Overview

• The bond pays quarterly coupons that rise over time under a “3+2+2” structure, a first for this product line.
• Investors who buy during the placement window and hold to maturity receive a 0.8% loyalty bonus on face value.
• Subscription is limited to retail savers via enabled home banking, banks or post offices with a €1,000 minimum, issued at par and without fees during placement.
• Analysts expect an effective gross yield around 3.4%–3.5% to remain competitive with seven-year BTPs trading near 3.0%–3.2% gross on the secondary market.
• Market simulations point to more generous coupons late in the term—about 2.5%, then 3.5%, then 4.5% across the 3+2+2 years—implying roughly 3.45% gross including the loyalty bonus.