On 10,000 euros invested, the new BTP Valore distributes at least 1,776.25 euros net in interest over five years. The BTP Valore Insieme recognizes 1,946.88 of them upon maturity. The difference is around 171 euros, but to compare the two offers you must also consider when the money enters the account and how it is used.
What to know
The double placement in October presents savers with two investment methods. The BTP Valore pays every three months, with increasing coupons; the Btp Valore Insieme concentrates the interest in a single final payment and both last five years. The calculations are based on the minimum guaranteed rates announced by the Treasury, which may be confirmed or increased at the closing of the offer. The placement is scheduled from 19 to 23 October, unless early closure: the overall bill for the State will depend on the amounts subscribed in the two securities.
How much comes into the account with quarterly coupons
The BTP Valore offers a gross annual rate of 3.70% in the first two years, 4.10% in the third and fourth and 4.70% in the last. On an investment of 10,000 euros, each quarterly coupon is therefore worth 92.50 euros gross in the first two years, 102.50 in the second and 117.50 in the last year.
| Capital | Years 1 and 2 | Years 3 and 4 | Year 5 |
| €1,000 | €8.09 | €8.97 | €10.28 |
| €5,000 | €40.47 | €44.84 | €51.41 |
| €10,000 | €80.94 | €89.69 | €102.81 |
| €20,000 | €161.88 | €179.38 | €205.63 |
| €30,000 | €242.81 | €269.06 | €308.44 |
| €50,000 | €404.69 | €448.44 | €514.06 |
| €100,000 | €809.38 | €896.88 | €1,028.13 |
By applying the 12.5% tax, the credits drop respectively to approximately 80.94, 89.69 and 102.81 euros every three months. Over the entire five-year period, interest amounts to 2,030 euros gross, of which 253.75 are absorbed by taxation. The subscriber remains with 1,776.25 euros, in addition to the repayment of the 10,000 euros of capital at maturity.
| Capital | Total gross interest | Interest taxes | Total net interest |
| €1,000 | €203.00 | €25.38 | €177.63 |
| €5,000 | €1,015.00 | €126.88 | €888.13 |
| €10,000 | €2,030.00 | €253.75 | €1,776.25 |
| €20,000 | €4,060.00 | €507.50 | €3,552.50 |
| €30,000 | €6,090.00 | €761.25 | €5,328.75 |
| €50,000 | €10,150.00 | €1,268.75 | €8,881.25 |
| €100,000 | €20,300.00 | €2,537.50 | €17,762.50 |
All the net amounts reported here consider the yield tax only, without subtracting stamp duty and any securities deposit costs. The preferential rate of 12.5% applies to both instruments.
Translated into a monthly average, the net flow is equivalent to approximately 26.98 euros in the first two years, 29.90 in the following two and 34.27 in the last. Attention. The actual credits remain quarterly and the proposed average serves to measure how much the investment can integrate the family budget.
How much does the BTP Valore Insieme big coupon pay
For BTP Valore Insieme the minimum final coupon rate is 22.25% overall over five years. On 10,000 euros it means 2,225 euros before interest. After deducting approximately 278.13 euros of taxes, the net remuneration is 1,946.88 euros and the final payment, including capital, comes to approximately 11,946.88 euros.
| Capital | Gross gross coupon | Taxes on the maxi coupon | Max net coupon | Final net proceeds, including capital |
| €1,000 | €222.50 | €27.81 | €194.69 | €1,194.69 |
| €5,000 | €1,112.50 | €139.06 | €973.44 | €5,973.44 |
| €10,000 | €2,225.00 | €278.13 | €1,946.88 | €11,946.88 |
| €20,000 | €4,450.00 | €556.25 | €3,893.75 | €23,893.75 |
| €30,000 | €6,675.00 | €834.38 | €5,840.63 | €35,840.63 |
| €50,000 | €11,125.00 | €1,390.63 | €9,734.38 | €59,734.38 |
| €100,000 | €22,250.00 | €2,781.25 | €19,468.75 | €119,468.75 |
22.25% is not an annual return. The equivalent compound return is approximately 4.10% gross per year; after the interest tax alone, the one calculated on the final payment is approximately 3.62% per year.
The approximately 171 euros net more than the sum of the BTP Valore coupons also reward the wait. Those who choose the quarterly bond have access to the interest first and can spend it or reinvest it. If he leaves them in the account without remuneration, in the end he will have collected less than Together; if he reinvests them, the result will depend on the returns obtained. The Treasury constructed the two offers to ensure the same gross financial yield at maturity, albeit with different payments.
| Capital | BTP Value | BTP Value Together | Greater nominal gross with Insieme |
| €1,000 | €177.63 | €194.69 | €17.06 |
| €5,000 | €888.13 | €973.44 | €85.31 |
| €10,000 | €1,776.25 | €1,946.88 | €170.63 |
| €20,000 | €3,552.50 | €3,893.75 | €341.25 |
| €30,000 | €5,328.75 | €5,840.63 | €511.88 |
| €50,000 | €8,881.25 | €9,734.38 | €853.13 |
| €100,000 | €17,762.50 | €19,468.75 | €1,706.25 |
There is no additional loyalty reward for this issue. The Insieme maxi-coupon represents the entire final remuneration foreseen by the security.
How much does the state pay and how much does it recover from taxes
For every billion euros subscribed in the BTP Valore, at the current minimum rates, the Treasury must pay 203 million in gross interest over five years. Assuming that all payments are subject to the 12.5% tax, the theoretical revenue is 25.375 million and investors receive a net 177.625 million.
In the first two years, each quarterly payment entails 9.25 million gross interest per billion placed; in the second it rises to 10.25 million and in the last year to 11.75 million.
For every billion subscribed in BTP Valore Insieme, however, the final interest is 222.5 million gross. In the same fiscal hypothesis, 27.8125 million return to the State through the tax and 194.6875 million remain with savers. Added to these is the billion in capital to be repaid.
These are calculations on the minimum rates announced, not the final balance of the placement. The revenue is also theoretical, because the actual one will depend on the tax treatment of the holders at the time of payments.
For the investor, the choice depends above all on the need for liquidity. The quarterly coupons make part of the return available over the five years; Together they postpone everything until the deadline. If you need to sell first, both are exposed to market fluctuations and the price may be lower than the purchase price. The concentration of payments also ultimately makes Insieme more sensitive to changes in market returns, all else being equal.
