TT government moves to mop up liquidity

The Government of the Republic of Trinidad and Tobago proposes to raise TT$1,000 million through the issue of a 7-year bond with a coupon rate of 2.60% per annum to mop up excess liquidity in the financial market.

The bonds will be issued through the automated auction system operated by the Central Bank. The issuance of this bond will reduce excess liquidity levels in the banking sector in accordance with established monetary policy, while the proceeds of the bond will be held in a frozen account at the Central Bank on behalf of the government. The issue document stated.

A single price auction system will be used and, as far as possible, applicants will be allotted bonds to the fullest extent of their applications. Government Securities Intermediaries are appointed by the Central Bank to act as counterparties in the auction and, thereafter, to provide a secondary market for the bonds. Bids can be placed competitively or non-competitively by submitting the relevant application form, along with payment to a Government Securities Intermediary. The maximum allotment that can be obtained through a non-competitive bid is $100,000 face value at a price established in the competitive side of the auction. This price is the minimum price, when the successful bids are ordered from the highest price to the lowest price and may be at par, premium or a discount.

The government in the offer document that it is also mindful of its role in the development of the local capital market and, in particular, the development of the government bond market. To this end, it continues to provide securities that will cater to the needs of all investors.

The auction will be opened at 10:45 a.m. on Monday May 6, 2013 and will close at 1:00 p.m. on Friday May 17, 2013. Bonds will be dated May 21, 2013.

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