BTp Futura, here are the cases in which the loyalty bonus is maintained or lost

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Next Friday, we will finally know what the yield offered by the Futura BTp will be issued from 6 July. The Treasury will communicate the three “step-up” rates that will be set for 10 years, and which at the end of the placement may be revised upwards, excluding the first, which will remain intact and will cover the first 4 years. But the effective yield on maturity may be higher due to the loyalty bonus, which will be recognized only to bondholders who will purchase the bond during the placement phase and who will keep it in the portfolio until maturity. It will be equal to a minimum of 1% and a maximum of 3% with respect to the capital invested.

BTp Futura, this is how the loyalty bonus is calculated

Specifically, when would the loyalty bonus be lost and when, on the contrary, would it be maintained? The FAQ of the Ministry of Economy and Finance offer us a complete overview of the cases. For example, if the BTp Futura is credited to a securities account in the name of several natural persons, in order for the right to be preserved it becomes indispensable that at the expiration date at least one co-holder appears to have already been owner at the time of the issue of the title.

For example, if Mario Rossi purchases a BTp Futura for 30,000 euros together with Giovanni Bianchi and Marina Verdi and all three are holders of the securities account on which the bond will be maintained, should Giovanni Bianchi and Marina Verdi take over two new co-holders and owners of the securities for which the account is turned on, the loyalty bonus will also be recognized by the Treasury, since Mario Rossi remained from the beginning to the co-nominee deadline. Conversely, if he also sold his share of the securities account to third parties, the loyalty bonus would no longer be paid.

Inheritance, donation and securities lending

And in the event of the bondholder’s death? The heir will take over the BTp Futura and if he holds it until its expiry, he will be entitled to the loyalty bonus. Clearly, provided that the “de cuius” purchased it during the placement phase. Attention, because the same does not apply in the case of donation of the security, as the deed would be equated to a contract of sale for consideration. Therefore, anyone who receives a BTp Futura as a donation will not be able to receive the loyalty bonus in any case.

Finally, what if the BTp Futura is subject to a securities lending transaction? In this case, the bondholder assumes the role of lender, while the financial intermediary assumes that of buyer and since a transfer of the bond has taken place, the loyalty bonus per second would not be recognized.

Ultimately, the extra return can be paid only by those who have kept the title from start to finish and without transfers having occurred, except in the case of the heir taking over from the original bondholder for “mortis causa”. And the recognition does not cease even when the co-holders of the securities account change, provided that at least one remains the same until maturity. In all other cases, the right is lost, including with the donation, in fact a transfer of a good or financial instrument for free, but still the transfer of trafficking.

BTp Futura, how to weigh the investment on the basis of the available alternatives

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