The double issue of Btp Valore and Btp Valore Insieme, the two government bonds reserved for small savers, starts today, Monday 19 October 2026. The placement will end on Friday 23 October at 1pm, unless it closes early, as communicated by the Ministry of Economy and Finance. For the first time, the Treasury is simultaneously proposing two instruments with the same duration of five years, but with different interest payment methods. The BTP Valore provides for increasing quarterly coupons, while the new BTP Valore Insieme recognizes a single coupon at maturity. The minimum investment is 1,000 euros and the securities can be purchased separately or together, without commissions during the placement period.
How much does the BTP Value 2026 yield and what are the coupons
The traditional Valore BTP provides an increasing return over the course of five years, through the mechanism called step-up. The Ministry of Economy has communicated the minimum guaranteed coupon rates for the new issue:
- 3.70% per year for the first and second year;
- 4.10% per year for the third and fourth years;
- 4.70% per annum for the fifth year.
Interest is paid every three months directly to the saver. For an initial investment of 10 thousand euros, for example, the gross quarterly coupon amounts to 92.50 euros in the first two years, rises to 102.50 euros in the third and fourth year and reaches 117.50 euros in the last year. The rates announced represent the minimum guaranteed level. At the closing of the placement, scheduled for 23 October, the Treasury will be able to confirm them or increase them based on market conditions.
Btp Valore Insieme, how the single coupon of 22.25% works
The main innovation of the October issue concerns the BTP Valore Insieme, which does not provide for periodic interest payments. The security recognizes a minimum maxi-coupon of 22.25% gross, paid in full at the end of five years, together with the reimbursement of the invested capital. On an investment of 10 thousand euros, the final gross coupon would therefore be equal to 2,225 euros. Applying the preferential taxation of 12.5%, the net amount of interest would be approximately 1,946.88 euros, net of any other costs and taxes.
The main difference compared to the traditional BTP Valore therefore concerns the moment in which the interest is collected, not the duration of the investment. The two instruments have been structured to offer returns that are financially equivalent to the issue.
How to buy BTP Valore from 19 to 23 October
The two securities can be subscribed through authorized banking and postal channels. Those who have a current account with an online trading service can make the purchase directly via home banking. Alternatively, you can contact your bank or a post office, provided you also have a securities deposit account.
During the placement, the purchase price is set at par, i.e. 100% of the nominal value, and no subscription commissions are applied. Both securities mature on October 27, 2031.
The preferential taxation reserved for Italian government bonds is also applied to these issues. Interest is subject to a tax of 12.5%, which is lower than the standard rate of 26% for many other financial instruments. There is also an exemption from inheritance tax and the exclusion from the ISEE calculation of up to a total of 50 thousand euros of government bonds and other public savings products permitted by law. The limit concerns the overall value of the subsidized instruments held by the household, not each individual security purchased.
Resale of Btp Valore and Btp Valore Insieme, what to know
The Btp Valore and Btp Valore Insieme can be resold even before five years, without having to wait for the repayment expected in 2031. The price could be higher or lower than the initially invested capital, based above all on the trend in interest rates. Full reimbursement of the nominal value is expected upon maturity, while it is not guaranteed in the event of early sale.
Anyone who subscribes to both securities can also decide to sell them separately, in minimum tranches of 1,000 euros, maintaining part of the investment until maturity. For the BTP Valore Insieme, in particular, those who sell before five years do not collect the final maxi-coupon expected for those who keep the security until repayment. The value of the interest accrued is instead reflected in the economic conditions of sale on the market.
