Of course, the propensity to save has partly decreased due to the increases that the inflation that has not yet been eradicated has caused to prices. But it remains very solid. But what are the characteristics of the title? It lasts six years and has two coupon flows, the first at 3.35% until 14 May 2027, the second (3.90%) for the last three years until 14 May 2030 will be insured in a phase in which it is quite predictable that the level of market returns decreases.
Loyalty bonus close to 1%
Last but not least, the value of the loyalty bonus also increases, reserved for those who subscribe to the new issue this week and will keep it until the redemption date (IT0005594491 the Isin of the purchase at auction). The premium will be equal to 0.8% of the nominal value subscribed. The first two issues stopped at 0.5%, the last one rose to 0.7%. The figure, obviously, is gross of the substitute tax of 12.50%. The BTP Valore can be subscribed for starting from one thousand euros.
The new issue and the others
Generally, the offers from the Treasury itself are valid erga omnes, since they are open to investors from the entire globe. The BTP Value, no. At the time of issue it is an investment instrument reserved only for savers in our country. Its interesting characteristics, the medium-term duration and the increasing coupon value, are typical of an offer of instruments to defend savings.
But how much value do previous BTPs yield and what does it make sense to compare them with? The table is divided into two parts, between issues with medium-term maturity, the first, and very short-term, the second, in order to create a type of investment that exposes one to a theoretical risk of medium-low level.
Revaluation options
Alongside the three types of Valore BTPs already listed on Piazza Affari, two issues of Futura BTPs appear, the first expiring in approximately four years, the second in approximately six. The prices of both are at a medium-low level and could represent, if kept in the portfolio until maturity, a good opportunity for those who have instruments in the same portfolio which, on the two repayment dates, would herald capital losses. In fact, if we consider the market values of the two Futura BTPs, we note that any capital losses that may accrue on other types of securities in the portfolio can be offset, in practice “absorbed”, with the profits that will be produced by the two Futura issues mentioned, since they will be reimbursed at values equal to the nominal value or not much lower. Nothing prevents, of course, that if their market listing were to benefit from interesting increases over the course of future months, their sale on the market represents a favorable strategy, with capital gains, naturally taxed in this case.
The shortest titles
In the second part of the table the reference is to short-term issues, BOTs and CCTs, not used much in this phase, but which still offer a fair amount of protection, since their yield appears quite interesting: we are always between 3.6% and 3.8% gross. The characteristic of this sub-fund is well suited to those who have a medium or medium-low risk appetite. In the upper part of the table there are previous issues of BTP Valore, whose investment made now would not give the right to collect the loyalty bonus, but would benefit from the increase in the expected coupon flow.
