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CPI Index Linked Borrowing Programme 2008 / 2009TCorp CPI Linked Borrowing Programme 2008 / 2009
Release date:27 Jun 2008 As announced on June 3rd, TCorp plans to raise between $600 million and $1 billion through its CPI linked borrowing programme in 2008 / 2009. The actual amount raised will depend primarily on the final borrowing needs of TCorp’s clients but is also subject to the overall investor demand in the market.
Since the Indexed Programme was announced on November 14 2007, TCorp has raised $903m through its CPI linked borrowing programme. The methods used to issue have included book builds, clearing rate tenders and traditional tenders. In deciding the tender methods used, TCorp has sought feedback from market participants. This feedback has also been used to decide upon the best methods going forward. As a result we announce the following.
Fixed Date Tender Plan
Other Issuance
The timing of the remaining issuance will depend upon TCorp’s client needs as well as identified investor demand. However we will not issue a week either side of the above tender dates so as not to crowd supply. The method of issuance will depend upon size, maturity and market dynamics at the time. At this stage issuance is likely to be limited to the existing 2025 and 2035 lines. For the balance of the programme TCorp will provide at least 24 hours notice before a tender.
Summary
TCorp thanks participants for their feedback and continues to welcome any ongoing feedback from both intermediaries and investors. The development of this market remains important to TCorp going forward. The first eight months have been encouraging and developments so far, together with the proposed abolition of interest withholding tax widening the potential investor base, mean TCorp remains committed to the market.
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.
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