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Auction BOT

BOT- END OF MONTH AUCTION

Settlement 28/09/2018 182 days  
Average price
99.896
 

 

Withholding tax 12.5%
0.01300
 

Rounding
0.00100

Net allotment price 99.910

 

Net yield 0.178
Net compund price
Gross yield
Gross compund price                                                 

0.178

0.206
0.206


In case of maximum commissions, prices and yields change as follows: 
Maximun commissions
0.10

Net allotment price + commissions (maximum) 100.010
Yield (minimum) -0.020
Net compound yield (minimum) -0.020
 

 
Government securities have been allocated to public subjects at an auction average price plus taxes calculated on fiscal prices, subject to different commissions according to BOT duration: maximum 0,05% for BOT duration equal to or less than 80 days, 0,10 for BOT duration between 81 and 170 days, 0,20% for BOT duration equal to or more than 331 days. *The Ministry of Treasury decree of 12th February 2004. If the total sale price , comprehensive of the withholding tax and commission as per previous sub-section, is more than 100, the maximum amount of such commission is reduced in order to guarantee a cost lower that 100 euro, for each 100 euro of subscribed capital . Art. 2 of the Ministry of Treasury decree of 12th February, sub-section 2 bis.

BOT - HALF MONTH AUCTION

Settlement 12/10/2018 367days
Average price
99.042

 

withholding tax 12.5%
0.11975

Rounding
-0.00175

Net knockdown price 99.160

 

Net yield 0.831

Net compound yield

Gross yield

Gross compound yield

0.831

0.949

0.949


In case of maximum commissions, prices and yields change as follows:
Maximum commission 0.15
Net assignment price + commissions (max) 99.310
Yield (minimum)
0.682
Net compund yield (minimum)
0.681

 
* Flexible BOT
 

Assiom reminds that , according to the “Transparency Decree” – issued last October, which modifies the previous MEF decree of 12th February 2004 – the total sale price of BOT subscribed by clients during the auction (including the withholding tax and commission required by brokers) cannot be more than 100. Such rule will therefore avoid any negative yield, possibly coming from the high request, partially due to the Monetary Funds and partially to the bank clients who remain suspicious, thus showing small confidence towards alternative investments with a high risk/yield profile.

Government securities have been allocated to public subjects at an auction average price plus taxes calculated on fiscal prices, subject to different commissions according to BOT duration: maximum 0,05% for BOT duration equal to or less than 80 days, 0,10 for BOT duration between 81 and 170 days, 0,20% for BOT duration equal to or more than 331 days - the Ministry of Treasury decree of 12th February 2004. If the total sale price , comprehensive of the withholding tax and commission as per previous sub-section, is more than 100, the maximum amount of such commission is reduced in order to guarantee a cost lower that 100 euro, for each 100 euro of subscribed capital . Art. 2 of the Ministry of Treasury decree of 12th February, sub-section 2 bis.

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CORSO @ASSIOMFOREX Front Office Avanzato - Equity e Derivati
Milano 9-10/6

22/05/2015