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CIB Bond BuybackPress Release
Release date:16 Dec 2008 New South Wales Treasury Corporation (TCorp) announces a $35m Capital Indexed Bond (CIB) Buyback on Tuesday 16 December 2008.
TCorp is inviting offers from market participants for TCorp to repurchase up to $35m of its CIB 2.75% 20/11/2025. This will only be done at prevailing market rates (based off closes on Monday 15 December 2008). This is aimed at removing any excess stock from balance sheets ahead of the quiet Christmas / New Year period.
TCorp is providing this special window for its non-Benchmark CIB Programme, as the TCorp balance sheet is unable to provide this support in its daily operations. This is an opportunity for excess stock to be sold; however, it should be noted that it is not necessary for TCorp to repurchase the stock, so the amount transacted will be between zero and $35m.
This action does not change plans for future issuance as outlined in our funding programme and update on 11 November 2008.
Offers will be considered by phone on an outright real yield basis via the dealer panel from 3.00pm to 3.30pm on Tuesday 16 December. Results will be announced on Bloomberg page NSWT6 shortly afterwards. Settlement will be on Friday 19 December 2008.
It should be noted that all the details in respect of the above are indicative only and TCorp reserves the right to amend any of these details at any time.
For further information please contact Tim Hext on (02) 9325-9279.
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