Treasury Corporation of Victoria
Treasury Corporation of Victoria (TCV)’s new three-year transaction was driven by liquidity management needs as the Victorian government continues to implement its working-capital efficiency project. With little issuance from the semi-government sector in this part of the curve, TCV says it was positively surprised by the diversity of investors and demand it uncovered.
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.
Government-sector issuers are among Australasia’s most active in the green, social and sustainability (GSS) bond space. They are also responding to increasing investor demand for entity-level environmental, social and governance (ESG) commitments and say they are well placed to provide these despite some negative headlines.
Key data and information on 15 high-grade issuers active in the Australasian debt markets, including funding strategy information, debt data and issuer-specific perspectives.
A set of circumstances conducive to borrowing has characterised the Australian government sector in the last 12 months. A lower sovereign requirement, regulatory changes and benign market conditions have all provided tailwinds, even as the economy has slowed. KangaNews convened the sector’s largest issuers in Sydney in January to discuss the state of play.