Two different government bonds, with the same duration but interest paid at different times. The Ministry of Economy and Finance has communicated the minimum guaranteed rates of the new BTP Valore and the BTP Valore Insieme, which can be purchased from 19 to 23 October. The first guarantees increasing quarterly coupons, with annual rates from 3.70% to 4.70%, while the second promises a single coupon of 22.25% gross, to be collected only at maturity in 2031. Which should you choose?
Btp Value and Btp Value Together: what are the differences
For the first time, the Treasury is simultaneously offering two distinct BTP Valores, which can be purchased separately or together. Both have a duration of 5 years, expiring on 27 October 2031. The main difference concerns the moment in which the interest is recognized.
The traditional BTP Valore is designed for those who wish to receive interest on the invested capital periodically – every three months. The BTP Valore Insieme, on the other hand, concentrates all the remuneration at maturity: no coupon payment is foreseen during the five years.
Guaranteed minimum rates of BTP Value October 2026: why it is a “step-up”
The traditional BTP Valore provides a mechanism of increasing coupons, called step-up, divided into three periods. The minimum annual rates communicated by the Ministry of Economy are:
- 3.70% in the first and second year;
- 4.10% in the third and fourth years;
- 4.70% in the fifth and final year.
Interest is paid every three months, for a total of 20 coupons over five years. The Valore Insieme BTP, on the other hand, has a minimum coupon rate of 22.25% overall, recognized through a single payment on 27 October 2031, together with the repayment of the nominal capital.
The rates announced on October 16th are guaranteed minimums: at the end of the placement, scheduled for October 23rd, the Treasury will be able to confirm them or increase them, but not reduce them.
How much does the BTP make by investing 10 thousand euros: the simulation
Let’s take as an example an investment of 10,000 euros, held until the maturity of 27 October 2031. Considering the minimum guaranteed rates and the preferential taxation of 12.5% foreseen for government bonds, the net interest will be as follows.
| Year | Gross annual rate | Gross coupons | Net coupons |
| 1st year | 3.70% | €370 | €323.75 |
| 2nd year | 3.70% | €370 | €323.75 |
| 3rd year | 4.10% | €410 | €358.75 |
| 4th year | 4.10% | €410 | €358.75 |
| 5th year | 4.70% | €470 | €411.25 |
| Total | €2,030 | €1,776.25 |
In practical terms, those who invest 10 thousand euros in the BTP Valore will receive approximately 81 euros net every three months in the first two years. The amount will rise to around 90 euros per quarter in the third and fourth year and to around 103 euros in the last. Considering the first year of investment, 323.75 euros net are obtained, which rise to 358.75 between the third and fourth years and to 411.25 in the last, the fifth.
At maturity, in addition to the last coupon, the saver will get back the 10 thousand euros of capital paid. The total net interest collected over the five years will therefore amount to at least 1,776.25 euros, without considering any earnings deriving from the reinvestment of the coupons.
How much does the BTP make together with 10 thousand euros
The simulation changes for the BTP Valore Insieme, because the interests are not distributed during the investment.
With 10,000 euros invested and an overall minimum rate of 22.25%, the calculation is as shown in the table.
| Voice | Amount |
| Invested capital | €10,000 |
| Gross interest at maturity | €2,225 |
| Interest taxes | €278.13 approximately |
| Net interest | €1,946.88 |
| Principal and interest at maturity | €11,946.88 |
For the first four years the saver will not receive coupons. You will have to wait until October 27, 2031 to collect the 1,946.88 euros net of interest and obtain a refund of the nominal 10 thousand euros invested.
Btp Value or Together: which one earns more?
Comparing the two simulations, it emerges that, with an investment of 10 thousand euros, the Valore Insieme BTP recognizes 170.63 euros net more in nominal interest than the traditional Valore BTP.
| Year | Btp Value | Btp Value Together |
| 1st year | €323.75 | €0 |
| 2nd year | €323.75 | €0 |
| 3rd year | €358.75 | €0 |
| 4th year | €358.75 | €0 |
| 5th year | €411.25 | €1,946.88 |
| Total interest | €1,776.25 | €1,946.88 |
The Ministry of Economy has in fact clarified that the two securities offer financially equivalent returns upon issue. To understand why, we need to consider the value of time: receiving 100 euros today is not the same as receiving them in five years.
The traditional value BTP allows the interest to be used or reinvested during the life of the security. Those who choose the BTP Valore Insieme, however, must wait for the deadline to receive the full remuneration.
Taking into account the different payment times, the minimum rates announced correspond to a gross annualized return of approximately 4.10% for both securities. This means that the greater overall sum recognized by the Btp Valore Insieme compensates for the fact that the interests are paid only at the end.
The choice depends above all on how you want to use your money: the traditional BTP Valore allows you to obtain periodic income, while the BTP Valore Insieme allows you to concentrate the interest in a single future sum. The placement
When to buy the new Btp Valore and what are the risks
The placement will start on Monday 19 October 2026 and will end on Friday 23 October at 1pm, unless early closure. The two securities can be purchased via home banking enabled for online trading or by contacting your bank or the post office where you have an account and a securities deposit.
The minimum investment is 1,000 euros for each BTP, with subscriptions in multiples of this amount. The issue price is set at 100, i.e. at par, and there are no placement commissions to be paid by savers.
Both securities provide for preferential taxation of 12.5% on interest, exemption from inheritance taxes and exclusion from assets relevant for ISEE purposes within the overall limit of 50 thousand euros for the eligible instruments.
However, it must be considered that the nominal capital is repaid at par only upon maturity, without prejudice to the credit risk of the Italian State. Anyone wishing to sell before 27 October 2031 could receive a higher or lower sum than the amount invested, because the price of the securities fluctuates on the market.
The placement will start on Monday 19 October 2026 and will end on Friday 23 October at 1pm, unless early closure. The amount of the coupons can be updated on 23 October, when the Treasury will communicate the definitive rates of the two issues.