Halfway through the second day of placement, BTP Valore bookings already exceeded 8 billion euros, confirming strong demand for the government bond designed “tailor-made” for retail customers. Since this morning there have been around 3 billion euros of subscriptions, after the 5.4 billion collected yesterday, on the first day of placement.
The trend of reservations on the stock exchange
On the MOT market of the Italian Stock Exchange there are today 3,025,731,072 euros for a total of 95,765 contracts stipulated since the start of trading. The approximately 3 billion collected this morning by the BTP Valore are added to the almost 5.4 billion yesterday, 20 October 2025, the start date of the placement on the bond market.
The characteristics of the title
The security, dedicated exclusively to small savers, has a duration of 7 years (maturity October 2032) and provides nominal coupons paid every three months and increasing according to a “step-up” mechanism which provides for increments every two or three years. In particular, the minimum rate (which could also be lower than the definitive one) was indicated at 2.60% in the first three years, at 3.10% for the fourth and fifth years and at 4.00% for the last two years. As per tradition, the payment of an extra final bonus (loyalty bonus) equal to 0.8% of the invested capital is also expected.
Analysts’ opinion
According to David Pascucci of XTB, the BTP Valore is “a very good and convenient security”, considering that on the day the coupons were announced, the 7-year BTP on the secondary market offered a yield of 2.93%. Comparing this yield with the average annual yield of this BTP, equal to 3.14% per year (3.26% if you receive the 0.8% bonus), the convenience of the BTP Valore is undoubted.
“In essence, this security is very convenient compared to the BTP on the secondary market. Furthermore, the step up mechanism which sees increasing coupons after the first 3 years is an excellent deterrent in the event of early disinvestment of the investment, in fact reaching a yield of 4% in the last two years of the bond’s life”
underlines Pascucci.
“The numbers speak clearly, this BTP has an excellent risk premium, a good security for savers who plan to immobilize their capital for 7 years earning around 20% (19.9% net, 22.8% gross)”.
The terms of the placement
The placement of the BTP Valore will continue until 1pm on Friday 24 October, unless early closure. The ISIN code of the security during the placement period is IT0005672016.
The security is placed at par (i.e. with a price equal to 100), without constraints or commissions. The minimum investment is equal to 1,000 euros and no maximum limit will be applied ensuring complete satisfaction of orders.
The BTP Valore can be easily purchased by the saver through their home banking, if enabled for online trading functions, or by contacting the bank or post office where they have a current account and securities deposit account.
