TCorp Bonds Overview

TCorp provides domestic and international investors with access to bonds and other debt instruments issued on behalf of the state of New South Wales. All of the debt instruments we issue are fully guaranteed by the NSW Government and have strong credit ratings (Aaa/AA+ for both our Australian dollar and foreign currency issuance). TCorp bonds are available via a panel of leading banks and market intermediaries.

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2022-23 Post-Budget debt investor update

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Benchmark Bonds

Large and liquid domestic bonds that are actively traded in the financial markets.

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Non-benchmark Bonds

NSW Government bonds for international investors with a range of currencies and maturities.

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Short Term Programme

Short dated investments including domestic promissory notes, cash, deposits and Euro commercial paper.

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Sustainability Bonds

Green, social and sustainability bonds provide a mechanism for investors to contribute capital to achieve environmental and social goals.

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TCorp’s Funding Programme

TCorp issues bonds in order to provide financing to the NSW Government sector and all NSW government agencies. As the central borrowing authority for NSW, our balance sheet is around A$145 billion.

2022-23 NSW Half-Yearly Review

Funding task	FY 2022-23 $ billion	2022-23 Half-Yearly Review $ billion	FY 2023-24 $ billion	FY 2024-25 $ billion	FY 2025-26 $ billion
New client loans	27.1	25.0	25.5	18.6	19.6
Term maturities	4.4	4.4	7.8	8.9	11.0
Pre-funding for FY 2022-23	(4.2)	-	-	-	-
Estimated borrowings	24.0	26.1	33.3	27.5	30.6

Investor pack

To find out more about TCorp's Funding Programme, read our 2022-23 Mid-year debt investor update in English and Japanese.

Strong Credit Ratings for New South Wales

	Long term Australian currency	Long term foreign currency	Short term
Moody's	Aaa (stable)	Aaa (stable)	Prime-1
Fitch	AAA (stable)	AAA (stable)	F1+
Standard & Poor's	AA+ (stable)	AA+ (stable)	A-1+