Northern Territory Treasury Corporation (NTTC) (Aa2) launched a new, Australian dollar denominated benchmark bond due April 2027, on 22 January. The forthcoming transaction is being marketed at 66-68 basis points over the 10-year futures contract, equivalent to 75-77 basis points area over Australian Commonwealth government bond.
On 21 January, Northern Territory Treasury Corporation (NTTC) (Aa2) revealed plans for a new, Australian dollar denominated benchmark bond transaction, due April 2027. ANZ, National Australia Bank and UBS have been mandated as joint lead managers for the transaction.
Western Australia (WA)’s economy is continuing an upward trajectory, with increased mining revenues and a favourable reallocation of goods and services tax (GST) among the main drivers of fiscal improvement. The state is now forecasting a fiscal surplus in 2019/20, one year earlier than expected.
The New Zealand Financial Markets Authority (NZFMA) has opened a consultation period on the idea of supplementing – though not replacing – the existing bank-bill reference rate (BKBM) with an overnight risk-free rate (RFR). The goal is better to align the New Zealand market with evolving global norms, specifically the International Organization of Securities Commissions (IOSCO)’s principles for financial benchmarks.