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6-year BTP Valore Details

ITALY AUCTION PREVIEW

The MEF have announced that a new 6-year BTP Valore will be on offer from Monday 6 May to Friday 10 May.

  • As with the February/March issue, the retail bond will feature a 3+3 step-up coupon, paid quarterly. The bonus for holding to maturity is an additional 0.8%.
  • Details on the guaranteed minimum annual coupons alongside the ISIN code will be announced on May 3.
  • The MEF notes: "As for all government bonds, also for the BTP Valore the yield tax treatment is equal to 12.5% on the coupons and the extra final bonus payment, the Inheritance Tax does not apply, and – as foreseen by the 2024 Budget Law - the exclusion from the ISEE calculation up to € 50,000, upon completion of the implementation process".
  • The February/March issue saw books total E18.316bln, and featured annual coupon rates of 3.25% in years 1-3 and 4.00% in years 4-6.
  • Unless there is an early close, books are due to close at 12:00BST/13:00CET on Friday 10 May.


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