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Wednesday, 19 February 2020

Basis swap brings euros into play for TCorp

A favourable basis swap has enabled New South Wales Treasury Corporation (TCorp) to take advantage of a funding opportunity in euros that was well inside its Australian dollar cost of funds. The issuer says there is opportunity in euros but its own clients’ demand constrains supply.

Thursday, 12 December 2019

TCorp’s 2019/20 funding requirement increases after mid-year review

New South Wales Treasury Corporation (TCorp) revealed a A$3.7 billion (US$2.5 billion) increase to its funding requirement for the 2019/20 financial year on 12 December, following the release of the state government’s half-yearly review (see table).

Wednesday, 04 December 2019
Dec/Jan 2019/2020

KangaNews Awards 2019: winners announced

KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2019. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2019 in the Australian and New Zealand debt markets.

Monday, 25 November 2019

Long-term sustainability vision drives TCorp’s report and market return

As a growing group of borrowers become seasoned issuers in the green, social and sustainability (GSS) bond market, participants’ attention is increasingly turning to ongoing reporting on use of proceeds and sustainable assets. New South Wales Treasury Corporation (TCorp) took a lead position on reporting in October and followed a few weeks later with a second GSS bond.

Wednesday, 13 November 2019

TCorp launches March 2025 domestic sustainability bond

On 13 November, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) launched a new March 2025, Australian dollar denominated sustainability bond. The deal is being marketed at 43.5-46.5 basis points area over the three-year futures contract, equivalent to 29.9-32.9 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to joint lead managers ANZ, Bank of America Merrill Lynch and National Australia Bank.

Friday, 01 November 2019

Blockchain bonds: concept proved, now for wider application

Participants in World Bank’s BOND-I transaction say it has proven correct many of the hypotheses around the potential for capital markets to use distributed-ledger technology (DLT). The challenge now is to achieve wider application so the benefits can be fully realised.

Thursday, 24 October 2019

TCorp to roadshow inaugural sustainability bond

On 24 October, New South Wales Treasury Corporation (TCorp) (AAA/Aaa) revealed plans for an inaugural sustainability-bond transaction, the proceeds from which are earmarked to finance green and social assets. TCorp will undertake a roadshow prior to the launch of the deal. ANZ, Bank of America Merrill Lynch and National Australia Bank have been mandated as joint lead managers.

Wednesday, 23 October 2019

Time for issuers and investors to step up engagement on benchmark reform

End users can no longer ignore the domestic and international process of reforming benchmark rates, according to speakers at the International Swaps and Derivatives Association (ISDA)’s annual Australian conference in Sydney. The local market is less than halfway through its own transition and the main concern is lack of engagement from many issuers and investors.

Thursday, 12 September 2019

TCorp steps into the mid-curve as its syndicated volume grows

New South Wales Treasury Corporation (TCorp) priced a A$1.75 billion (US$1.2 billion) transaction in the mid-curve on 5 September, which the issuer says is indicative of its intention to issue across the curve having printed A$2 billion of 2029 maturity notes in June and A$1.25 billion of 2031s in July.