The Ministry of Economy and Finance (MEF) has announced a new issue of the BTP Italia From 27 to 30 May 2025, offering a title of state indexed to Italian inflation and dedicated above all to individual savers. The issue coincides with an auction of other government bonds, including the BTP Short term he is Btp € i at 10 and 15 years. Understanding the differences between these options is useful for evaluating which tool can better meet your needs.
BTP Italia, emissions
The BTP Italia in issue will last 7 years, expiring on June 4, 2032 The taxation remains at 12.5%, with exemption from the taxes of succession and inclusion of the amount invested up to 50,000 euros in the exclusion from the ISEE calculation, according to the Budget Law 2024.
The placement will take place in two phases: from 27 to 29 May, reserved for Retail savers, and on May 30th for institutional investors. The guaranteed minimum rates will be communicated on Monday 26 May. The subscription is possible via home banking, bank or postal doors. The placement will take place on the electronic market Mot with the participation of Intesa Sanpaolo, Unicredit and Banco Bpm as banks Dealer.
The alternatives BTP Short Term and BTP € i
In addition to BTP Italia, the calendar of auctions provides for the signing of other titles, such as the BTP Short Term, which has different characteristics. This title has a residual life until February 25, 2027 and offers an annual coupon of 2.55%with the payment date of the next coupon at 25 August 2025. The maximum amount offered will be 2,750 million euros, with an additional amount for specialists of 550 million euros.
There are also two titles indexed to European inflation (BTP € i): one expiring May 15 2036 e annual coupon of 1.80%and one expiring on September 15, 2032 and coupon of 1.25%. These securities are placed with a marginal auction mechanism and a discretionary assignment of the quantities.
How auctions and participation work
For the auction of 27 May, savers can submit applications by 11 am, while for the additional auction the deadline is at 15.30 on 28 May. The reservation by the public is scheduled by May 26th. Specialized operators can present up to five offers with a minimum amount of 500,000 euros and sign at least 1,000 euros.
The prices offered must be indicated accurately to the cent of euros, and the MEF will establish the award prices and the quantity issued according to the market conditions.
What should be evaluated
The choice between BTP Italia and BTP Short term depends on the needs of performanceprotection from inflation and temporal horizon of the investment. The BTP Italia offers an indexed performance for Italian inflation and an extra final prize, which can be interesting for those looking for coverage against the loss of purchasing power. The duration of seven years and subsidized taxation can represent an advantage for the retail saver.
The BTP Short Term, on the other hand, stands out for a shorter duration and one higher fixed couponwhich could attract those who want a faster flow of coupons and a more close deadline. The BTP € I instead offer a performance linked to European inflation, suitable for those who look to the context of the eurozone.
