Btp Valore October and Btp Valore Together, rates and returns: differences and which is better

The Mef explained that the BTP Valore will pay coupons every three months, calculated on the basis of an annual coupon rate that increases over time according to a predetermined scheme ("step-up" mechanism). For this issue, as indicated in the information sheet, there will be three "steps":

a fixed rate for the first two years,

a higher one for the following two years

and a further increase for the last year of the security's life, according to the 2+2+1 scheme.

The Btp Valore Insieme, however, does not distribute periodic coupons but the entire remuneration will be paid in a single payment upon maturity of the security, together with the reimbursement of the invested capital. Precisely for this reason, the rate of the BTP Valore Insieme will necessarily be higher than the sum of the coupons paid by the BTP Valore "step up". Payments made earlier in time have, in fact, a greater financial value than those received later, because the investor can dispose of them immediately.

The two securities, exclusively reserved for individual and similar savers (so-called retail), have two distinct ISINs and can also be purchased jointly, with a view to differentiating the investment or to respond to different needs for using liquidity, deciding between accumulation in view of specific objectives or income integration.

The two different securities have a duration of 5 years, but with a differentiated coupon plan. The eighth issue of the BTP Valore marks the debut of the double placement. From Monday 19th to Friday 23rd October (until 1pm), unless closing early, the two products will be offered at the same time. As with previous issues, the securities can be purchased exclusively by small savers through their home banking, with a minimum investment of 1,000 euros. There is the usual preferential taxation for all Treasury bonds at 12.5%, exemption from inheritance taxes, as well as the exclusion from the ISEE calculation of up to 50,000 euros invested in government bonds.

Valore BTPs are a product that over the years has proven to be particularly appreciated by savers: in the seven issues that followed one another from June 2023 to last March (also counting the BTP Più of February 2025), the Treasury raised a total of over 112 billion. The latest issue, with a duration of 6 years and an extra final premium, raised 16.22 billion. But the issue with the highest haul was the third, that of the end of February 2024, with a record raising of 18.32 billion.

This new bond issue, the third this year (counting in addition to the BTP Valore of March also the BTP Italia Sì of June), is part of the process started by the Ministry of the Economy led by Giancarlo Giorgetti to increase the percentage of public debt placed with Italian families. According to data from the latest Bank of Italy survey dating back to April, the percentage of government bonds held by families (almost 15%) has "slightly" increased, as has that in the hands of Italian banks (over approximately 15%), while the share held by foreign investors has "further increased", to just over 30%. At a time of rising rates, there is also the need to "keep the debt under control", as recently underlined by Giorgetti, to "have the trust of the markets and savers to place it".