Government Securities

BTp Value, here's how it works in seven questions and answers

From the coupon mechanism to taxation: everything you need to know about the BTp Valore on placement from 2 to 6 March

28 February 2026

2' min read

Translated by AI

Versione italiana

2' min read

Translated by AI

Versione italiana

How can one buy the BTp Valore?

The new bond will be on offer from Monday 2 to Friday 6 March (unless it is closed early, a hypothesis always present but so far never used by the Treasury). The purchase can be made at a bank or post office (if you have a postal passbook or current account with BancoPosta) and online, through any home banking system enabled to trading functions. The minimum denomination for each order is one thousand euro, and all requests received in time will be met.

Should the security be held in the portfolio until maturity?

No, it can be freely sold or bought at market conditions. The capital is guaranteed at maturity, but due to the increasing coupons, the Btp Valore for the Mef 'tends to be less sensitive to any movements in market rates', thus offering 'greater capital protection than ordinary BTp of the same duration'. Previous BTp Valore quotations confirm this.

How does the scaling mechanism work?

The step-up mechanism provides for the yield to increase after a certain period of time. In the new BTp, the yield dynamics will be articulated in three steps of two years' duration.

How often are coupons paid out?

In BTp Valore coupons are credited every three months, unlike ordinary government bonds where the rhythm is normally six months.

What are the costs of acquiring the title?

No commission is charged for purchases in the week of issue. Any subsequent purchases shall be subject to the bank's commissions.

What is the expected taxation?

Returns on government bonds (and the loyalty premium, when provided for as in this case) are subject to the preferential tax rate of 12.5% (as opposed to 26% for other capital income), and are exempt from inheritance tax.

Is the BTp Valore excluded from Isee calculations?

Government bonds (and other government-guaranteed financial products) are excluded from the Isee calculation up to a limit of 50 thousand euro. The threshold that defines exclusion from Isee calculations concerns all products purchased by the individual person; therefore, if one already holds EUR 30,000 of BTp, for example, a new purchase is excluded up to EUR 20,000.