Treasury Corporation of Victoria
Treasury Corporation of Victoria (TCV) (AAA/Aaa) launched the syndication of an indicative A$100 million (US$76.7 million) November 2047 bond on 30 October. Initial price guidance is 125-127 basis points over EFP, according to lead manager Commonwealth Bank of Australia.
The report of Australia’s Productivity Commission into the way goods and services tax (GST) receipts are shared will, if adopted, entail a major revenue spike for Western Australia (WA). WA has seen its GST grants from the Commonwealth grants fall to less than 30 cents in the dollar GST raised in the state at times, but the Productivity Commission’s recommendations could see WA’s GST grant revenue increase by as much as A$3.6 billion a year (US$2.8 billion).
One-one-one interviews with WATC, TCV, SAFA, QTC and TCorp.
The state of Victoria is at the forefront of the general uptick in Australian semi-government issuance, as it exits a phase of state asset transactions and enters one of major infrastructure investment. The state’s treasurer and its funding agency, Treasury Corporation of Victoria (TCV), talk to KangaNews about the purpose of the new-debt requirement and how it will be funded.
Australia’s May-June budget season marked a change in direction for sovereign and semi-government bond issuance in the years ahead. While the aggregate funding task for the states is about to grow once more, the Commonwealth government finally produced a budget with a lower year-on-year issuance requirement – assisted by a cash grab from the local banking sector.