Government's first retail bond fully subscribed at EC$10 million
The two-year bond, aimed at households, churches and community groups, pays 4.5 per cent a year and was taken up within weeks.
BASSETERRE, St Kitts. The government's first retail bond for households and non-governmental organisations has been fully subscribed after the offering was twice increased, Financial Secretary Carlton Pogson has announced.
Mr Pogson told the 2027 National Budget Forum on Tuesday that the original EC$5 million issue was taken up within two weeks. It was then expanded to EC$8 million, which was fully subscribed in under a week, and Cabinet approved a further EC$2 million, bringing the total to EC$10 million.
"We started out at five million. That was fully subscribed within two weeks," Mr Pogson said.
The bond was launched on 22 September through the Regional Government Securities Market. It has a two-year term, with the principal due on 26 October 2028, and pays a fixed 4.5 per cent a year in semi-annual instalments.
The minimum investment was EC$500, in steps of EC$100, compared with the usual EC$5,000 minimum on the regional market. It was open to households, families, churches, cooperatives, community groups and charities.
Eastern Caribbean Central Bank Governor Timothy Antoine spoke at the bond's launch.
