The three days of placement of the BTP Italia, they closed with a total collection of more than 22 billion.
About 400,000 savers have subscribed to them 14 billions in the first two days of collection dedicated to them. The rest have been signed, on the last day, by institutional bodies.
I remember that the Btp Italia is a government bond indexed to Italian inflation (Index WAS, without tobaccos – Consumer price index for blue-collar and white-collar families, net of tobaccos), dedicated to financing interventions relating to the Covid-19 emergency, with duration 5 years (enjoyment date 26 May 2020 and expiration date 26 May 2025) and a definitive annual rate at 1,40% paid in two half-yearly coupons.
But in the middle of the Coronavirus emergency there are also two additional data that once again demonstrate that Italians like to be "cash" and prudent and give up riskier asset classes.
Certainly in this period they are short-term and wait-and-see choices due to the fear and uncertainty generated by the pandemic.
More money in the checking account
In March – detection of Deposit Solutions which manages the first Open Banking platform for savings deposits, on ECB data – the Italians deposited into the current account 16,8 billion €. More than tripled compared to March 2019.
More money market fund subscriptions
In the first quarter 2020 Assogestioni declares that, among open-end funds, the preferences of the Italian underwriters have turned towards monetary products (+8,2 billion).
Alex Gaetani
Sources:
MEF press release, Assogestioni, Deposit Solutions
MEF image