New South Wales Treasury Corporation
The scale of New South Wales (NSW)’s infrastructure task and its well-defined links with sustainable outcomes – in both the environmental and social arenas – enabled NSW Treasury Corporation (TCorp) to debut in the green-bond market with a blockbuster deal. TCorp issued A$1.8 billion (US$1.3 billion) of 10-year green bonds on 9 November.
On 1 April, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched an Australian dollar denominated, syndicated transaction. The offer is a new October 2023, benchmark, floating-rate note and an increase to its February 2024, fixed-rate maturity. Indicative price guidance for the forthcoming deal is, respectively, 36-40 basis points area over three-month bank bills and 49-53 basis points area over Australian Commonwealth government bond.
On 31 March, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) revealed plans for a new Australian dollar denominated, syndicated, benchmark transaction, proposed in either or both fixed and floating-rate note (FRN) formats. The potential fixed-rate offer would be an increase of its February 2024 maturity while the FRN would be a new October 2023 line. The issuer is inviting investors to provide views on pricing and indicative demand.
Demand for syndicated primary issuance of semi-government paper continued through at least the last week of February, driven by relative value in the sector, a lack of other high-grade supply and, most recently, investor flight to quality.