Overview

• Subscriptions run October 20–24 with no commissions and a €1,000 minimum for individual investors.
• Guaranteed coupons are 2.6% in years 1–3, 3.1% in years 4–5, and 4.0% in years 6–7, implying a minimum average gross yield near 3.25% and about 2.85% net after the 12.5% tax.
• Holders to maturity receive a 0.8% loyalty premium on principal, and Bloomberg quotes indicate net yields above many comparable BTPs in the 2.54%–2.84% range.
• The bond is not inflation-linked, so real returns depend on price trends, with the five-year breakeven near 1.7% and scenarios pointing to roughly 0.85% real net gains at 2% inflation or slight losses at 3%.
• The launch comes after rating upgrades from DBRS and Fitch and expectations of a possible Moody’s move in November, while the MEF reports about 90% of 2025 issuance covered and retail holdings near €79.8 billion.