The Ministry of Economy and Finance (MEF) on January 27, 2025, with which he announced, worked publicly. A case of new government bonds for 2025.
This ability, which is part of the Italian public debt financing strategy, offers New investment opportunities For both special operators and private rescuers. The problem will be through A Calendar Ben exactly, with Schedule auction cHe will explain the terms of the subscription and the commitment of the award price.
Let’s look in detail how it will move forward.
When the next official bond emissions in 2025
As the MEF has announced, the issue of new government bonds for 2025 parts January 30, 2025Date on which was set 5, 10 and 15 years in a programed auction for BTP and CCTEU at the age of 7 years, But interested severies will have the opportunity Book titles from January 29, 2025.
Since these are tools that aims to attract institutional and retail investors, which helps to financing the Italian state’s liquidity needs, Placement mode will be of minor auctionIn which operators set their offerings, which indicates the price in which they are ready to buy securities.
The minor auction is a feature of the discretionary price method, which takes into account the market conditions at the time of this problem. In other words, There is no default value for securities But the pricing of the award will be set on the basis of operators’ requests, which will offer their offer. If the offers are better than the offer of securities, the final price is determined with a choice method in which unprecedented individuals are not excluded.
Calendar of subscription operations
The calendar of subscription operations is explained by MEF and is divided into Three main steps:
- Public bookingOr interested saver will have the opportunity to book titles January 29, 2025;
- Submitting applications for auctionBy 11:00 on 30 January 2025;
- Submitting applications for additional auctionWhich allows you to increase the availability of securities in the market, with advanced requests January 31, 2025, 15:30 pm.
The problem of these titles is focused on this Last date from 5 to 15 years, With annual coupons or annual rates that represent fixed compensation for investors. For example:
- 5 years BTP The annual coupon offers 3 %.
- 10 -year -old BTP Offers a high annual coupon, which is equivalent to 3.85 %.
- It ccteu to 7 AnnieOn the other hand, the annual rate suggests 4.164 %, which is linked to the market reference rate trend.
Remember that there is an annual coupon Payment that occurs every yearBased on the nominal value of the title. For example, if a BTP has an annual coupon 3 %, it means that the investor will receive 3 % of the security amount of security each year, so, those who have 3 % annual coupon With 1,000 euros buy BTP with, they will receive 30 euros each year as a payment.
Ways of participation and subscriptions
Participation in auction is rOperators are observed with “experts in government bonds”.Who are only able to participate in the problem stage. These operators, whose identified Italian rules and regulations, can participate in both on behalf of themselves and the third party. Investors should present their offerings in the terms described by the MEF, which indicates the price offered for each qualification, and can offer up to five for each type of title, provided, provided that The minimum amount of each Offer is not less than 500,000 euros Of the nominal capital
The minimum amount of subscribing for private sewers is 1,000 eurosThus, emissions also make it accessible to those who do not have major investment resources. The possibility of diversifying the signed amount, by choosing between different installments and deadline, allows each investor to adapt to the purchase for performance and time horizon.
In addition, Eligibility will be assigned to operators at the price of awardWith the payment of interest from day to day after the start of the coupon. In addition, while guaranteed transparency in the financial burden shopping works, consumer subscriptions will not be able to apply intermediate charges.
A fundamental aspect of official bond emissions is likely to take part Additional auctionAre specific to government bonds who have already participated in the auction of the issue. This additional auction represents an additional method to meet the demand for securities in the market, and the award is awarded at the main auction. In this way, the MEF guarantees more flexibility in the management of subscriptions, which allows you to respond immediately to any change in demand or market conditions.
