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Benchmark Program Summaries
Domestic Bonds
Global Exchangeable Bonds
TCorp’s Commitment Standard
Latest Information Available
Program Details Domestic BondsTCorp was the first Australian state central financing authority to consolidate its Domestic Bonds issues into a benchmark series, commencing in January 1985. The Benchmark series are bonds which are continuously issued with the same maturity date and coupon date. These bonds continue to be issued regardless of the changes in market yields so that the benchmark bonds remain a benchmark through to maturity. Since 1985, the benchmark programme has grown to include securities across the yield curve to 2014 with a range of coupons from 5.5% to 8%. The total amount of domestic benchmarks on issue has ranged between $14 billion and $16 billion in recent years. Global Exchangeable BondsFor offshore investors, there is a withholding tax exempt version of the benchmark, (subject to certain criteria being met - see Information Memorandum) the Global Exchangeable Bonds, with a volume currently outstanding of between $3 billion and $5 billion.Market SupportTCorp is committed to the continual support of its issued securities and provides stocklending and clearing facilities to panel members for small or odd-size parcels. As a result dealers can be confident of dealing in large or small volumes.
All TCorp bonds are guaranteed by the Government of New South Wales. Thus benchmark and Global Exchangeable bonds carry the top credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s Investors Service. Latest Information AvailableRegularly updated information regarding amounts on issue, turnover and closing rates for TCorp stock is available on:
- Bridge (22868-72)
- Reuters (TCOR-W)
- Bloomberg (NSWT 1-6)
Program DetailsFor summary of program details, please see the "Related Links" section.
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