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New South Wales Treasury Corporation (TCorp) CPI Linked Borrowing Programme 2009/2010TCorp CPI Linked Borrowing Programme 2009/2010
Release date:11 Aug 2009 TCorp announced its 2009 / 2010 funding programme on June 16th. At the time TCorp announced an issuance guide of A$0.5bn to A$1.5bn for its Inflation Linked programme, but did not announce further detail pending a possible announcement from the Australian Office of Financial Management (AOFM) on the Commonwealth’s intentions in this sector. Given the AOFM has now indicated they will issue Treasury Indexed Bonds later this year, TCorp has decided to provide further detail around its planned activities for the 2009 / 2010 financial year.
Current outstandings in TCorp Capital Index Bonds (CIB) are in two lines:
A$1.0475 bn 2.75% 20 November 2025 CIB
A$ 0.614 bn 2.50% 20 November 2035 CIB
TCorp intends to add further liquidity to these lines via public tenders or placements on the quarterly dates of August 20, November 20, February 22 and May 20. The stock details and size of issuance will be announced at least one week prior to the dates.
Additional issuance may be undertaken in placements or bookbuilds outside of the announced dates, similar to last year.
TCorp will, over the year, look to diversify issuance outside the existing CIB 2025 and 2035 lines.
Other options to be considered in discussions with panel members and investors will include potential demand for a shorter dated Capital Indexed Bond line and or issuing a longer dated Index Annuity Bond.
Exact timing and details of how these lines will be established will depend upon investor interest and the needs of TCorp’s borrowing clients. However investors and market participants are encouraged to provide any feedback and ideas around the establishment of these lines.
For further information please contact Michael Allen, General Manager Treasury on (02) 9325-9288.
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