Grenada’s pioneering Retail Bond Programme has concluded its initial offering, generating EC$4.3 million in investments despite falling short of its EC$5 million fundraising objective. The landmark financial initiative, which ran from October 31 to November 21, 2025, marked the nation’s first attempt to engage retail investors through the Regional Governments Securities Market.
The bond offering attracted participation from over 350 individual investors across the Eastern Caribbean Currency Union (ECCU) region. The securities were distributed on a first-come, first-served basis through brokers authorized by the Eastern Caribbean Securities Exchange (ECSE). Investment thresholds were set between EC$500 minimum and EC$50,000 maximum per investor.
Kerry Pierre, Head of the Debt Management Unit at Grenada’s Ministry of Finance, characterized the auction as successful despite not reaching the full target amount. In a pre-recorded interview disseminated by the ministry, Pierre noted that while the EC$5 million goal wasn’t achieved, the initiative demonstrated significant public interest in government securities.
“We have been very successful in the completion of the auction of the first pilot retail household bond,” Pierre stated during his conversation with Communications Manager Russell John. He acknowledged the learning curve associated with such pioneering financial instruments, explaining that investor participation accelerated as the auction period progressed despite initial cautious engagement.
The two-year government-backed bonds offer investors a fixed annual interest rate of 4.25%, with semi-annual payments scheduled for May and November each year. The programme represents a significant step in financial inclusion, allowing everyday citizens to participate directly in government debt instruments previously accessible primarily to institutional investors.
Pierre emphasized that the experience gained from this inaugural offering will inform future retail bond programmes, potentially paving the way for more successful implementations across the Eastern Caribbean region.