BTP Valore Calculator

Calculate yields for BTP Valore step-up bonds with custom parameters, coupon schedule, and tax analysis. Preloaded with the 7th emission (March 2026).

This tool is for informational and educational purposes only. It does not constitute financial advice. Verify all data against official MEF/Borsa Italiana sources before making investment decisions.

Parameters

Nominal ValueAmount invested. Minimum investment: €1,000, no maximum. BTP Valore is placed at par (price = 100).

€

Settlement DateData di godimento: the date from which the bond starts accruing interest and coupon dates are calculated. Published by the MEF for each emission.

MaturityAutomatically calculated: settlement date + total years from coupon steps.10/03/2032

Duration6 years

Coupon Steps (step-up)BTP Valore features increasing coupons (step-up): the annual rate grows across predefined periods set by the MEF at issuance. Coupons are paid quarterly.

Years

Annual Rate

Years

Annual Rate

Years

Annual Rate

Loyalty PremiumExtra bonus paid at maturity only to investors who hold the bond from issuance until maturity. Subject to the same preferential 12.5% tax rate. Published by the MEF for each emission.

Yield Analysis (XIRR)

Gross YieldXIRR calculated on gross cash flows, before any tax or stamp duty. The effective annualised rate of return.

3.33%

Net YieldXIRR calculated after the 12.5% withholding tax on coupons and loyalty premium. Does not include stamp duty.

2.92%

Net (incl. stamp duty)XIRR calculated after both the 12.5% tax and the annual 0.2% stamp duty (bollo). This is the closest approximation to the actual return for the investor.

2.71%

MIRRModified Internal Rate of Return. Unlike XIRR, which assumes coupons are reinvested at the XIRR rate itself, MIRR uses a realistic reinvestment rate specified by the user. Generally considered a more conservative and realistic measure.

2.64%

Total Return

GrossSum of all cash flows before tax: coupons + loyalty premium. Does not include the principal, which is repaid at par.

2000,00 €

3.08% ann.

NetSum of all cash flows after the 12.5% withholding tax on coupons and loyalty premium.

1750,00 €

2.72% ann.

Net overallSum of all cash flows after both the 12.5% tax and the annual stamp duty (bollo). The actual income the investor receives.

1630,00 €

2.55% ann.