Retail collection at 6.5 billion. Less signs, but 160 orders are higher than the million euros. In short, the Scrooge have moved
The Italian “Scrooge” is the true surprise of the twentieth issue of BTP Italia. The retail collection closed at 6.5 billion euros, with 190 thousand savers involved. But beyond the data, what jumps to the eyes are those 160 orders greater than million eurosstarting from a minimum adhesion that was a thousand euros.
BTP Italia: millionaire orders and wealthy investors. The average ticket grows by 29%
The total result of 6.5 billion euros is less than the placement of March 2023, when the inflation pushed and the subscription touched 8.6 billion with over 327 thousand individual investors. But this time a different economic weight of the orders received emerged. Over 160 orders above the million euros and two even exceeded the 20 million threshold. The first maxi order on the first day, with 24.2 million euros, followed by one of 22.5 million. On the last day 30 millionaire orders, including one of 9.2 million. A change that surprises and makes you think for the future, for a title originally designed for the small savings, with a minimum purchase of purchase of a thousand euros. But the numbers tell another story: The average issue of issuance has touched 33,686 euros, up 29% compared to 26,160 euros of the edition of two years ago. So the treasure grossed less and less Italians bought BPT Italia, but those who did it paid much more.
The final coupon rate and because the millionaires have chosen the BTP Italia
The most conspicuous orders make it clear the change of pace: the placement has attracted a profile of more wealthy investors, probably assisted by private bankers, more sensitive to the logic of bond diversification and less discouraged by an inflation that today moves on much more contained levels than the recent past. To convince the large wallets was probably also the good balance between risk and performance offered by the title. The treasure has confirmed a definitive annual real annual coupon rate of 1.85%, to be added to the Indicization of Italian inflation. In a context of slowdown inflation, but still present in the risk portfolios of large investors, the net real yield reaches an interesting 3.25% net annual for seven years, taking into account everything: of the coupon, the loyalty prize in case of detention until expiry and facilitated taxation at 12.5%. A secure and attractive proposal for many private investors who can arm indexed returns without exposing themselves to excessive risks.
The comparison with previous emissions confirms an evident trend: Retail government bonds are becoming more and more a “Scrooge” deal. If the number of myself falls, the average size of investments grows. It had already been noticed with the recent placements of BTP value and BTP plus, but with the latter emission of BTP Italia the phenomenon was further amplified. The final verdict is clear: the BTP Italia did not fill up, but convinced those who have large wallets.
