Gov’t to issue bonds to raise capital

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Gov’t to issue bonds to raise capital

To fund a portion of the 2013-2014 budget, government will next week offer series two and three of its EC$90 million and US$7M bond.

Series two seeks to raise EC$40M via a six-year 7.0 percent semi-annual coupon bond

Auction date is Thursday, October 17 and the issue date set for Friday, October 18, 2013.

Series three of the issue seeks to raise US$7M via a six-year 6.75 percent semi-annual coupon bond. The minimum investment amount is $5,000 in their respective currencies.

The bond will be issued under the authority of the National Savings Development Bond Act and will be used to fund a portion of the 2013/2014 budget capital expenditure and to refinance EC$40M and U$7M.

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  1. This would be an economic gain for the government if the revenue is properly accounted for. Similarly, the stakeholders will benefit if the government does not default on its debt.

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