February 24, 2006
Vincentians urged to invest in securities market

A delegation from the Antigua and Barbuda Ministry of Finance along with representatives from ABI Bank Ltd and the Eastern Caribbean Securities Exchange (ECSE) invited Vincentian investors this week to participate in its Treasury Bills Issue Programme on the Regional Government Securities Market (RGSM).

And investors interested in doing so can contact the National Commercial Bank (NCB) here.{{more}}

The delegation which included Minister of Finance, Dr. Errol Cort, brought its Road Show to St.Vincent and the Grenadines on Wednesday at the Methodist Church Hall, to market its securities, EC$51 million which it proposes to raise through three successive 91-day Treasury Bill Issues of $17 million each that will be auctioned on the RGSM.

The first tranche of EC$17 million will be issued on March 15, 2006, the second April 19 and the third May 17.

During the bidding, which will be opened at 9am and closed 12 noon on March 15, bids of amounts not less than EC$5,000 will be processed through intermediaries licensed by the ECSE.The remaining tranches will be issued in the consecutive months.

Later in the year the Government is expected to float an EC$100 million Bond. The ABI Bank Ltd. will act on behalf of the Government as Arranger of these securities.

Dr. Cort in his address said his government’s strong commitment to initiating change and honouring its financial obligations are significant indicators that investment in the securities being offered would prove a viable option to any investor.

The Road Show will be taken to all OECS countries and Trinidad and Tobago. The team will also visit New York and Toronto.