The placement of the BTP Valore, the government bond dedicated to retail customers, begins, which will be placed from today (20 October) to Friday (24 October) on the MOT market of the Italian Stock Exchange. An issue that is immediately performing well: in about an hour of trading, orders for over 900 million euros have arrived. So far, orders amount to exactly 922,456,008 euros for 27,905 contracts, more or less in line with the placement of the previous BTP Valore, in May 2024, when 1.5 billion euros had been exchanged in an hour and a half.
The minimum rate series
The MEF announced last Friday the series of minimum guaranteed coupon rates, which at the end of the placement, based on the market conditions at the closing of the placement on the MOT and in response to the demand received, may be confirmed or revised upwards. The rate paid communicated by the MEF will be equal to
- 2.60% up to the 3rd year
- at 3.10% for the 4th and 5th year
- at 4.00% for the 6th and 7th year.
The characteristics of the title
The BTP Valore, the new government bond dedicated exclusively to small savers (retail customers), has a maturity of 7 years (October 2032), one year more than its predecessor, provides nominal coupons paid every three months, based on the definitive rates that will be communicated at the closing of the placement next Friday and in any case not lower than the minimum ones, and an extra final premium equal to 0.8% of the invested capital for those who will hold the BTP until expiry. The bond, as usual, pays coupons that increase over time with a “step-up” mechanism of 3+2+2 years.
The details of the placement
The BTP Valore October 2032 will be placed on the MOT market of the Italian Stock Exchange, the market dedicated to bonds and government securities, according to the usual daily trading hours. Booking of Valore BTPs began today, 20 October 2025, at 9 am, and will end on Friday 24 October 2025, at 5.30 pm, unless early closure.
The ISIN code of the security during the placement period is IT0005672016. The security will be placed at par (i.e. with a price equal to 100), without constraints or commissions. The minimum investment is equal to 1,000 euros and no maximum limit will be applied ensuring complete satisfaction of orders, except for the MEF’s right to close the issue early.
Buying BTP is very easy
The BTP Valore can be easily purchased by the saver through their home banking, if enabled for online trading functions, or by contacting the bank or post office where they have a current account and securities deposit account.
Preferential taxation
As with all government bonds, the usual preferential taxation of 12.5% is envisaged on the quarterly coupons and also on the payment of the final extra premium. The purchase of the BTP also enjoys exemption from inheritance taxes and up to 50,000 euros invested in government bonds are excluded from the ISEE calculation.
