Overview
- The six-year retail bond will pay 2.60% in years 1–2, 3.20% in years 3–4, and 3.80% in years 5–6, above the initially announced minima.
- The offer closed on March 6 with about €16.22 billion in subscriptions across 522,214 contracts, according to placement data.
- The 0.8% loyalty bonus is confirmed for investors who hold to March 10, 2032, alongside the 12.5% tax rate, inheritance tax exemption, and ISEE exclusion up to €50,000.
- The estimated net weighted yield is roughly 3.10% after tax, compared with about 2.7% on the March 2032 BTP in secondary trading.
- Intesa Sanpaolo, UniCredit and Banco BPM acted as dealers with MPS and Iccrea as co-dealers, and market participants described demand as very strong despite rate uncertainty.