The new ‘Italia Sì’ BTP dedicated to the retail market and small savers is arriving. The Ministry of Economy and Finance (MEF) explains that the placement is scheduled from Monday 15th to Friday 19th June “unless early closure”, but customers will “always have the certainty of seeing the requested amount subscribed”.
The purchase will be at par and without commissions: what this means
There will not be a real auction, as happens for government bonds intended for large investors (banks, funds, etc.): the Mef informs that the BTP will be purchased “at par” and without commissions. This means that the price will be equal to 100, i.e. 100% of the nominal value. Practical example: if I bought a 10 thousand euro BTP at a price of 102, i.e. “above par”, the security I have in my hand would have a nominal value of 9,803 euros, therefore lower than the purchase price. On the contrary, in a fixed price retail placement, I will have a security that is worth exactly the 10 thousand euros that I have decided to invest.
Be careful, this does not mean that the latter BTP is more advantageous than the former: it depends on the interest it guarantees. A BTP purchased “above par”, but with a high yield, can be cheaper than one bought at 100 but which has a lower interest rate. The advantage of a placement with the “par” price is that there are no surprises: you already know in advance how much and for what you will pay, so in theory it is possible to have a more precise idea of the returns straight away.
How much will the new BTP yield? (No one can tell)
In the case of the ‘Italy yes’ BTP, the situation actually changes – and quite a lot – because the six-monthly coupons are “linked to the national inflation rate of the period” and therefore it is impossible to predict the interest rate in advance. The coupons will in fact be determined by a fixed rate (which will be communicated on 12 June) and a variable one, linked precisely to the increase in the cost of living recorded by Istat in the reference semester.
It goes without saying that with very high inflation the return will be high, vice versa if the cost of living does not increase the investor would only be entitled to the minimum guaranteed rate. The rate may however be revised, “but only upwards, at the closing of the placement, based on market conditions”. Furthermore, we read in the Mef note, there is an extra final premium of 0.6% of the invested capital for those who bought the BTP on the issue days and held it until maturity. The ‘Italia Sì’ BTP will have a duration of five years (therefore shorter, for example, than that of value BTPs) and the minimum investment will start from 1,000 euros.
How to buy the new BTP Italia yes
To buy the new BTP Italia Sì from 15 to 19 June 2026, simply access your bank’s home banking in the trading section and search for the security using the ISIN code that the Mef will communicate on 12 June. Alternatively, you can stop by the branch counter or contact the contact person at your post office if you have a current account associated with a securities account. The good news is that there will be no fees to pay, other than the costs associated with managing your account.
Like other government bonds, the BTP Italia is subject to a tax of 12.5%, therefore lower than the 26% expected for the stock market or deposit accounts, and is exempt from inheritance taxes. Another advantage is that investments in government bonds up to 50 thousand euros are not considered to calculate the ISEE.