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Auction BOT

BOT- END OF MONTH AUCTION

Settlement 31/10/2018 182 days  
Average price
99.918
 

 

Withholding tax 12.5%
0.01025
 

Rounding
0.00175

Net allotment price 99.930

 

Net yield 0.139
Net compund price
Gross yield
Gross compund price                                                 

0.139

0.162
0.162


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

Net allotment price + commissions (maximum) 100.030
Yield (minimum) -0.059
Net compound yield (minimum) -0.059
 

 
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 14/11/2018 365days
Average price
99.365

 

withholding tax 12.5%
0.07938

Rounding
-0.00437

Net knockdown price 99.440

 

Net yield 0.555

Net compound yield

Gross yield

Gross compound yield

0.555

0.630

0.630


In case of maximum commissions, prices and yields change as follows:
Maximum commission 0.15
Net assignment price + commissions (max) 99.590
Yield (minimum)
0.406
Net compund yield (minimum)
0.406

 
* 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