The Btp Valore concludes the second day of placement with subscriptions for 2.86 billion euros, which bring the total raised by the fourth edition of the title intended for small savers to 6.56 billion. The contracts of the second day amounted to 99,126 which brought the total value of the two days of placement to 220,672. Lower numbers compared to the previous edition – after two days of placement the collection was already at 11 billion – presumably due to yields of less than 4% for coupons. The issue, maturing in May 2030, provides quarterly coupons and minimum guaranteed annual rates of 3.35%, from the first to the third year, and 3.90%, from the fourth to the sixth yearand a final premium equal to 0.8% of the invested capital.
Returns and comparison
But which the difference in yield between the latest editions of the Btp Valore? What changes is the progression of the coupons. Compared to the third edition the annual coupon is slightly higher for the first three years, 3.35% versus 3.25% proposed in March, while that of the second three-year period is lower at 3.9% for the new Btp Valore compared to 4% for the previous one. The overall difference is made by the loyalty bonus at maturity, which is 0.8% compared to 0.7% for the third issue. For those who buy now and keep it until it expires the average annual coupon will be 3.792%, just above the 3.77% of the BTP Value number three. Please note that also in this case the taxation is reduced at 12.5% both on the coupons and on the loyalty bonus.
The calendar
The issue of the security reserved for the retail market will last until Friday, except for early closure which, however, given the trend, seems unlikely.
Meanwhile, the Treasury continues with its calendar auction program. After announcing for tomorrow an annual BOT auction for 7.5 billion, announced that a total of up to 9.25 billion medium and long-term BTPs will be auctioned on Friday. In particular, between 1.5 and 2 billion euros of 3-year BTPs with a 2.95% coupon, between 750 million and 1 billion 5-year BTPs with a residual life of three years and a 1.10% coupon, between 4 and 4.5 billion euros of 7-year BTPs with a 3.45% coupon, between 750 million and 1 billion 30-year BTPs with a residual life of 16 years and a 5.00% coupon, between 500 and 750 million 50-year BTPs with a 2.15% coupon.
