(Finance) – The new BTP Value it’s a “very interesting title above all for investors intending to hold it to maturity“, considering the overall reference scenario (with the ECB close to the end of the phase of tightening of monetary conditions and market rates and spreads that could move in a lateral channel in the medium term). This can be read in a research by the Research Department and Searches of Intesa Sanpaolo.
Given the minimum coupons communicated by the Treasury, the analysts point out that the minimum yield over 4 years of the first issue is 3.625%, compared to a yield for the reference nominal BTP on the same maturity of 3.39%, with a extra-performance of about 23bps. To the average rate is added, for those who hold the security for its entire duration, the loyalty bonus of 0.5%, for a additional excess yield average annual rate of 12.5bps.
The orders for the BTP Valore they totaled 5.432 billion euros in the first day placement, with over 180,000 contracts. The placement started today, Monday 5 June, and will continue until Friday 9 June (unless early closure)
According to Intesa’s research, alle minimum return assessments they must be added upon expiry those on the financial structure of the security, with increasing coupons compared to an inverted nominal BTP yield curve on this section of the curve. “These characteristics, also considering the prospects for domestic sovereign debt in the medium term, represent, in our opinion, important strengths of the BTP Valore, especially if held to maturity”, it is underlined.
The issuance of the BTP Valore could also benefit not only from the overall positive climate on Italian debt, but also from the potential reinvestment of liquidity from retail customerswhich has seen two BTP Italia (securities mainly dedicated to small savers) expire in the last two months for a total value of almost 20 billion euros.