BASSETERRE, St. Kitts, CMC – The Regional Government Securities Market (RGSM) says the first 365-day Treasury Bill auctioned by the Grenada government has been oversubscribed, with the Dickon Mitchell administration raising five million EC dollar (One EC dollar=US$0.37 cents) more than the targeted amount.
“On the Regional Government Securities Market, the Government of Grenada’s 365-day Treasury Bill auctioned on the ECSE’s primary market platform raised $30 million. The competitive uniform price methodology used resulted in a discount rate of 4.76190 per cent,” The RGSM said in its daily market report.
The RGSM is a primary market for the issue of securities by the governments of the member countries of the Eastern Caribbean Currency Union (ECCU), whose members are Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Anguilla, and Montserrat.
The regional nature of the market assists in promoting the unfettered flow of capital and liquidity across the currency union. It leads to increased savings and investment opportunities for the private sector, supporting the overall growth objective.
Last week, a notice on the Eastern Caribbean Securities Exchange (ESCSE) said that the Grenadian Government was seeking to raise EC$25 million when it auctioned the first 365-day Treasury Bill for 2025 on August 18.
According to the Government’s Prospectus for the 2025 Treasury Bills, all minimum bids will be EC$5,000, and each investor is allowed one bid with the option of increasing the amount being tendered until the close of the bidding period.
Yields will not be subject to any tax, duty, or levy by the participating ECCU member governments.
Monday’s auction was the first 356-day Treasury Bill of 3 for this year, but it is the third time that the Grenadian Government has auctioned Treasury Bills on the market. In February and May, the Government raised EC$30 million via Treasury Bills auction of EC$15 million for each month, respectively.
The prospectus states the Government intends to raise EC$105 million through a Treasury Bills auction for 2025. The Treasury Bills are being issued as part of the Government’s debt management strategy to lower the cost of the Government’s borrowing by reducing reliance on the overdraft facility.
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