes 1,776.25 euros after taxes. The BTP Valore Insieme, on the same figure, recognizes 2,225 euros gross at maturity, equivalent to 1,946.88 euros net. The simulations do not include any reinvestment of the quarterly coupons of the traditional BTP Valore, nor the stamp duty on the securities deposit, generally equal to 0.2% per year, or any costs applied by the intermediary. The results are based on the minimum rates announced and could increase if the Treasury decides to revise the final yields upwards at the end of the placement.
When can you buy BTPs October 2026 value
The placement is scheduled from Monday 19th to Friday 23rd October 2026, with closing at 1pm on the last day, unless the offer ends early. The subscription can be made through your home banking service, provided you are enabled for online trading, or by contacting the bank or post office where you have a current account and a securities deposit.
The purchase during the placement will take place on the MOT platform of the Italian Stock Exchange, at par, i.e. at a price of 100, and without subscription commissions. The minimum amount is set at 1,000 euros for each security, without a maximum investment ceiling. Both securities can be sold on the secondary market even before the five-year period expires. In this case the price will depend on market conditions and may be higher or lower than the nominal value. At the end of the placement, scheduled for 23 October, the Treasury will be able to confirm the minimum guaranteed rates or modify them exclusively upwards, based on market conditions.
