The Ministry of Economy and Finance (MEF) announces the fourth issue of the BTP Futura, the only government bond intended exclusively for private savers (so-called market retail) and similar and whose proceeds finance the interventions adopted during the year for the economic recovery of the country.
As for the previous issues, it will be possible to subscribe BTP Futura in the bank, at the post office or through one’s home banking if enabled for trading functions, from Monday 8 November to Friday 12 November 2021 (until 13.00), unless early closing.
The novelty of the fourth Futura BTP is the duration, equal to 12 years, therefore shorter than the last issue which had a duration of 16 years. The double loyalty bonus mechanism remains confirmed, linked to the growth of the national economy during the life of the title, which will be paid at different times. In particular, at the end of the first eight years, the investor who will have held the BTP Futura since its issue will be entitled to an intermediate premium equal to 40% of the average of the nominal GDP growth rate recorded in the first eight years of the life of the security, with a minimum of 0.4% of the invested capital, up to a maximum of 1.2%. At the final maturity (after the next four years), investors who have continued to hold the security without interruption from issue to maturity, will be paid a final premium which will include two components: the first equal to the remaining 60% of the average the GDP growth rate recorded in the first eight years of the bond’s life, with a minimum of 0.6% up to a maximum of 1.8%; the second equal to 100% of the average GDP growth rate recorded from the ninth to the twelfth year, with a minimum of 1% and a maximum of 3% of the invested capital.
As in the previous issues, the BTP Futura will have nominal half-yearly coupons calculated on the basis of predetermined fixed rates and increasing over time according to the mechanism step-up, which for this issue will include 3 step. In detail, the coupons will be paid on the basis of a fixed coupon rate for the first 4 years, which will increase once for the next 4 years and a second time for the remaining 4 years of the bond’s life before maturity.
The series of the three guaranteed minimum coupon rates of this fourth issue of the BTP Futura will be announced to the public on the day Friday 5th November 2021, and may be revised upwards, based on market conditions, at the close of the placement, on the day Friday 12 November 2021. The coupon rate for the first 4 years will in any case remain unchanged, while only the rates of the two may be revised upwards at the end of the issue. step subsequent.
The security can be subscribed on the market at par (price 100.00) through the electronic MOT platform of Borsa Italiana through two bank dealers: Intesa Sanpaolo SpA and UniCredit SpA. The minimum purchase amount is 1,000 euros.
The placement does not provide for any allocations, nor will any maximum limit be applied, ensuring the complete satisfaction of orders for all, except for the right of the MEF to close the issue early. To allow the maximum participation of citizens in the issue, any early closure cannot in any case take place before Wednesday 10 November, thus guaranteeing at least three full days of placement. If the early closure takes place at 5.30 pm on the third or fourth day of placement, the definitive coupon rates will be set on the morning of the day following the closing day of the placement.
There are no commissions for the subscriber on purchases on placement days, while the usual subsidized taxation for government bonds of 12.5% and exemption from inheritance taxes, coupons and loyalty premiums are applied to the bond yield. , as for other government bonds. The security can be subscribed by contacting your contact person in the bank or post office where you have a securities account or through your home banking, if enabled for online trading functions. For more information, the dedicated mailbox ([email protected]) managed by the Treasury Department will also become active again until the date of settlement of the security.
All official communications on the BTP Futura, the FAQs, the information sheet and the Technical Note for operators will be made available on the website of the Ministry of Economy and Finance and on the website of the Department of the Treasury in the Public Debt section www.dt.mef .gov.it / public debit).