Btp Valore is back, the government bond designed exclusively for small investors. The Ministry of Economy and Finance has announced the conditions for the sixth issue, scheduled from Monday 20 to Friday 24 October 2025, unless early closure. Here’s everything you need to know.
Returns: growing coupons and final premium
The BTP Valore is a 7-year state bond that promises an increasing remuneration over time, a final loyalty bonus and capital guarantee. It can be purchased without commissions directly from your bank, at the post office or via home banking.
The heart of the offer is the “step-up” mechanism, which increases the coupon at pre-established deadlines. Here are the minimum guaranteed rates announced by the Mef:
- 2.60% for the 1st, 2nd and 3rd year;
- 3.10% for the 4th and 5th year;
- 4.00% for the 6th and 7th year.
It therefore means an average return of 3.22%, which rises to 3.33% with the loyalty bonus. Subsequently, during the placement days, these values can only be confirmed or increased, depending on market conditions. The coupons will be paid quarterly. Furthermore, for those who keep the security until maturity, there is a final extra premium of 0.8% on the amount invested.
Tax advantages and preferential conditions
As with all government bonds, the BTP Valore enjoys the usual tax benefits:
- a preferential tax rate of 12.5% on coupons and final premium;
- exemption from inheritance tax;
- the exclusion from the ISEE calculation of up to 50,000 euros of investment in government bonds.
The minimum investment is one thousand euros and there are no maximum limits, with the guarantee of seeing all purchase orders satisfied.
How and where to buy it
The placement will take place on the MOT platform of the Italian Stock Exchange. Savers will be able to purchase the security, without commissions and at par (price 100), through dealer banks (Intesa Sanpaolo, Unicredit, Banco BPM) and co-dealers (MPS, Banca Sella), at branches or through their own enabled home banking services. The ISIN code of the security during the placement period is IT0005672016.
During the placement period, savers will therefore have the opportunity to subscribe to the securities in total transparency and with the guarantee of full coverage of the requested amount.
Two years have passed since the Treasury product debuted, and in this period of time almost 80 billion euros have been raised in this way. Thanks to the Valore BTPs, a significant portion of Italian debt has passed into the hands of retail investors.
Who should buy Btp Valore
Valore BTPs are conceived as medium-long term instruments that guarantee progressive coupons and the certainty of being able to subscribe to the desired amount during the placement phase. This approach makes them suitable both for those approaching the world of government bonds for the first time and for those who independently manage their savings via digital channels.
The key element of the new security remains the step-up mechanism: the progressive growth of the coupons over the years allows the saver to have a more interesting return prospect compared to a constant fixed rate security.
