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 2017/18 Annual Borrowing Programme Webinar


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 $65 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


Annual Borrowing Programme 2017/18 Updated
(AUD $bn)
New Client Loans 1.9
Projected Term Maturities 4.5
Term Funding Requirement* 6.4

TCorp Debt On Issue

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 on NSW reflect our view of Australia’s extremely predictable and supportive institutional framework, as well as the state’s very strong financial management and economy, and its exceptional liquidity.”

“The negative outlook reflects that on the Commonwealth of Australia and represents at least a one-in-three chance of a downgrade within the next 12-24 months.”

“We view NSW’s stand alone credit profile as  ‘aaa’.”

Standard & Poor's, September 2016

“New South Wales' credit quality reflects its diverse economic base, considerable budget flexibility, and secure and predictable grants from the Commonwealth.  The ratings also take into account the State’s progress in significantly narrowing its fiscal deficits, following many years of larger recurring deficits.”

Moody's, December 2015