Global Exchangeable Bonds

Summary
Market Support
Settlements
Latest Information

Summary

Global Exchangeable Bonds were initially issued for offshore investors as withholding tax exempt. On 9 December 2008, legislative amendments extending eligability of the s.128F withholding tax (IWT) exemption to TCorp's domestic bonds came into effect.

As such, new investment is generally in the domestic programme, but TCorp will continue to maintain the Global Exchangeable Programme. The volume on issue is currently around $7bn.

TCorp sells Global Exchangeable Bonds through panel members who not only have intimate knowledge of the Australian bond market but also have strong international placement and dealing capacity.

TCorp pioneered the Exchangeable Bond concept in Australia with a prototype private placement in 1987. This was followed in 1989 with a series of offshore A$ bond issues. These are exchangeable at the investor’s option into TCorp’s domestic Australian Benchmark issues with corresponding maturity dates and semi-annual interest coupons.

The ‘Exchangeable’ feature gives offshore investors a ‘last resort’ access to the liquidity of TCorp’s domestic Australian market which they would not obtain through traditional offshore issues.

The Global Exchangeable Bond programme is designed:

to provide the same coupon and maturity as domestic bonds,
to use panel members with domestic market making and hedging capacity, and
to make the Exchangeables continuously available so that buy and sell prices can always be made,

so that the prices of Exchangeable Bonds will closely reflect the domestic TCorp bond market. Thus investors who wish to liquidate holdings of Exchangeables are unlikely to need to utilise the exchangeable feature, but it is a useful fall-back. All this provides a stable pricing relationship with the domestic bonds.

The table below is general information on the Global Exchangeable bonds issued by the New South Wales Treasury Corporation. For further information, please use the link below to the Global Exchangeable bond information memorandum.

Issuer	New South Wales Treasury Corporation
Guarantor	The Crown in Right of New South Wales
Rating	Standard & Poor's: AAA Moody's Investors Service: Aaa
Fiscal & Principal Paying Agent Transfer and Exchange Agent	Deutsche Bank AG, London
Registrar & US Exchange Agent	Deutsche Bank Trust Company Americas
Maturities	All domestic Benchmark maturities
Form of bonds	International Registered Global Bonds for non-US residents DTC Registered Global Bonds for US residents
Denominations	Bonds will be issued in denominations of A$1,000
Programme Listing	London Stock Exchange (Professional Securities Market)
Ex-interest period	T/C 10 & 12 - Close of business 16th of month prior to coupon date. Bearer formats have no ex-interest period. T/C 14, 17 & 19's - Close of business on the 8th day immediately preceeding each interest payment date. If either party settles through Euroclear and the transaction occurs during the ex-interest period, pricing should take account of Euroclear's coupon compensation procedures. If International Registered Global Bonds are issued in an ex-interest period, a temporary Common Code will be issued, valid until the coupon payment. Bonds will then revert to the normal Common Code for that series
Traded	Cedel Euroclear (International Registered Global and bearer) Depository Trust Company (DTC Registered Global)
Registered Global	Secondary cross-market trading between Euroclear/Cedel and DTC Bonds. This is explained in "Transfer and Settlement of Interests in Global Bonds" on page 28 of the information Memorandum for the Programme.
Outstandings	Bloomberg page NSWT4 Reuters page TCOU
Information Memorandum	Global Exchangeable Bond Information Memorandum

Market Support

TCorp 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 Domestic Benchmark and Global Exchangeable Bonds carry the top credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s Investor Service.

Settlements

Introduction

The following information is for the benefit of wholesale market counterparties who trade in TCorp's offshore issued Global Exchangeable Bonds and must be read subject to the Terms of Use. This is a summary only, for full details of the Global Exchangeable Bonds refer to the specific Base Prospectus.

Identification Codes

The table below shows the registration codes for each series.

Series		International Registered			DTC Registered
Coupon	Maturity Date	Common Code	ISIN	WKN	CUSIP No.
7.00%	1/12/10	11049761	XS0110497616	607646	TBA
6.00%	1/05/12	013826145	XS0138261457	831043	TBA
5.5%	1/08/14	017530712	XS0175307122	TBA	TBA
5.5%	1/03/17	024891801	XS0248918012	TBA	TBA
6.0%	1/04/19	037430595	XS0368736806	TBA	TBA

Further Details

The table below lists further details relating to each type of Global Exchangeable Bond.

Further Details	International Registered	DTC Registered
Ex Period	Close of books occurs at the end of the day on the 16th day of the month prior to coupon payment date, that is, the 'ex-date' is the 17th. The exceptions are the series due 1/8/2014, 1/3/2017 and 1/04/2019 which go ex interest. 7 clear calendar days before coupon payment date.	Close of books occurs at the end of the day on the 16th day of the month prior to coupon payment date, that is, the 'ex-date' is the 17th. The exceptions are the series due 1/8/2014 and 1/3/2017 which go ex interest. 7 clear calendar days before coupon payment date.
Issuing and Paying Agent	Deutsche Bank AG, London	Deutsche Bank Trust Company, New York
Traded	Clearstream, Euroclear only	DTC only
Other Information	No actual physical notes issued, a Global note is marked up or down as issues and buy backs occur. If issued in an Ex Period a temporary common code will be issued, valid until after the coupon payment. Bond will then revert to normal common code. Subject to USA 'Regulation S' primary sales to non-US residents only. US resident may purchase in genuine secondary market trades only and hold on Euroclear/Cedal only. Subject to USA 'Regulation S', primary sales to non-US residents only. US resident may purchase in genuine secondary market trades only and hold on Euroclear/Cedal only.	Can be held only by Qualified Institutional Buyers ('QIBs') under the provision of Rule 144A of the US Securities Act of 1933. Institutions may be requested to confirm their QIB status. CUSIP numbers must be used. Secondary cross-market trading between DTC and Euroclear/Clearstream or vice versa can be effected, as detailed in 'Transfer and Settlement of Interests in Global Bonds' in the Information Memorandum for the programme.

Contacts

The table below lists the TCorp's contacts, issuing and paying agents and codes for TCorp data pages.

TCorp Contacts

Issuing & Paying Agents

TCorp Data Details

Manager Operations

David Wilson

(+61 2) 9325 9202

Fixed Interest Settlements

(+61 2) 9325 9380

General Manager Finance & Admin

Paul Smith

(+61 2) 9325 9244

Deutsche Bank AG, London

Corporate Trust & Agency Services

Winchester House

1 Great Winchester Street

London UK EC2N 2DB

David Goodchild

Telephone: (+44 207) 547 0508

Fax: (+44 207) 547 6136

Deutsche Bank Trust Company

New York

Wanda Camacho

Telephone: (+1 201) 593 6870

Bloomberg

NSWT : 1 - 6

Reuters

TCOR, TCOS, TCOT, TCOU,
TCOV, TCOW

Latest Information

Information regarding closing rates, amounts on issue and turnover for TCorp stock is regularly updated and available on:

Bloomberg pages NSWT1-6
Reuters pages TCOR-W