Is It Worse Than Misbehaviour in Office?

By Nathan ‘Jolly’ Green, March 14, 2020.

When Ralph Gonsalves stepped down as Minister of Finance, he appointed his son Camillo Gonsalves to take over the Ministry of Finance. Keeping it in the family as one may say, or even in the dynasty. Why was that ministry handed to the Prime Ministers son, was it because there were skeletons in the cupboard which needed to be kept in the cupboard?

Saint Vincent and the Grenadines ULP Government, as far as I can see, started selling Treasury-Bills in 2003. It could have started even earlier than that, but I cannot find the records if it did. The reason why the ULP Government did this is somewhat obscure, and I can see no direct benefit to the country or its people. There is undoubtedly a benefit to those buying the short term Treasury-Bills.

Treasury Bills Act 1971, revised 2002.

Here is what I found, 91 day Treasury-Bills were auctioned every month for at least the last fifteen years, obviously more. One every month, sometimes more. I don’t think they ever missed a months sale over all those years. There are always at least three overlapping Treasury-Bills running during any month. Although long term Bond borrowing has to be approved by Parliament, the Treasury-Bills as short term borrowing instruments do not. So Parliament is unaware and un-notified of the monthly auctioning of the Treasury-Bills.

There is evidence that the Treasury-Bill sales were for no stated purpose than to pay for the renewal of the first three bonds ever auctioned all those years ago. Every sale states ‘Purpose of Issue: “To refinance the existing issues of Treasury Bills.”

This statement goes towards proving that the ULP Government with Ralph Gonsalves at the helm as Minister of Finance has treated these Treasury-Bills as long term instruments. As long term instruments, but never brought before the House for approval. Perhaps a direct attempt to circumvent the need to do so.

There is a strong smell of rotting fish in the air.

So what is the difference between a Bill and a Bond?

Treasury-Bills mature in a year or less, SVG’s 91 days. Because of their short duration, these securities don’t make regular interest payments. St Vincent generally auctioned 91-day Treasury-Bills, Treasury-Bills are sold at a discount to their face value, and investors then get the full face value amount upon maturity. Treasury-Bills are a good deal for the buyer but generally more expensive borrowing along with many more fees for the seller/government, who on top of paying a higher interest rate, pay auction, and handling fees to the selling agency.

Treasury-Bills have a face value of a certain amount, which is what they are worth. But they are sold for less. The difference between the amount that you buy them for and what you receive on maturity is considered interest, or your payment for the loan of your money. The difference is called the discount rate and is set as a percentage. That is not per annum %; it is for the three month period that SVGs Bills are issued for.

Treasury Bonds Generally speaking are multiple-year instruments, the longer the maturity of a Treasury Bond, usually the higher the annual yield it will pay, all other factors being equal. The SVG Government has typically issued Bonds valid for 7 to 10 years. In contrast, a Treasury Bill gives a discounted rate regardless of the length of validity, which cannot exceed one year.

Treasury Bills do not need parliamentary approval because they are short term, never exceeding twelve months, and designed to be used occasionally in emergency borrowing. If long term borrowing is required, a Treasury Bond should be auctioned.

But what has been happening, the short term system of borrowing against Treasury Bills has been abused, and they are an expensive way of government borrowing money. The Treasury Bills have been rolled over every 91 days, the new Bills replacing the repaid Bills, so over the last 13-15 years, there have never been less than EC$75 million sold each quarter year, and currently sometimes a hundred million. Treasury Bills are designed to be a short-term money market instrument issued by central banks or governments on behalf of the Government to curb temporary liquidity shortfalls; they are supposed to be used as an occasional instrument. So what that means, someone in the past years has cheated the system. Cheated the system by ensuring at least one new Bill is auctioned every month and thus hidden a 75 to a hundred million dollars debt every quarter from Parliament.

If the Government had paid off the initial Treasury-Bills by floating a Bond, it would only have cost about six-%-pa. And only one floatation and handling cost would have been payable instead of many such charges.

Under the ULP Government, the short term Treasury Bills have become a long term borrowing instrument by being renewed without failure every three months, with new Bills issued every month. What has happened is that each month a new Treasury Bill is auctioned, the oldest of the three overlapping Bills is repaid from the sale of the new Bill. Hence the use of the sale of Treasury-Bills to bypass the need to get parliamentary approval for borrowing large amounts of money. In fact there is documentary evidence that proves it is almost the same institutions that buy the Bills every month. These Treasury Bills dealt with on this basis only benefit the buyer of them and not the Government of SVG, and indeed not Vincentian Citizens. Unless, of course, the ULP government considers it a benefit too them to hide the borrowing of money, hiding it from the opposition NDP party in Parliament.

They are even offering a twelve month prospectus which changes the whole reason for Treasury-Bills. https://eccb-centralbank.org/debt-portal/documents/open/82

Then coupled with this statement of purpose ‘To refinance the existing issues of Treasury Bills’ it transforms the borrowing against Treasury-Bills, into long term for the government and short term only for the buyers. But also compounding this theory is the fact that the same buyers each time buy each batch of Bills.

But why have they done this, why are they not selling longer term Bonds, what is going on? They have been doing this continually, month on month, year on year for the last fifteen or more years?

Has there been more than the eye sees in the un-necessary monthly issuance of Treasury-Bills, has someone or some group dynastical or private gained a benefit? Was the whole thing only designed to confuse and act in an anti-constitutional way, or was it much deeper than that?

It is intent that rules in this matter. It should also be noted that for a charge of fraud to be brought, there must be a loss. I feel convinced a loss can easily be established in this matter.

Did anyone in Government benefit from the sales of Treasury-Bills? We know what banks bid for and bought the Bills, but they bought them for clients and we do not know who they are.

As we all know, today’s banks have to run their affairs on absolute transparency, mainly where fraud and money laundering are concerned. Therefore a proper investigation by a legal team should be able to come up with the answer. Maybe banks themselves will be required to stomp up some of the extra cost money themselves. Everyone involved in the sale of the Treasury-Bills, banks, agents, and the sales platform; owe a duty of care to SVG. So every one of them may get caught up in legal redress for SVG.

Will that ever happen? I am sure not, while the ULP is in power because many believe the police and judiciary are under the control of the Government. Get the NDP in control, and maybe there will be people banned from becoming MPs in the future, perhaps for several, even many, or even a dynastical group.

Just for the readers further information, besides these Treasury-Bills Saint Vincent and the Grenadines has currently outstanding Bond repayments $224,532,832.00 which fall due for payment on maturity between 2021 and 2028. Let’s say for this exercise the annual interest we pay is 6% to the Bond holders, that amounts to about EC$13,471,969 payable every year in interest alone. That’s Thirteen million, four hundred and seventy one thousand, nine hundred and sixty nine East Caribbean Dollars in interest, payable every year.

Of course that is the very tip of the iceberg when you consider we are approaching two billion dollars in national debt. Which is costing perhaps a further 120 million a year to service. Then blink and add the EC$13,471,969 and a sum of about EC$80 million for the repayment of the Treasury-Bills, hey presto, we are broke.

We are rapidly heading in the same direction as Venezuela, do we really want to re-elect these people?

Peter Binose warned us about the Treasury-Bill matter as early as 2014, no one took notice of him then. But we have many more records than he had at that time, and the big picture was nowhere near as clear as it is today

https://www.iwnsvg.com/2014/08/20/is-svgs-govt-running-a-mega-ponzi-scheme/

Godwin Friday recently warned us about this other matter, which may prove to have some similarity.

https://www.iwnsvg.com/2020/02/12/govt-breaks-finance-law-hides-it-with-another-illegality-friday/

Any legal agency, Interpol or other who want my research they are welcome to a copy, there is a lot of it.

The following has been provided and claimed by the author as supportive evidence to the above.

SVG BONDS AND BILLS

Long term Government Treasury Bonds, and short term Government Treasury Bills, there are some similarities among these two types of fixed-income investments. Both are both backed by the SVG government.

But the primary difference between them is the time each one takes to mature. Additionally, one has a different interest-payment structure. Each type of bond or bill has a different use.

The Treasury Bond is a long term government borrowing instrument, used for capital projects, and general government funding when state income is not enough for governments spending requirement.

The Treasury-Bill is for short term borrowing, designed to be issued occasionally to cover government temporary shortfall in available revenue.

According to records Saint Vincent and the Grenadines Government started selling Treasury Bills and Treasury Bonds in March 2006. It could have started even earlier than that, but I cannot find the records if it did. The reason why the Government did this is somewhat obscure, and I can see no direct benefit to the country or its people in selling Treasury-Bills. There is undoubtedly a benefit to those buying the Bills, less risk and a higher return.

Research tells me that Treasury-Bills instead of being a short term, temporary, occasional instrument to raise fund when government funds are low. Treasury Bills have auctioned every month for the last twelve years. One every month, sometimes more. Treasury Bonds have to be passed before Parliament for approval, but Treasury-Bills being short term borrowing instruments do not. So Parliament is unaware and un-notified of the monthly auctioning of the Treasury Bills, they have no oversight of the amount and frequency sold.

So what is the difference between a Bill and a Bond?

Treasury Bills mature in a year or less. Because of their short duration, these securities don’t make regular interest payments. In essence, St Vincent generally auction 91-day Treasury-Bills. Treasury-Bills are sold at a discount to their face value, and investors then get the full face value amount upon maturity. The interest rate shown at the time of sale is a discount rate. The final rate is determined at conclusion of the auction.. Treasury Bills are a good deal for the buyer but slightly more expensive borrowing for the seller/government, who on top of paying a higher-interest rate, pay auction, and handling fees from the selling agency.

Treasury bills have a face value of a certain amount, which is what they are worth. But they are sold for less. For example, a bill may be worth $10,000, but perhaps you would buy it for $9,000. Every bill has a specified maturity date, which is when you receive money back. The Government then pays you the full price of the bill — in this case $10,000 — and you earn $1000 from your investment. The amount that you earn is considered a discount payment, but is in fact interest, or your payment for the loan of your money. The difference between the value of the bill and the amount you pay for it is called the discount rate and is set as a percentage. In the example above, the discount rate is 10 percent, because $1000 is 10 percent of $10,000. That is not per annum; it is for the three month period that SVGs Bills are issued.

Treasury Bonds Generally speaking are multi-year instruments, 2-7-10 or more years, the longer the maturity of a Treasury Bond, usually the higher the annual yield it will pay, all other factors being equal. For example, all Treasury-Bond’s can be expected to carry a yearly stated interest rate on the borrowing. In contrast, a Treasury-Bill gives a discounted rate regardless of the length of validity, which cannot exceed one year.

Treasury Bills do not need parliamentary approval because they are short term, never exceeding twelve months, and usually used in emergency borrowing. If long term borrowing is required, another Treasury Bond is auctioned.

But what has been happening, the short term system of borrowing against Treasury-Bills has been abused, and they are a more expensive way of government borrowing money. The Treasury Bills have been rolled over every 91 days by the SVG government, the new Bills replacing the repaid Bills so over the last twelve years there have never been less than EC$75 million sold each quarter year. So what that means, the government has borrowed millions for many years without oversight of parliament.

If the Government had paid off the initial Treasury Bills by floating a Bond, it would only have cost about 6%pa, with only one set of handling fees payable to the sale platform and possibly agents.

Treasury-Bills are the short-term money market instrument, issued by the Vincentian Government, which should be only issued to fill temporary liquidity shortfalls. But the Treasury-Bill has become a long term investment by being renewed without failure every three months, with new Bills issued every month to replace a Bill repaid at maturity during the same month. This procedure is an evident and inexcusable circumvention of the finance act. And a flagrant curcumvention regarding reporting to parliament.

HISTORY OF SVG’s PROMISARY PAPER TRADING

Proposed upcoming auctions

20 Mar 2020 Government of St Vincent and the Grenadines, to issue a 91-day, EC$28.0M max 4.82% Treasury bill

23 Apr 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

21 May 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

24 June 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

17 July 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

24 Aug 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

28 Sep 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

19 Oct 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

25 Nov 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill

Sales Records to Date

17 Feb 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill [sold = to 7.52456%pa]

Four licensed intermediaries placed a total of 19 bids, ranging from $150,000 to $7.0 million, with an aggregate value of $47.4 million. A competitive uniform price auction

methodology was used and the resulting discount rate was 1.88114 per cent.

The brokerage firms of Bank of Saint Lucia, Bank of St Vincent and the Grenadines

Limited, First Citizens Investment Services Ltd and Grenada Co-operative Bank Ltd.

http://www.ecseonline.com/PDF/2020/Feb/TB%20VCB190520%20-%2017Feb20.pdf

21 Jan 2020 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill [ = aprx 19% pa]

19 Dec 2019 Government of St Vincent and the Grenadines to issue a 91-day, EC$28.0M max 4.82% Treasury bill.

[Maturity 03/20/2020]

16 Dec 2019 Government of St Vincent and the Grenadines to issue a 7-year EC$30.0M, max 6.75%pa Bond [Maturity date 17 Dec 2026]

14 Nov 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill [ = aprx 7.95636% pa]

Four licensed intermediaries placed a total of 20 bids, ranging from $10,000 to $8.0 million, with an aggregate value of $39.4 million. A competitive uniform price auction methodology was used and the resulting discount rate was 1.98909 per cent.

The brokerage firms of Bank of Saint Lucia, Bank of St Vincent and the Grenadines Limited, First Citizens Investment Services Ltd and Grenada Co-operative Bank Limited and participated in this auction.

18 Oct 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

17 Sep 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

12 Sep 2019 Government of St Vincent and the Grenadines to issue a 7-year EC$20.0M, max 7.0%pa Bond [Maturity date 13/09/2026]

13 Aug 2019 `Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

17 Jul 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

5 July 2019 Government of St Vincent and the Grenadines, issue of a 6.25% discount Treasury Bill repayable 7May 2020

ISIN =KN74083NAS386. EC$17, 664, 000.

Auction Date= 05/07/2019 Maturity 05/07/2020

14 Jun 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

10 May 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

15 Apr 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

13 Mar 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

6 Feb 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

10 Jan 2019 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

10 Dec 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

26 Nov 2018 Government of St Vincent and the Grenadines to issue a 10-year EC$8.0M bond, max rate 7.50% [Maturity date 11/27/2028]

8 Nov 2018 Government of St Vincent and the Grenadines to issue 8-year EC$15.0M, max 7.25% Bond [Maturity date 9 Nov 2026]

5 Nov 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

24 Oct 2018 Government of St Vincent and the Grenadines to issue 8-year EC$15.0M, max 7.25% Bond – CANCELLED

9 Oct 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury Bill

6 Sep 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

2 Aug 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

6 Jul 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

5 Jun 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

30 Apr 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

4 Apr 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

02 Mar 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

25 Jan 2018 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

28 Dec 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28.0M, max 4.82% Treasury bill

29 Nov 2017 Government of St Vincent and the Grenadines to issue a 91-

day EC$28.0M, max 4.82% Treasury bill

26 Sep 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

28 Aug 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

21 Jul 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

06 July 2017 St.Vincent and the Grenadines, ISIN= KN74083NAJ13

Domestic bonds 6% pa EC$35M [Maturity 7/03/2020]

23 Jun 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

25 May 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

12 May 2017 Government of St Vincent and the Grenadines to issue a 7-year EC$25.0M, max 7.5%pa bond [Maturity date 14 May 2024]

19 Apr 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

22 Mar 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

21 Feb 2017Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

16 Jan 2017 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

19 Dec 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

18 Nov 2016Government of St Vincent and the Grenadines to issue a 91-day EC$28M, max 4.82% Treasury bill

26 Aug 2016 Government St Vincent and the Grenadines, 7 year Domestic bond ISIN=KN74083NAE42 7%pa EC$300K

[Maturity date 08/26/2026]

26 Aug 2016 St Vincent and the Grenadines, Domestic bond 7%pa US$6,039,000. ISIN=KN74083NAF17 [Maturity date 08/26/2026]

17 Aug 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

12 Jul 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

17 May 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

8 Apr 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

11 Mar 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

11 Feb 2016 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

6 Jan 2016Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

10 Dec 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 4.82% Treasury bill

10 Nov 2015 Government of St Vincent and the Grenadines’ 91-day T-bill, max 4.82% Treasury Bill

05 Nov 2015 Government of St Vincent and the Grenadines to issue a $15.0M, max 6.5% Treasury Bill

5 Oct 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

7 Sep 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

7 Aug 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

2 Jul 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

5 Jun 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury bill

6 May 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

31 Mar 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

3 Mar 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

2 Feb 2015 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

29 Dec 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

28 Nov 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

31 Oct 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

26 Sep 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

10 Sep 2014 Government of St Vincent and the Grenadines to issue a 5-year $15.0M Note, max 6.0% – CANCELLED by Government

28 Aug 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

20 Aug 2014 Government of St Vincent and the Grenadines to issue a 7-year $15.0M Bond, max 7.0%pa [Maturity date 21 Aug 2021]

30 Jul 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

23 Jul 2014 Government of St Vincent and the Grenadines to issue a 3-year $10.0M Note, max 5.25%pa [Maturity date 24 July 2017]

25 Jun 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

27 May 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

29 Apr 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

24 Mar 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

21 Feb 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

27 Jan 2014 Government of St Vincent and the Grenadines to issue a 91-day EC$25.0M, max 5.82% Treasury Bill

19 Dec 2013 Government of St Vincent and the Grenadines to issue a 91-day, max 5.82% Treasury Bill

20 Nov 2013 Government of St Vincent and the Grenadines to issue a 91-day, max 5.82% Treasury Bill

24 Oct 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

17 Sep 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

19 Aug 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

23 Jul 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill [ = aprox 23%pa]

13 Jun 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

16 May 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

19 Apr 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

19 Mar 2013 Government of St Vincent and the Grenadines’ 10-year bond EC $40, max 7.00%pa [Maturity date 2023]

12 Mar 2013Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

12 Feb 2013 Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

16 Jan 2013 Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

7 Dec 2012 Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

9 Nov 2012 Government of St Vincent and the Grenadines to issue a 91-day EC$25M, max 5.82% Treasury Bill

15 Oct 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

5 Sep 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

8 Aug 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

12 Jul 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

4 Jun 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

4 May 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

27 Apr 2012 Government of St Vincent & the Grenadines 10-year EC$40M Bond [ Maturity date 28 Apr 2022]

10 Apr 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

1 Mar 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

1 Feb 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

4 Jan 2012 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

29 Nov 2011 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

31 Oct 2011 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

29 Sep 2011 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

26 Aug 2011 Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

July 2011Government of St Vincent and the Grenadines 91-day EC$25M, 5.82% Treasury Bill

29 June 2011 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

25 May 2011 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

28 Apr 2011 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

28 Mar 2011Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

21 Feb 2011 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

25 Jan 2011 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

22 Dec 2010 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

22 Oct 2010 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

21 Sept 2010 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

17 Aug 2010 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

21 Jul 2010 Government of St Vincent and the Grenadines to issue EC$20M, 5.82% Treasury Bill

17 Jun 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

14 May 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

19 Apr 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

16 Mar 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

10 Feb 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

14 Jan 2010Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

10 Dec 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

9 Nov 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

13 Oct 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

8 Sept 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

6 Aug 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

23 July 2009 Government of St Vincent and the Grenadines to issue a 91 day, EC$20M Treasury Bill

30 June 2009 & 5 June 2009 Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

19 May 2009 Government of Antigua & Barbuda to issue a 91-day, EC$17M Treasury Bill

14 May 2009 Government of St Vincent & the Grenadines to issue a 7-yr, EC$15M Bond [Maturity 15 May 2016]

8 Apr 2009: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

4 Mar 2009: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

5 Jan 2009: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

1 Dec 2008: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

29 Sept 2008 Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

28 Aug 2008: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

25 July 2008: Government of St Vincent & the Grenadines to issue a 91-day, EC$20M Treasury Bill

26 June 2008: Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

27 May 2008: Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

23 April 2008 Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

25 Mar 2008: Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

22 Feb 2008: Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

22 Jan 2008: Government of St Vincent and the Grenadines to issue a 91-day, EC$16M Treasury Bill

21 Dec 2007: Government of St. Vincent and the Grenadines to issue a 91-day, EC$16 Million, Treasury Bill

22 Nov 2007: Government of St. Vincent and the Grenadines to issue a 91-day, EC$16 Million, Treasury Bill

24 & 25 Sep 2007: Government of St Vincent & the Grenadines to auction a 10 Year, EC$30 Million, 7.5%pa Bond . [Maturity 04 Sept 2017]

20 Sep 2007: Government of St Vincent & the Grenadines to issue a 91-Day, EC$16M, Treasury Bill

21 Aug 2007: Government of St Vincent & the Grenadines to issue a 91-Day, EC$16M, Treasury Bill

19 July 2007: Government of St Vincent & the Grenadines to issue a 91-Day, EC$16M, Treasury Bill

18 Jun 2007: Government of St Vincent & the Grenadines to issue a 91-Day, EC$16M, Treasury Bill

15 Mar 2007: Government of St Vincent & the Grenadines to issue a 91 Day, EC$16 Million, Treasury Bill

15 & 16 Aug 2006: Government of St Vincent & the Grenadines to auction a 10 Year, EC$40 Million, 7.5%pa Bond [Maturity 17 Aug 2016]

05 Sep 2006: Government of St Vincent & the Grenadines to issue a 91 Day, EC$16 Million, Treasury Bill

02 Mar 2006: Government of St Vincent & the Grenadines to issue a 91 Day, EC$16 Million, Treasury Bill

In 2018, government debt for Saint Vincent and the Grenadines was 2 billion LCU. Government debt of Saint Vincent and the Grenadines increased from 1 billion LCU in 1999 to 2 billion LCU in 2018 growing at an average annual rate of 5.60%.

What is government debt?

Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable.

Thus, all liabilities in the GFSM 2001 system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110).

https://knoema.com/atlas/Saint-Vincent-and-the-Grenadines/topics/Economy/Financial-Sector-General-Government-finance/Government-debt

Debt had risen slowly from 1990 to 2003. Then under ULP Gonsalves led rule, it suddenly and rapidly soared to new heights from 2003 to 2018, never before experienced in the State of Saint Vincent and the Grenadines.

16 Dec 2019 Government of St Vincent and the Grenadines to issue a 7-year EC$30.0M, max 6.75%pa Bond [Maturity date 17 Dec 2026] EC$30 million

12 Sep 2019 Government of St Vincent and the Grenadines to issue a 7-year EC$20.0M, max 7.0%pa Bond [Maturity date 13/09/2026]

26 Nov 2018 Government of St Vincent and the Grenadines to issue a 10-year EC$8.0M bond, max rate 7.50% [Maturity date 11/27/2028]

8 Nov 2018 Government of St Vincent and the Grenadines to issue 8-year EC$15.0M, max 7.25% Bond [Maturity date 9 Nov 2026]

06 July 2017 St.Vincent and the Grenadines, ISIN= KN74083NAJ13

Domestic bonds 6% pa EC$35M [Maturity 7/03/2020]

12 May 2017 Government of St Vincent and the Grenadines to issue a 7-year EC$25.0M, max 7.5%pa bond [Maturity date 14 May 2024]

26 Aug 2016 Government St Vincent and the Grenadines, 7 year Domestic bond ISIN=KN74083NAE42 7%pa EC$300K

[Maturity date 08/26/2026]

26 Aug 2016 St Vincent and the Grenadines, Domestic bond 7%pa US$6,039,000. ISIN=KN74083NAF17 [Maturity date 08/26/2026]

20 Aug 2014 Government of St Vincent and the Grenadines to issue a 7-year $15.0M Bond, max 7.0%pa [Maturity date 21 Aug 2021]

19 Mar 2013 Government of St Vincent and the Grenadines’ 10-year bond EC $40 million max 7.00%pa [Maturity date 2023]

27 Apr 2012 Government of St Vincent & the Grenadines 10-year EC$40M Bond [ Maturity date 28 Apr 2022]

Money Currently Owed When These Bonds Mature

2021 = EC$15 million

2022 = EC$40 million

2023 = EC $40 million

2024 = EC$25 million

2026 = EC$30 million

2026 = EC$20 million

2026 = EC$15 million

2026 = EC$15 million

2026 = EC$300 thousand

2026 = US$6,039,000 [EC$16,232,832.00]

2028 = EC$8 million

Currently outstanding Bond repayments $224,532,832.00

That amount does not include the Treasury Bills if any outstanding between 2021 and 2028. But currently stands at about EC84,000,000.00 every quarter [sometimes more]. That’s an annual borrowing of EC$ 336,000,000., using 91 day Treasury–Bills, and no parliamentary oversight.

We know the Treasury –Bill were not, but were all the Bonds presented to Parliament for approval? Someone else will have to check that out.

REASONS FOR ISSUING TREASURY BILLS

2002 unfound

2003 Basseterre, November 19, 2003 The Government of St Vincent and the Grenadines will issue a ninety-one (91) day, sixteen million Eastern Caribbean dollar (EC$16,000,000) Treasury Bill via a competitive uniform price auction using the ECSE Primary Market Platform. The bidding period will be from 9:00 a.m. to 2:00 p.m. on Monday, November 24, 2003. The minimum bid amount is EC$5,000 and maximum discount rate offered is 5.82 % (or $98.55).

https://www.eccb-centralbank.org/news/view/st-vincent-and-the-grenadines-to-issue-treasury-bills

Purpose not published.

2004 unfound [There must have been Tbills issued because they are mentioned in purpose of issue in 2005]

2005 Issue of EC$48 Forty-eight million Treasury-Bill,

http://www.ecseonline.com/PDF/Prospectus%20-%20SVG%20T-%20Bills%20March-%2005.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills to be issued on the Primary Market via the Regional Government Securities Market (RGSM) and to provide for liquidity in these instruments by virtue of being traded on the Secondary Market via the Eastern Caribbean Securities Exchange (ECSE) platform

2006 unfound

2007 unfound

2008/2009 Notice of forthcoming auctions of Issue of 12 monthly T-Bills @ EC$20 m

http://www.ecseonline.com/GovtSVGfinalprospectus20MJul08toJun09.pdf.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills to be issued on the Primary Market via the Regional Government Securities Market (RGSM) and to provide for liquidity in these instruments by virtue of being traded on the Secondary Market via the Eastern Caribbean Securities Exchange (ECSE) platform.

2009/2010 Notice of forthcoming auctions of Issue of 12 monthly T-Bills @ EC$20 m

http://www.ecseonline.com/issuer_profiles/documents/GovtSVGFinalProspectusforJul09toJun10.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM) and to provide for liquidity in these instruments by virtue of being traded on the Secondary Market via the Eastern Caribbean Securities Exchange

(ECSE) platform.

2010 – 2012 unfound

2012/2013 Issue of 12 T-Bills @ EC$25 m each & 1 EC$40m 10 year Bond

http://www.ecseonline.com/PDF/2018/Jun18/GSVGAdden1%20VCG100323.pdf

To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM)

And to raise an amount of XCD$40.0 million to finance the Public Sector

Investment Programme

2013/2014 unfound

2014/2015 Notice of coming auctions of Issue of 12 T-Bills @ EC$25 m each & 1 Treasury Note, EC$15m 3 year

http://www.ecseonline.com/documents/FinalProspectusSVG2015.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM)

And to raise an amount of XCD$40.0 million to finance the Public Sector

Investment Programme [this information is incorrect should read EC$15m]

2015/2016 Forthcoming auctions of 11 Monthly issues of XCD28 million each.

file:///H:/Treasury-Bill%20Govt%20SVG%20Final%20Prospectus%202015-2016.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM)

2016/2017 Forthcoming auctions of 12 Monthly issues of XCD28 million each.

http://www.ecseonline.com/PDF/October%202016/Government%20of%20St%20Vincent%20and%20the%20Grendines%20FINAL%20Prospectus%202016-2017.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM)

2018/2019 Notices of monthly auctions of Issue of 12 T-Bills @ EC$28 m each

http://www.ecseonline.com/PDF/2018/Nov18/GSVG%20Prospectus%202018-2019.pdf

Purpose of Issue: To refinance the existing issues of Treasury Bills issued on the Primary Market via the Regional Government Securities Market (RGSM)

2018 Addendum 1; proposes to auction a Treasury Note in the amount of $15.0 million with the option for an additional $5.0 million on the 7th May, 2019

https://eccb-centralbank.org/debt-portal/documents/open/83

Purpose of Issue: To raise XCD $15.0 million with an option of an additional XCD $5.0million to finance the Public Sector Investment Programme via the Regional Government Securities Market (RGSM)

END

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