Overview

• The Treasury will sell the sixth Btp Valore due October 2032 from Monday, October 20, to Friday, October 24, in a retail-only placement with step-up minimum coupons of 2.6% for years 1–3, 3.1% for years 4–5, and 4.0% for years 6–7, plus a 0.8% loyalty bonus for holding to maturity; final coupons will be set after the sale.
• On the minimum schedule, the weighted yield is about 3.25% gross (around 2.85% net after the 12% tax), placing the offer toward the higher end versus similar-maturity BTPs on the secondary market.
• The bond is not inflation-indexed, so returns depend on holding to maturity and future prices; at 2% average inflation the net real gain is roughly 0.85% per year, while higher inflation would reduce or erase that advantage.
• Sentiment is buoyed by recent upgrades—DBRS raised Italy to the A category after moves by S&P and Fitch—and the European Commission signaled Italy could exit the Excessive Deficit Procedure if a sub-3% deficit is confirmed, with Moody’s review due on November 22.
• Before this sale, the Treasury had secured about 90% of its 2025 medium–long term funding plan; Btp Valore outstanding totals €79.83 billion (about 3.08% of government securities) and retail placements account for roughly 15% of the market.