S.L. 133.2 Art. 7Modes of issue. Standard tenders. Special tenders.

(1) Treasury bills may be issued:

(a) at a fixed price or fixed rate of discount, or

(b) by a competitive auction after an invitation to bid, or

(c) by a non-competitive auction.

(2) Treasury bill auctions are held on a weekly basis or as may otherwise be determined by the Accountant General.

(3) When Treasury bills are issued at a fixed price or fixed rate of discount, such price or rate shall be fixed by the Accountant General.

(4) Save as provided in subregulation (5), the Accountant General shall invite applications or tenders for Treasury bills by giving notice in the Gazette not less than three business days prior to the final date on which applications or tenders will be received by the Accountant General. Such notice shall specify the date of the auction, the deadline for submission of bids, the period for which the bills are to be issued, the settlement date and the mode of payment of bills.

(5) Notwithstanding the provisions of subregulation (4), the Accountant General reserves the right to invite a select group of institutional investors to participate in special tenders whereby such investors will be requested to submit their bids within such number of hours as may be stipulated in the invitation. These special tenders shall be settled on the day of the tender or on such other day as may be set by the Accountant General in the invitation to bid.