By Laura Contemori – ROME (Econostream) – Italy’s Ministry of Economy and Finance (MEF) on Friday announced the first dual-tranche issuance of BTP Valore bonds, scheduled to take place from October 19 to October 23, 2026, subject to early closure.

Retail investors will be offered two different 5-year BTP Valore bonds simultaneously, which may be purchased separately or together, MEF said in a press release.

The first tranche will be a 5-year BTP Valore featuring quarterly coupon payments with step-up coupon rates according to a schedule to be announced before the offering.

The second tranche, named BTP Valore Insieme, will also have a 5-year maturity but will pay a single coupon at maturity.

The guaranteed minimum coupon rates for both bonds will be announced on October 16, 2026. The rates may subsequently be confirmed or revised upward at the end of the placement period.

MEF added that, despite the different coupon structures, the two securities will offer equivalent yields at issuance.

The minimum subscription amount will be €1,000, with full allotment guaranteed for all orders received during the placement period.

Intesa Sanpaolo and UniCredit will act as dealers for the transaction, while Banca Monte dei Paschi di Siena and Banco BPM will serve as co-dealers.