It is a debt security, under which the ECHMB owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity date. The instrument is normally issued for tenures 365 days or greater.
ECHMB Bonds are issued by public prospectus utilizing the platform of the Eastern Caribbean Securities Exchange (ECSE). The ECSE is also contracted as the Bank’s Transfer and Paying Agent.
Interest is usually payable semiannual. The ownership of the instrument can be transferred on the secondary market (ECSE); this means that the ECHMB’s bond, is highly liquid.
The Bank bonds are rated Cari BBB+ (Foreign Currency) and Cari BBB+ (Local Currency) by the Caribbean information & Credit Rating Services (CariCRIS).
The ECHMB has successfully issued and repaid bonds totaling $1.465B and has paid in excess of $178.65m in interest to bond holders.
Schedule of Issues for 2019: