Macro · Rome
Italy sets 1.60% minimum rate for new BTP Italia Sì bond, subscriptions start June 15
The Italian Treasury announces a 1.60% minimum annual rate for the first BTP Italia Sì, a five-year inflation-linked bond for retail investors, with a subscription window from June 15 to 19.
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In brief
The Treasury guarantees an annual fixed component of 1.60%, even in deflation, with semiannual coupons adding inflation.
Investors who buy during the June 15–19 subscription window and hold to maturity receive a 0.6% bonus on the principal.
The bond is reserved for individual retail investors; all valid orders placed within the window will be fully satisfied without a cap.
Returns are taxed at 12.5%, and up to €50,000 invested is excluded from the ISEE calculation.
Each semiannual coupon adds the FOI inflation rate (excluding tobacco) to the fixed rate, protecting purchasing power.
- 19 JunSubscription closes; final rate may be confirmed or revised upward
- 23 JunBond accrual starts; settlement date
- 23 JunMaturity date; investors receive principal plus loyalty bonus if held
Rate and mechanism
The Italian Ministry of Economy and Finance has set the minimum guaranteed annual rate at 1.60% for the first BTP Italia Sì, a five-year bond indexed to national inflation. The bond pays semiannual coupons calculated by adding the semiannual inflation rate (measured by the FOI index excluding tobacco) to the fixed-rate component. Even in deflation, investors receive the guaranteed minimum. At maturity, an additional loyalty bonus of 0.6% of principal is paid to those who bought during the subscription period and held the bond to term.
Subscription details
The offer runs from Monday, June 15 to Friday, June 19, closing at 13:00 unless early closure is applied. It is reserved exclusively for individual retail investors and similar entities; all valid orders will be fully satisfied without a cap. Minimum investment is €1,000, and no subscription fees apply during the placement, though standard account charges may exist. Purchases can be made through banks, post offices, or online home-banking with trading functionality, using ISIN code IT0005713539. The bond will trade on the MOT platform via dealers Intesa Sanpaolo and UniCredit, with co-dealers Banca Monte dei Paschi di Siena and Banco BPM.
Tax treatment and benefits
Like other Italian government bonds, BTP Italia Sì enjoys a reduced tax rate of 12.5% on returns (compared with 26% on many other financial products) and is exempt from inheritance tax. Up to €50,000 of the investment is excluded from the ISEE indicator of economic status.
Inflation outlook
Market consensus sees inflation in Italy at 2.9% in 2026, declining to 2.0% in 2027 and 1.7% in 2028, according to Bloomberg data cited by La Stampa. These forecasts suggest the bond's floating component will be highest in the first two years.
- 2026
- 2.9 %
- 2027
- 2 %
- 2028
- 1.7 %
Data from the article text
Timeline of issuance
Key dates for the offering are set out below.
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Sources and context
- Il Fatto QuotidianoBtp Italia Sì, tasso minimo all'1,60%: collocamento dal 15 al 19 giugno | Il Fatto Quotidiano.it
- ANSA.itBtp Italia Sì, tasso minimo 1,60% più il tasso di inflazione nazionale - Notizie
- Il MessaggeroBtp Italia Sì, tasso minimo garantito all'1,6%: le cedole, come acquistarlo e a chi conviene
- Il Sole 24 OREBTp Italia Si': tasso minimo garantito all'1,60%, emissione al via lunedi' 15 (RCO)
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