BTP ITALIA, the instrument that protects against inflation, to be issued from 14 to 17 November. …

The BTP Italia is back, the government bond designed to protect individual and similar savers (so-called retail) from rising prices, who will be able to subscribe from 14 to 16 November, unless early closure. November 17 will be reserved for institutional investors.

The eighteenth issue, the second in 2022 after that of June, will have a duration of 6 years and provides for a loyalty bonus of 8 per thousand for those who buy it upon issue and hold it until maturity, in 2028.

What is the BTP Italia?

The BTP Italia is a government bond that offers increasing yields as the national inflation rate increases. For this reason it plays an important role in supporting private savings and safeguarding the purchasing power of citizens and families. The tool, launched for the first time in March 2012, turns 10 and returns to the market for the eighteenth time.


BTP Italia, the numbers from 2012 to today. Number of contracts signed 2,135,459 for a total of € 181,117.8 million.

The security will be placed on the market in two phases: the first phase will take place from Monday 14 to Wednesday 16 November, unless closed early, and will be reserved exclusively for individual and similar savers (the so-called retail market). Notice of any early closure on the second day of placement (15 November) will be given at the end of the first day (14 November) or by 1pm on the same second day. In the case of early closure on the third day (November 16), this will take place no earlier than 2 pm and the relative communication will be made at the end of the previous day.

The second phase will instead take place in the morning of November 17 and will be reserved only for institutional investors. The guaranteed minimum rates will be announced on Friday 11 November.

BTP Italia – Give power to your savings. From 14 to 17 November 2022. Yields increasing with national inflation. Duration 6 years, loyalty bonus.

The characteristics of the eighteenth issue

The characteristics of the BTP Italia also for this new issue remain substantially unchanged, with the exception of some changes on the duration and mechanism of the loyalty bonus.

The bond will have a duration of 6 years and a loyalty bonus of 8 per thousand is envisaged for those who purchase it upon issue and hold it until maturity in 2028.

For the rest, the title confirms its characteristics:

  • yields linked to national inflation with a guaranteed minimum rate that will be announced on 11 November
  • coupons paid every 6 months
  • capital guaranteed at maturity
  • facilitated taxation as for all government bonds at 12.5%
  • no commissions for small savers who buy on placement days
  • guarantee for retail to see the entire requested demand met
  • minimum purchase price: € 1,000
  • unconstrained investment over time

The yield varies for each issue. For the placement that will start on Monday 14 November, the minimum real coupon rate will be announced on 11 November. The rate may be confirmed or revised upwards, based on market conditions, in the morning of November 17, and will be communicated before the opening of the Second Phase or the placement reserved for institutional investors. The coupons as always will be paid every 6 months.

The final yield of the BTP Italia of this eighteenth issue will be given by the rate set on November 17 revalued at the national inflation rate that will be recorded for each semester over the 6-year duration of the bond. The reference inflation rate is the FOI index (ISTAT consumer price index for blue-collar and white-collar families, net of tobacco).

BTP Italia, Retail share of issues.

How to subscribe to the BTP Italy

The security, as well as in the bank or at the post office where you hold a securities account, can also be subscribed online, through your home-banking if enabled for the function of trading-online, without therefore going to the branch or post office.

The placement will take place on the MOT electronic platform (the electronic market for bonds and government securities of the Italian Stock Exchange) through the following bank dealers: Intesa Sanpaolo SpA and Unicredit SpA The placement is divided into two phases dedicated to two different types of potential subscribers.

There First Phase takes place over three days from Monday 14 November to Wednesday 16 November and as usual, it is reserved for individual and similar savers (retail market). There are no limits or caps on issuance. It is possible to subscribe to securities starting from € 1,000.

There Second phase placement reserved for institutional investors will take place Thursday 17 November morning. For the latter, the placement could envisage an allotment, in the event that the total of orders received is higher than the final offer established by the MEF.

Further information can be requested by writing to:

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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