Italy sets minimum guaranteed coupon on dual tranche 5 — year BTP Valore

MILAN, Oct 16 (Reuters) — Italy's Treasury said on Friday it had set the minimum guaranteed real coupon on its new 5-yr dual-tranche BTP Valore bond for retail investors only. The first tranche (BTP Valore) pays coupons every three months following a step-up mechanism and will guarantee a fixed rate of 3.7% for the first two years, 4.1% for the following two years and 4.7% for the final year. The second tranche (BTP Valore Insieme) pays the entire return at maturity, together with the repayment of the invested capital. The Treasury set the minumum guaranteed coupon at 22.25%. Italy said last month it would offer the new double placement from October 19 and October 23, unless an early closing is decided. The notes' ISIN codes are and, they can be purchased separarely or together. (Reporting by Alessia Pé, editing by Sara Rossi)