Introduction

TCorp was the first Australian state central financing authority to consolidate its domestic bond issues into a benchmark series, commencing in January 1985.

Benchmark Bonds

The majority of TCorp's borrowings are accessed through the Benchmark Bond Programme.  This programme issues large and liquid bond lines which are added to over time and are actively traded in financial markets. Investors traditionally buy these bonds to gain the liquidity of Commonwealth Government bonds but with a yield pick-up.  Outstandings comprise 60% to 80% of liabilities, which currently equates to $35bn to $40bn across seven bond lines.