by Linda Straker
- 18 August auction was first 356-day of 3 Treasury Bills for 2025
- In February and May, Government raised EC$30 million via Treasury Bills auction of EC$15 million for each month
- Treasury Bills issued as part of Government’s Debt Management Strategy
The first 365-day Treasury Bill auctioned by the Government of Grenada on the Regional Government Securities Market (RGSM), was oversubscribed and raised EC$5 million 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 $30.0 million. The competitive uniform price methodology used, resulted in a discount rate of 4.76190%,” said the 18 August 2025 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). The regional nature of the market assists in promoting the unfettered flow of capital and liquidity across the currency union and 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 Government of Grenada will be seeking to raise EC$25 million when it auctions its first 365-day Treasury Bill for 2025 Monday, 18 August.
According to the Government’s Prospectus for the 2025 Treasury Bills, all Minimum Bid will be EC$5,000. 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 Governments of the Eastern Caribbean Currency Union (ECCU).
The Treasury Bill issues are being raised under the authority of the Public Debt Management Act 2015, amended (Act No 28 of 2023), Part 3, Section 13, Laws of Grenada. The Constitution of Grenada stipulates that principal and interest payments are direct charges on the Consolidated Fund.
The 18 August auction was the first 356-day of 3 Treasury Bills for 2025, but will be the third time that the Government is auctioning 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 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.
