by Roxanne Thompson
- EC$20 million in 91-day Treasury Bills to be auctioned on 8 September
- Bidding will run from 9 am to noon, with a 3.5% maximum rate
- Minimum bid is EC$5,000 through licensed broker-dealers
On Tuesday, 8 September 2026, the Government of Grenada will offer EC$20 million in 91-day Treasury Bills through the Regional Government Securities Market (RGSM) conducted on the Eastern Caribbean Securities Exchange (ECSE). According to the Government of Grenada’s 2026 prospectus, the September issue forms part of a programme of Treasury Bills and notes being issued to refinance existing securities. The 91-day bill has a maximum rate of 3.5% per annum.
The timing coincides with the maturity of an earlier 91-day Treasury Bill. ECSE records show that the EC$30 million GDB080926 was issued on 9 June 2026 at 3.5% and is due to mature on 8 September. The new issue is therefore EC$10 million smaller than the bill reaching maturity. The difference does not necessarily mean that Grenada’s overall public debt is falling, since the government’s debt position reflects its wider borrowing, repayments and financial obligations.
There have been several government securities issues this year. ECSE’s 2026 calendar lists 91-day Treasury Bills for March, June, September and December, as well as 365-day Treasury Bills in August, October and December and a two-year Treasury Note issued earlier in the year.
The September auction also comes as Grenada continues to manage public-sector debt running into billions of dollars. The Fiscal Resilience Oversight Committee reported public-sector debt of EC$2.724 billion, or 67.3% of GDP, at the end of 2025. For 2026, it projects public-sector debt at EC$2.789 billion, with the debt-to-GDP ratio expected to fall to 65.7%. The ratio is projected to rise to 68% in 2027.
At EC$20 million, the September issue is less than 1% of the projected public sector debt for 2026, putting the size of this particular auction into perspective.
Government borrowing is subject to Grenada’s public debt-management framework. The Public Debt Management Act requires an annual borrowing plan based on the government’s medium-term debt-management strategy and annual cash-flow forecast. Section 81 of the Constitution also provides that debt charges for which Grenada is liable are charged to the Consolidated Fund.
For those interested in participating, bids are submitted through licensed broker-dealers rather than directly to the government. The minimum bid is EC$5,000, and the auction will open at 9 am and close at noon. The 2026 prospectus states that the auction will use a competitive uniform-price system.
The results will show how much investors were willing to bid for the Treasury Bills and the rate at which the issue was ultimately sold. At the most recent 91-day Treasury Bill auction in June, the government raised the full EC$30 million after receiving 16 bids worth a combined EC$43 million.
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