by Linda Straker
- Bonds were auctioned from 31 October to 21 November
- More than 350 people participated in the auction
- EC$4.3 million was raised when bidding closed on 21 November
Grenada’s first Retail Bond Programme, which was launched in October 2025 with the aim of raising EC$5 million on the Regional Governments Securities Market, failed to raise the targeted amount. Only EC$4.3 million was raised when the bidding process closed on 21 November 2025.
The bonds were auctioned from 31 October to 21 November, and were assigned on a first-come first-serve format for citizens of the Eastern Caribbean Currency Union (ECCU). The brokers were those approved by the Eastern Caribbean Securities Exchange (ECSE) to provide their services for the Regional Governments Securities Market. The minimum investment was EC$500 and the maximum was EC$50,000.
In a pre-recorded interview disseminated by the Ministry of Finance, Kerry Pierre, Head of the Debt Management Unit, described the auction as successful despite not being able to achieve the targeted amount. “We have been very successful in the completion of the auction of the first pilot retail household bond. On 5 December, when the auction closed, we closed with a total bid of EC$4.3 million. So, for an auction of EC$5 million, we were able to close at EC$4.3 million.”
“While some may query why not EC$5 million given the pre-interest shown, we have to remember that this is the first time for this particular auction and it was learned along the way,” he told Russell John, Communications Manager in the Ministry of Finance, who conducted the interview. “We had the interest. We saw the bids coming in, albeit they started a little bit slowly, as persons were trying to get their feet wet, to make certain they had all of their documents ready or prepared, their transfers prepared. As the time passed, we saw the number of bids increase right down to 5 December when we closed at 2 pm,” Pierre said.
More than 350 people participated in the auction, which is a 2-year government-backed bond offering a fixed annual interest rate of 4.25% with semi-annual payments in May and November of each year.