The BTP Valore is back. The third issue begins the last week of February. An instrument that raised 18,191 million euros last June and another 17.19 in October. Significant amounts, which contributed to increasing the propensity of families to invest. Is it worth thinking about the new topic? Here are some numbers and some considerations, waiting for more precise news from the Treasury. The table shows a selection of securities with different characteristics and returns between 2.37% and 4%.
The two issues carried out in 2023, maturing in June 2027 and October 2028, respectively pay a flow of coupons increasing over time of 3.25% – which will increase to 4% – and 4.10%, followed by 4 ,fifty%. To this we must add, for those who have subscribed to the issue and will keep it until maturity, the fidelity bond. That increased, for the next issue, to 0.7% gross of the nominal value entered into the securities portfolio. An opportunity, especially in light of the possible decreases in future coupon flows that will arrive when central banks begin to reduce their reference rates.
The market response is positive to the first two issues of Btp Valore: The 2027 maturity is quoted at around 101, compared to a market price of 103.50 for the issue that will be repaid in 2028. A similar behavior cannot be hypothesized for the new issue, given the expectation of a fall in interest rates in the coming years. discarded.
The approach to Futura BTP is more delicate, especially for those who bought it during the issuance phase, in the years 2020 and 2021. The closest maturity is 2028, the furthest in time is 2037. The placement date fell on the long phase of zero returns. It follows that the coupon flow of the four issues of these BTPs is very low, compared to the current coupons. Because it goes from a minimum of 0.35% to a maximum of 1.15%, as the first coupon. And from a minimum of 1% to a maximum of 2%, for the last coupon. The BTP Futura offers three different interest streams for three issues and four for a single issue. Market values range from a low of approximately 73.00, for expiration 2037, to a high of approximately 88.70, for the nearest expiration, 2028.
For those who have accumulated capital losses, this Futura BTP will significantly reduce the application of capital gains tax between the market price and the surrender value.because it will have an impact, during the four years prior to 2028, on the aforementioned capital losses, significantly reducing, or even eliminating, the taxation that would be applied at the time of amortization of the title.
Considering the reduction of official rates by central banks certain, investing in BTPs indexed to Italian and eurozone inflation seems less attractive. Except, over the next few months, their market values will gradually stabilize at levels significantly lower than current market values.
The variable factor
Along with this type of instruments are the classic BTPs, with short, medium and long durations. But also some Cct: Only short-term ones, with medium-high level coupons, are attractive and, above all, potentially competitive with BTP. The bond component would be completed by Bots, which respond to the needs of investors with a high propensity for risk because they allow a part of the portfolio to be protected with securities that almost represent cash while maintaining an attractive yield today, above 3%.
For the part of the portfolio to be invested in bonds, 25% could be allocated to BTP Valore, 10% to BTP Italia, 5% to BTP Futura, 7.5% to BTP with a maturity of two years and the same to three years. 15% in five-year BTP and the same in ten-year BTP. Finally, 10% on the annual BOT and 5% on the CCT maturing on October 15, 2024 and January 15, 2025.