The BTP Futura closed its third placement day with 24,137 contracts for a total of € 1.01 billion raised. The overall demand for the share has reached 4.68 billion subscriptions: the operations will close next Friday 23 April at 1 pm, with settlement of the contracts on 27 April.
The stock, which in addition to the growing coupon recognizes a premium linked to the GDP trend, has the dual objective of collecting fundamental resources to support Italy – in particular the vaccination campaign – and increase the share of debt in the hands of Italian savers: a detail that in view of future crises would reduce the risk of speculation. Also because a year ago, according to data provided by the Bank of Italy, just 3% of government bonds in circulation were directly subscribed by small retail savers. This is why the duration of the issue – dedicated exclusively to small retail investors – will be 16 years against 8 for the second and 10 for the first: the minimum purchase lot is set at one thousand euros.
The yield of the bond is linked to the growth of the national economy during its lifetime and will be paid in two installments: at the end of the first eight years, the investor who has held the BTP since the issue will be entitled to a loyalty bonus with a guaranteed minimum equal to 0.4% of the invested capital, up to a maximum of 1.2%, based on the average GDP growth rate recorded in the first 8 years of the share’s life. On the other hand, at the final maturity of the stock, investors who have continued to hold the stock until the end will have a second “premium” in two components: the first calculated again on the basis of the average growth rate of GDP recorded in the first eight years of premium with a guaranteed minimum of 0.6% up to a maximum of 1.8%; the second based on the growth of the national economy from the ninth to the sixteenth year with a guaranteed minimum of 1% and a maximum of 3%.
Confirmed the nominal half-yearly coupons calculated on the basis of predetermined fixed rates and increasing over time with a fixed return for the first 4 years that will increase over the next four and so on until maturity. The guaranteed minimums foresee a 0.75% from the first to the fourth year, an increase to 1.20% from the fifth to the eighth year, a further increase to 1.65% from the ninth to the twelfth year to end with a rate 2% from the 13th to the 16th year. The definitive ones will be communicated at the closing.
The security will be placed at par (price 100.00) on the Mot through the two dealer banks Intesa Sanpaolo and UniCredit, with no allocation or maximum ceiling. There are no commissions on purchases on placement days, while the usual subsidized taxation for government bonds of 12.5% and the exemption from inheritance taxes, coupons and loyalty premiums, are applied to the yield of the security. other government bonds.
The Italian BTP of a year ago had raised 22.3 billion, the first Futura BTP had raised 6.13 billion, while the second had stopped at 5.7 billion euros.