On the second day of the placement on the MOT market of the BTP Valore and the BTP Valore Insieme by the MEF, Italy’s Ministry of Economy and Finance, retail investor orders have already passed the €5 billion mark (about $5.4 billion).

The figures come from Borsa Italiana, the Italian stock exchange, which had announced yesterday evening, at the close of the first day of the sale of the two new government bonds, that orders stood at €4.6 billion (roughly $5 billion).

BTP Valore and BTP Valore Insieme: orders pass €5 billion on day two

Data released at around 9:30 a.m. Italian time shows that, in the first half hour of the second day of the issue, on Tuesday, October 20, 2026, retail savers subscribed €350 million (about $378 million) of the BTP Valore carrying quarterly coupons at rising rates, under a step-up mechanism.

Orders for the BTP Valore Insieme, which pays a single coupon at maturity, came to €154 million (about $166 million).

The combined amount subscribed was therefore €504 million (some $544 million), which adds to the previous day’s €4.6 billion, taking the total bought by retail investors above €5 billion.

The quarterly-coupon BTP Valore is outselling the BTP Valore Insieme

The numbers confirm that retail investors continue to favor the BTP Valore paying quarterly coupons over the newly introduced BTP Valore Insieme.

On Monday, the quarterly-coupon BTP Valore drew more than 103,000 orders worth €3.4 billion (about $3.7 billion), while the BTP Valore Insieme took in €1.18 billion (roughly $1.27 billion) across more than 45,000 contracts.

Both BTP Valore bonds are five-year government securities, maturing in 2031.

The novelty of this round is that the MEF is not paying a loyalty bonus — the “premio fedeltà” normally paid to investors who hold the bond to maturity — a change that has led some analysts to question whether the security is still worth buying.

It is also, to all intents and purposes, the first time a BTP Valore has been sold through a dual placement.

The minimum coupon rates on the quarterly-coupon BTP Valore, it is worth recalling, are 3.70% for years one and two; 4.10% for years three and four; and 4.70% for year five.

Those rates, announced last Friday by the Treasury department of the MEF, can be confirmed or revised only upward at the end of the placement.

Final rates due at the close of the sale on Friday, October 23

The placement of the two BTP Valore bonds, which opened on Monday, October 19, 2026, will close on Friday, October 23 at 1 p.m. Italian time, barring an early closure.

That is when, alongside the publication of the issue results, the MEF will announce the final rates to be paid.

In its information sheets on the BTP Valore, the MEF noted that buying is straightforward, since the purchaser can subscribe directly at a bank branch, at a post office or through their own home banking service, if it is enabled for online trading, with no fees and no lock-ups.

The Treasury also recalled that BTP Valore bonds are «government securities designed solely for individual and similar investors, and represent a medium- to long-term form of investment (Italian) offering a rising return over time».

The Treasury added that «the purchase arrangements at issue (on the MOT platform, www.borsaitaliana.it) make it an ideal product also for those used to managing their own investments through online trading systems».

The bonds can also be bought through the BancoPosta service, the banking arm of Italy’s postal operator.

As for the BTP Valore Insieme, the big innovation of this eighth edition of the BTP Valore, it is the first government bond in the BTP Valore family to pay a single coupon, handed to the saver in one lump sum when the bond matures.

The MEF’s announcement last Friday set the minimum coupon at 22.5% — the single payment covering the whole five-year life of the bond — which, as with the quarterly coupons, may be confirmed or revised upward at the end of the placement on Friday, October 23.

BBVA’s forecasts for the outcome of the placement

In a note released on Monday, analysts at BBVA set out their forecasts for the outcome of the issue, saying that the total placement of the new dual-tranche BTP Valore will land in a range between €12 billion and €17 billion (roughly $13 billion to $18 billion).

Specifically, Filippo Mormando, European Sovereign Strategy, and Pablo Zaragoza, Co-Head of Macro and Funding Strategy at BBVA, stressed that, counting all the placements the Treasury has launched this year aimed exclusively at retail investors, the MEF will raise €37 billion to €40 billion (about $40 billion to $43 billion) from small savers over the course of 2026.

Mormando and Zaragoza spoke of «positive implications for the Italian government bond market», since the supply that institutional investors would otherwise have to absorb is reduced.

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on October 20, 2026 as «BTP Valore e BTP Valore Insieme, ordini superano quota 5 miliardi. Chi sta “vincendo”». It has been translated and adapted for an international audience by the Money.it International desk.