Btp Valore, final rates up to 4.75% and 12.07 billion issued

The Ministry of Economy and Finance has set the final coupon rates for the eighth issuance of Btp Valore: 3.75% for the first period, 4.20% for the second, and 4.75% for the third. The total amount of the issued securities is established at 12,071,383,000 euros. The decree of October 23, 2026, signed by the Director General of the Treasury Iacovoni, is published in the Official Gazette, General Series no. 256 of November 3, 2026, with reference 26A05736.

The act concludes the process initiated by issuance decree no. 51221 of October 16, 2026, adopted in implementation of Article 3 of the Consolidated Law on Public Debt (Presidential Decree December 30, 2003, no. 398) and framework decree no. 58779 of December 31, 2025. The placement took place on the Electronic Bond Market (MOT), managed by Borsa Italiana S.p.a., from October 19 to 23, 2026, without allocations or a maximum cap. The basis for the determination is note no. 553-2026 of October 23, 2026, by which Borsa Italiana S.p.a. communicated the collection data to the Treasury.

The rate schedule for the three periods

The security, with a value date of October 27, 2026, and maturity of October 27, 2031, provides for quarterly coupons payable on January 27, April 27, July 27, and October 27 of each year. The final rates are structured as follows:

• 3.75% for coupons payable from January 27, 2027, to October 27, 2028 (first period);
• 4.20% for coupons payable from January 27, 2029, to October 27, 2030 (second period);
• 4.75% for coupons payable from January 27 to October 27, 2031 (third period).

This is a confirmation, at the maximum permitted level, of the minimum guaranteed rates communicated at the start of the placement: 3.70%, 4.10%, and 4.70%. The mechanism is that of a step-up, with a fixed rate for the first two years that increases a first time in the following biennium and a second time in the final year of the security’s life.

Minimum denomination, distribution network, and settlement

The minimum subscribable amount is 1,000 nominal euros, with purchases in multiples of this figure. The collection of subscriptions was entrusted to Intesa Sanpaolo S.p.a. and UniCredit S.p.a. as dealers, with Banca Monte dei Paschi di Siena S.p.a. and Banco BPM S.p.a. acting as co-dealers. Settlement occurred on October 27, 2026, when the Bank of Italy received the amount corresponding to the placed securities from the banks and transferred it to the Rome Section of the State Treasury.

On the fiscal level, the decree refers to Legislative Decree April 1, 1996, no. 239 and Legislative Decree November 21, 1997, no. 461, confirming for the bonds the same treatment as government securities, including benefits and exemptions. The securities are admitted to official listing and are among the assets eligible as collateral for refinancing operations with the European Central Bank.

Also in the Gazette: the ninth issuance, the Btp Valore Insieme

On the same page of General Series No. 256, decree 26A05737 is published, also dated October 23, 2026, and also signed by Iacovoni, which closes the ninth issuance of the Btp Valore, named Btp Valore Insieme. Here the structure is different: a single coupon paid in a one-time lump sum at maturity, calculated on a preset rate. The final coupon rate is 22.70% and the issued amount is 4,551,135,000 euros, based on issuance decree no. 51234 of October 16, 2026, and based on the Borsa Italiana S.p.a. note no. 554-2026 of October 23, 2026.

The two issuances, although published together, should not be confused: 12.07 billion euros and increasing quarterly coupons refer to the eighth issuance, while the 4.55 billion and the single coupon at maturity refer to the ninth. Both have a value date of October 27, 2026, a maturity date of October 27, 2031, and are intended for the retail investor public through the MOT.

What changes for those who subscribed

For retail investors, the publication in the Official Gazette makes the expected returns on the bond definitive and crystallizes the amount of the issuance, an element that supports its liquidity on the secondary market. The confirmation of the rates at the maximum guaranteed levels indicates that market conditions at the close of the placement did not require adjustments, and the minimum denomination of 1,000 euros keeps the product accessible even to small investors.

Official source: Official Gazette of the Italian Republic, General Series No. 256 of November 3, 2026, decrees 26A05736 and 26A05737 of the Ministry of Economy and Finance.