Sometimes they come back, it is appropriate to say. With the press release n. 189 on Friday 15, the Ministry of Economy and Finance (MEF) made official the arrival of a new BTP Futura. To be exact, this is the fourth issue since it was born, in July 2020.
Last year, in fact, after the summer placement there was a second one in November. In 2021, however, the 1st issue took place in April while the 2nd will be held from Monday 8 until 13.00 on Friday 12 November (unless early closure). Anyway, to date these are the lucky savers who have the most popular BTP Futura on the market.
Let’s see, therefore, the salient features of the new bond, anticipating that a BTP full of coupons and double loyalty bonus suitable for those who have money in their account is on the way.
Who is the new BTP Futura for?
The BTP Futura was created to be destined (in the placement phase) only to small savers (so-called retail), to private citizens, in short. In fact, in issue, banks and institutional investors will not be able to buy it.
The reason is soon to be said. The new bond also includes a double loyalty premium, paid by the Treasury at 2 different times. The premium, however, will be the prerogative of those who buy in issue and will not sell the bond until its natural maturity.
The technical details of the new BTP Futura
The first novelty of the tool concerns the duration, different from all the others: 12 years.
In this regard, let us recall the durations of the previous 3 issues: 10 years for the 1st, 8 years for the 2nd, 16 years for the 3rd.
The bond will be subscribable at 100, at par, and the minimum purchase amount is equal to 1,000 euros. On the other hand, there are no maximum limits on the purchase, nor any breakdowns. Basically, all orders placed in the book will be fulfilled.
There will be a minimum of 3 days for subscription (Monday, Tuesday and Wednesday), a maximum of 5. In the previous issues, it has always come to Friday, so it is likely that the same will happen again this time. In any case, this is a decision that will be the sole responsibility of the MEF.
Finally, there are no purchase commissions on the days of placement, expenses that remain the responsibility of the issuer (the Treasury).
A BTP full of coupons and double loyalty bonus suitable for those who have money in their account is on the way
The new BTP will also have half-yearly coupons and the interest rate structure will be increasing, ie of the step-up type. We will only know the actual rates on Friday 5th November. In any case, this is the same operating mechanism as postal savings bonds.
The neo bond will have 3 time windows, each lasting 4 years. A precise interest rate will correspond to each four-year period, increasing from one step to the next. On interest income, the tax rate applied is 12.50%.
Finally, the loyalty bonus is divided into 2 tranches, and precisely at the end of the 8th and 12th years. It will depend on the average nominal GDP growth rate over the 2 different time periods and will vary between a minimum and a maximum.
Deepening
How much did those who invested 10,000 euros in the BTP Futura in 2020 earned?
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