by Linda Straker
- 91-day treasury bill auctioned on 9 August raised $15 million
- 365-day treasury bill auctioned on 15 August raised $25 million
- EC$247.7 million earned by Citizenship By Investment/Investment Migration Agency from January to June
The Government of Grenada raised EC$40 million through the auctioning of 2 separate treasury bills on the Regional Government Securities Market (RGSM) that was issued publicly on 9–15 August 2024.
The original prospectus showed that Grenada scheduled a 365-day treasury bill for 9 September, but it later amended the auctioning date to 15 August. “The purpose of the addendum is to change the auction date and trading symbol of the following 365-day Treasury Bill GDB160825. The date is being changed from 09-Sep-24 to 15-Aug-24,” said the addendum prospectus.
It further explained that from January 2024 to December 2024, the Government of Grenada is seeking to issue securities on the RGSM to refinance its existing treasury bills and treasury notes currently on the market.
The 365-day treasury bill auctioned on the Eastern Caribbean Securities Exchange’s (ECSE) primary market platform raised $25 million. “The competitive uniform price methodology used resulted in a discount rate of 1.47783 %,” said the 15 August daily trade of the platform.
For the 91-day treasury bill auctioned on 9 August 2024, the government raised $15 million. “Three licenced intermediaries placed a total of 10 bids, ranging from $50,000 to $5 million, with an aggregate value of $23.8 million,” said a press release issued by the ESCE. “A competitive uniform price auction methodology was used, and the resulting discount rate was 2.92846%. The brokerage firms of the Bank of St Lucia Ltd, Bank of St Vincent and the Grenadines Ltd, and First Citizens Investment Services Ltd, participated in this auction.”
Government’s monthly fiscal reports for January to June show that it has received more revenue than projected in the Estimates of Revenue and Expenditure for 2024. The amount of revenue earned was EC$727.7 million, while the projection was EC$654.6 million.
The highest revenue earner for Government during the period was the Citizenship by Investment/Investment Migration Agency (CBI/MIA) which earned EC$247.7 million. The report shows that the primary balance for the period was EC$216.2 million, but the overall balance was EC$ 191.4 million.
