The stock, the proceeds of which will finance the recovery, will have increasing returns over time and a final loyalty bonus linked to the growth of national GDP. Issued from July 6th.
It will be called Construction Futura, the new government bond exclusively dedicated to individual and related savers (the so-called retail market), of which the Ministry of Economy and Finance today announced the first issue from Monday 6 July to Friday 10 July (until 13 pm).
BTP Futura, the first 100% government bond retail, is designed precisely for "the future of the country". As anticipated in the review of the 2020 public debt guidelines and as already happened for BTP Italia last May, this issue will be entirely dedicated to financing the expenses provided for by the latest measures launched by the Government to deal with the emergency from Covid-19 and support the recovery of the country.
BTP Futura will have a simple and innovative coupon structure designed to reward savers who will hold it until maturity. The coupons will in fact be calculated on the basis of pre-established and increasing rates over time (with the so-called "step-up" mechanism). The series of guaranteed minimum rates of this BTP Futura issue will be announced on Friday 3 July, close to the issue. There are no roofs or partitions: the application, starting from a minimum lot of 1.000 euros, will in fact be completely satisfied, except for the faculty of the Ministry to close the issue early.
Consistent with the objective of supporting the national economy, the loyalty bonus will also reflect national economic growth. The premium - paid only to those who purchase the security on the issue days and hold it until maturity - will in fact have a minimum guaranteed value of 1% of the invested capital, but may increase up to a maximum of 3% of the amount subscribed , on the basis of the average annual growth rate of Italy's nominal GDP recorded by ISTAT over the life of the security.
The first issue of the Futura BTP will last between 8 years and 10 years: the final decision will be communicated on June 19th. The placement will take place on the MOT platform (the electronic market for bonds and government securities of Borsa Italiana) through two bank dealers: Banca IMI SpA, and Unicredit SpA
The Security can be purchased through the same channels used by retail savers for BTP Italia by contacting their contact person in the bank or at the post office; to take account of current circumstances and to encourage maximum participation by savers, it will also be possible to use the online purchase channel, through your own internet banking, if enabled for trading functions.
Subsequent communications on the first issue of the Futura BTP, starting from the publication of the information sheet scheduled for next June 19, will be available on the website of the Ministry of Economy and Finance.