(Tiper Stock Exchange) – Continue to decelerate the BTP Valuewhose placement it will close today 9 June 2023 at 1 pmas ordered by the Ministry of Economy and Finance, which is placing the new government bond dedicated to retail customers from Monday 5 June. The new BTP recorded a boom in orders, especially in the very first days of placement, bringing home up to yesterday orders for 17.1 billion.
This morning are added another 691 million, for 28,621 contractswhich carry the total placed so far approx 17.7 billion of Euro. A significant figure for the Treasury that goes beyond the wildest expectations. The first day of placement had recorded orders for 5.432 billion euros, the second day for 5.195 billion euros and the third day for 4.218 billion euros.
To boost the new BTP Valore contributed a interesting yieldcompared to previous bonds of this type and to those prevailing on the market today, because the idea of the MEF was to respond to the need of savers to have an attractive yield that could also keep pace with the cost of living. However, there is no connection with macroeconomic variables such as GDP and inflation, as happened for the BTP Italias and the BTP Futura.
In fact, the Treasury will recognize savers who purchase the security minimum guaranteed return of 3.25% for the first two years and 4% for the following twoto which is added a 0.5% loyalty bonus for those who will hold the security until maturity. Today, at the end of the placement, the final coupon rates will be announced and may be confirmed or revised upwards, based on market conditions.
Based on the calculations of the Intesa Sanpaolo experts, therefore, the new title recognizes a yield to maturity of 3.625%, equal to an excess yield of approximately 23bp on the reference nominal BTP with the same maturity of 3.39% (at the end of 2 June), while the loyalty bonus brings an additional average annual excess return of 12.5bps.