Mon | Aug 21, 2017

Grenada floats Treasury bill on regional market

Published:Wednesday | February 1, 2017 | 2:00 AM

(CMC):

The Grenada government says it first issue of treasury bills via the Regional Government Securities Market - the RGSM - has been oversubscribed.

A government statement noted that the 91-day Treasury bill for 2017 was aimed to raise EC$10 million, with the option to take an additional EC$5 million.

 

Oversubscribed

 

The auction, which took place on the Eastern Caribbean Securities Exchange platform, was oversubscribed by EC$16.6 million, and yielded 2.499 per cent per annum, Grenada said.

"This is the lowest rate Grenada has received on the regional market since it began floating the 91-day benchmark Treasury bill in 2011," said the statement issued from the capital, St George's.

"In the later part of 2016, the reserve rate on Grenada's three month Treasury bill was reduced to four per cent as investor confidence and market forces resulted in a new equilibrium."