The first phase of the placement of the BTP Italiareserved for retail customers, with orders not very brilliantbut not even to consider a debacle. In fact, the orders collected by the indexed securized title are just below the average of the previous emissionshaving collected a lot on the first day (3.1 billion euros), and then gradually slowed down in the following. On only 1.2 billion euros were collected on the last day.
The title, however, confirms the interest of Italian savers for tricolor government bonds, especially after the improvement of Moody’s judgment, which sanctioned the improvement of the outlook on the sovereign rating.
Orders collected on the stock exchange
At the end of the first phase of the placement reserved for Retail clientelehave arrived orders for a total of 6.5 billion of euros (collected just over 1.2 billion on the last day), below the last edition of March 2023who had accounted for orders for 8.6 billion at the end of the placement to retail customers. The placement was attended by 190 thousand savers compared to the approximately 327 thousand of the previous issue.
Very rich too the Other emissionswhen inflation was still quite high and the title extremely attractive: that of November 2022 and that of June 2022both closed with 7.3 billion collection between retail customers.
Here’s who participated
It is interesting to note that in this issue of BTP Italia, according to MF, several have emerged High amount ordersalso an order of over 24 million in the first day, with a medium cut that was around 33,700 euros. In short, not properly small savers, but one wealthy retail clientelewith conspicuous assets to invest, perhaps followed by some private bankerswho perhaps advised to diversify investments in the obligation with a security that protects against inflation risk (between 10% and 30% of the wallet).
The phase dedicated to institutional starts now starts
Will start now The last phase of the placement, intended for Institutional investorswhich will last a single day (Friday 30 May 2025). At the end, the MEF will announce the definitive results of the placement and the definitive return rate of the title. The expectations on total collection have a little reduced In the last few days, given the braking of the orders inserted by the retail customers, which closes at the minimums of the last two years.
There overall collection it could therefore do not reach the hypothesized 10 billion and be well below. In previous editions there were higher total quantities: in March 2023 almost 10 billion euros (of which 8.6 billion per retail), in November 2022 around 12 billion euros (of which 7.3 billion per retail), in June 2022 about 9.4 billion euros (of which 7.3 billion per retail).
The characteristics of the title
The new BTP Italia is a title of state indexed to inflation Foi National – Tabacchi excluded, i.e. to the consumer prices index for the families of workers and employees, net of tobacco. BTP Italia has one duration of seven years (deadline 4 June 2032) and one Minimum annual coupon of 1.85%to which it is added 1% of loyalty award For those who buy it during the emission phase and keep it until expiry. The coupons will be paid every 6 months together with the revaluation of the capital due to the inflation of the same semester.
1.85% of minimum performance rate, considered the current level of inflation, means that the title pays a coupon equal to 3.5%slightly higher than an equal -term BTP in circulation (3.1%) and proves to be suitable for those who prefer to be on the safe side and cover themselves from the depletion of the heritage produced by the dear life.
