Total 9.3 billion placed in the first two days of sale of the security designed for small savers. The June edition, in the first two days, had exceeded 10 billion
A significant encore, a clear confirmation. The Btp Valore, after the very strong start, is also full on the second day of sale, demonstrating the great interest that the new government bond is obtaining among small savers, for whom it was designed. 4.5 billion placed, after 4.7 on Monday, the result of 170 thousand contracts stipulated: total, in the first two days (out of five) is over 9 billion.
Almost in line with the first edition in June
If the comparison – and it cannot be otherwise – is with the first edition of this BTP, which raised more than 18 billion in June, we can say that we are at a good point.
The BTP Valore has a duration of 5 years, offers quarterly coupons (an important incentive for small savers to collect liquidity consistently, net of the typical taxation of BTPs at 12.5%), and guarantees a loyalty bonus for those who will hold until the expiry of half a central point of the amount invested (the minimum purchase is one thousand euros). For the first 3 years, a minimum guaranteed rate of 4.10% is recognized, which rises to 4.50% for the fourth and fifth years. The definitive rates (which may be equal to or higher, not lower) will only be established at the end of the sale, scheduled for 1pm on Friday (unless early closing).
More public debt in the hands of Italian families
In short, the wait for a new positive response is coming true in a period which sees renewed attention for government bonds, thanks to the rise in rates. The share of public debt in the hands of those who were once called the Bot people has in fact already risen to around 11%. And so while the ECB has stopped buying new bonds, for the Government the objective is to increasingly anchor our debt to national savings. However, with further increasing costs. Overall, interest expenditure is expected to exceed 90 billion next year and reach 100 billion in 2026.