New BTP Valore Issue: Six-Year Bond with Increasing Coupons and Final Premium

The Italian Ministry of Economy and Finance (MEF) is launching a new issuance of BTP Valore, a government bond designed for individual savers, from March 2 to March 6, 2026, with a potential for early closure.

Key Features of the BTP Valore March 2032

This sixth BTP Valore offering features a six-year maturity, with coupons paid quarterly and increasing over time according to a step-up mechanism spanning two-year increments. A final loyalty bonus of 0.8% of the invested capital will be awarded to investors who purchase the bond during the placement period and hold it until maturity.

Investment Details

• Maturity: 6 years (expires March 10, 2032)
• Minimum Investment: €1,000
• Coupon Payments: Quarterly, with increasing rates over three two-year periods (step-up mechanism)
• Final Loyalty Bonus: 0.8% of the nominal capital invested
• ISIN Code: A “special” ISIN code will be assigned during the placement period to identify those eligible for the bonus, switching to a regular ISIN code upon secondary market trading.

Purchase Options

The BTP Valore can be purchased through home banking (if enabled for trading), bank branches, and post offices. The bond will be placed at par (100) without commissions.

Vital Dates

• Announcement of Rates & ISIN Code: February 27, 2026
• Offer Start Date: March 2, 2026 (9:00 AM)
• Offer Deadline: March 6, 2026 (1:00 PM), subject to early closure (potentially as early as 5:30 PM on March 4th)
• Settlement & Trading Start Date: March 10, 2026

Taxation and ISEE

The BTP Valore benefits from the standard preferential tax treatment for government bonds in Italy (12.5% tax on gains) and is exempt from inheritance tax. Government bonds and state-guaranteed financial products, up to a limit of €50,000, are excluded from the ISEE (Equivalent Economic Situation Indicator) calculation.

Dealer Banks

The placement will be handled through the following dealer and co-dealer banks:

• Dealers: IntesaSanpaolo, UniCredit, BancoBPM
• Co-dealers: Banca MPS, ICCREA Banca

BTP Valore Circulation

As of December 31, 2025, BTP Valore bonds in circulation totaled €111.31 billion, representing 4% of the total Italian government bond market (€2,643.21 billion).