New South Wales Treasury Corporation - 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 New South Wales Government and enjoy the highest credit rating available to any Australian issuer (AAA/Aaa for both our Australian dollar and foreign currency issues). TCorp bonds are available via a panel of leading banks and market intermediaries.

View the 2019/20 Annual Funding Programme

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Benchmark Bonds

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

Global Bonds

New South Wales government bonds for international investors with a range of currencies and maturities.

Short Term Programme

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

Waratah Bonds

A range of retail bonds for everyday investors providing a low risk investment with steady income.

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 $95 billion.

Australian dollars

Funding will be sourced primarily through the Australian Dollar benchmark nominal bond programme

Other forms of potential issuance include floating rate notes and moderate amounts in inflation linked bonds and Euro Medium Term Notes


Budget Forecast 2019/20 A$ billion
New Client Loans 13.4
Projected Term Maturities 3.6
Term Funding Requirement* 17

Strong Credit Ratings for New South Wales

Long term Australian currency Long term foreign currency Short term
Standard and Poor's AAA (neg) AAA (neg) A-1+
Moody's Aaa (stable) Aaa (stable) Prime-1


Ratings Agency Commentary

“The ratings reflect NSW's wealthy economy, excellent financial management, and exceptional liquidity, as well as our expectation that the state will deliver on its capital spending while maintaining after capital deficits and debt at manageable levels."

Standard & Poor's, September 2018

Credit Strengths:

"Well established institutional framework, which provides significant fiscal policy flexibility."

"Large and diverse economic base, which supports a broad and productive tax base."

Moody's, September 2018

“The State’s strong fiscal position reflects the Government’s ongoing commitment to deliver the investment that communities need while keeping debt sustainable and maintaining a triple-A credit rating.”

Quote from  NSW Budget 2019-20