The new 5-year BTP Italy, indexed to inflation, dedicated to financing the coronavirus emergency, marks the first record: the placement for small savers closed with 14 billion euros of requests in the three days of the offer, with 5.211 billions collected only yesterday. Household demand has never been higher. The latest BTP Italy, expiring 8 years, placed last October, had raised a total of 6.75 billion, of which 2.99 billion from retail. Today the offer to institutional investors will start. The placement will take place on the electronic market of bonds and government securities of Borsa Italiana (Mot) from 10 to 12.
Before the opening of the stock exchange, on the basis of market conditions, the Treasury will set the definitive annual (real) coupon rate, which in any case cannot be lower than the minimum guaranteed annual (real) coupon rate, equal to 1.40%, already announced.
In addition to the half-yearly coupons, those who have subscribed for the securities at this stage and will keep them until maturity, therefore for the entire duration of the 5 years; there is a double loyalty bonus compared to previous issues, equal to 8 per thousand of the capital invested. A choice motivated by the purpose of this sixteenth issue of the BTP, entirely intended to finance the recent government measures to face Covid-19. Those who bought Btp Italia therefore participate in supporting health, employment protection and interventions for companies, as well as guaranteeing themselves an attractive tool in times of great uncertainty, for the unprecedented crisis that has swept the global economy, with strong volatility on share prices, in a context of zero if not negative interest rates on the fixed income market (yesterday for the first time, the United Kingdom also placed 3-year securities with a yield below zero). The response of retail investors was not a foregone conclusion. «A great success: requests from small savers for 14 billion, a real record since the birth of Btp Italia. The Italians thus show confidence and support for our country that it wants to get out of this crisis sooner than before, “writes Economy Minister Roberto Gualtieri on Twitter in the evening. And the head of Borsa Italiana’s bond markets, Pietro Poletto, foresees a “strong interest” also from the institutional ones. It also depends on market conditions, because “the institutional investor has a more opportunistic approach”. But it is already an important signal, after foreign investors sold 51.5 billion BTPs in March, indicated the Bank of Italy