The placement starting today represents an unprecedented "split" version of the BTPs, with some peculiar characteristics. As underlined by the MeF, the main innovation "is represented by the possibility, for the first time, to choose between two different government bonds designed for individual savers. The two instruments, both with a duration of 5 years, differ exclusively in the method of payment of the coupons and can be purchased alternatively or in combination with each other".
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Ciro Pietroluongo, general director of Mts (the government bond market), explained: "The Btp Valore Insieme is designed for those who prefer to set aside their capital and receive it, together with the entire remuneration, at the end of five years. Unlike the Btp Valore, which provides for increasing quarterly coupons, this instrument recognizes a single final coupon, the calculation of which takes into account the financial value of time and the absence of periodic interest payments". The saver can therefore choose "not only how much to invest, but also how and when to receive the fruits of his investment".
As further explained by the Ministry of Economy and Finance, Btp Valore and Btp Valore Insieme can "be subscribed, jointly or separately, 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 a securities deposit account". The securities will be placed on the stock exchange "without commissions or constraints, but may be sold in whole or in part, at market conditions during 5 years, without prejudice to the guarantee of reimbursement of the entire capital invested at maturity".
The Treasury also recalls that "the minimum investment, for both BTP Valore, is equal to one thousand euros and no maximum limit will be applied, ensuring complete satisfaction of the orders". In any case, this is without prejudice to the MEF's "right to close the issue early in the manner indicated in the information sheet available on the MEF and Treasury Department websites in the Public Debt section".
As regards the taxation of these products, the ministry also reminds us that "the usual preferential taxation on returns is set, as for all government bonds, at 12.5%". And there is also "the exemption from inheritance taxes and the exclusion from the ISEE calculation of up to 50 thousand euros, understood as the total amount of government bonds held in the portfolio".
In recent days the Ministry of Economy and Finance has communicated the minimum guaranteed rates of the two securities: as regards the Btp Valore, as also happened in past editions this offers returns that increase over time. The coupon established by the Treasury is equal to 3.7% in the first and second years, 4.1% in the third and fourth and then rises to 4.7% in the last year.
As regards the BTP Valore Insieme - as indicated by the name of the security itself - a single maxi-coupon of 22.25% is envisaged. This yield will be paid in a single installment at the end of 5 years to savers who have chosen to subscribe to this security. In any case, the Treasury has made it known that it will be able to review the rates, but only upwards, based on the market conditions on the closing day of the issue.
Finally, the MEF recalls that "the capital is not tied and it will always be possible to sell the security before its maturity at market conditions, with the recognition of the interest accrued up to the date of sale, while the reimbursement will, as always, be at par". If you decide to subscribe to both the BTP Valore and the BTP Valore Insieme "it will be possible, always at the market conditions of the moment, to disinvest different amounts over time, always in tranches of one thousand euros, with the freedom to dispose of the liquidity at any time or to reuse them in other instruments, according to the saver's needs".
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