Overview
- Day one orders exceeded €6 billion, with reports citing roughly 176,000 contracts, as the retail‑only sale opened on 2 March and remains scheduled through 6 March unless closed early.
- The six‑year security pays quarterly nominal coupons with minimum step‑up rates of 2.50% in years 1–2, 2.80% in years 3–4, and 3.50% in years 5–6, plus a 0.8% loyalty bonus at maturity.
- Subscriptions are taken at par on Borsa Italiana’s MOT with a €1,000 minimum via home banking, banks or post offices, benefiting from a 12.5% tax rate, inheritance‑tax exemption and ISEE exclusion up to €50,000.
- Analysts estimate a hold‑to‑maturity return slightly above 3% gross, near 2.7% net with the preferential tax, with the final coupon levels subject to MEF confirmation at close based on market conditions.
- The ISIN for the placement period is IT0005696320, and prior retail rounds including Btp Più have raised about €96.4 billion, with a record €18.3 billion in March 2024.