It is a debt security, under which the ECHMB owes the holders a debt and, depending on the terms of the Corporate Paper, 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 a tenure of 365 days or less. Investments start at XCD 5,000.
ECHMB Corporate Papers are now issued by private prospectus and then listed on 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 ECHMB’s Corporate Papers are highly liquid.
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