The Government of Antigua and Barbuda launched a new Treasury Bill Programme in June 2012 to raise Thirty Five Million Eastern Caribbean Dollars (EC$35m).
The Programme comprises four issuances of 91-day and 180-day Treasury Bills auctioned on the Regional Government Securities Market using the primary market platform of the Eastern Caribbean Securities Exchange (ECSE).
In the event there is an oversubscription in any of the T-bill issues, the GoAB is willing to accept up to an additional Five Million Eastern Caribbean Dollars (EC$5m) of the amount for each of the issues.
The T-bills are being issued to refinance maturing RGSM securities and assist with the Government’s short-term cash flow management requirements. The lead broker for the issues is First Citizens Investment Services Ltd. St. Lucia.
To date the programme has been very successful with both auctions being oversubscribed. The first auction held on June 14 for EC$10 million received bids of EC$19.5 million while the second auction held on July 6 for EC$5 million received bids of EC$7.1 million. Both T-bills were issued for 180 days. A competitive uniform price auction methodology was used and the resulting discount rate was 5 percent and 6 percent respectively.
The following are the list of upcoming issues:
EC$10 million 91-day T-Bill on 21 August 2012; and
EC$10 million 180-day T-Bill on 11 September 2012
Interested investors may contact any of the licensed brokers in Antigua and Barbuda, Antigua Commercial Bank and Antigua Barbuda Investment Bank Ltd or you may contact the Ministry of Finance at firstname.lastname@example.org.