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Friday, 09 October 2020

WATC’s new-money requirement in 2020/21 borrowing programme within expectations

Western Australian Treasury Corporation (WATC) revealed a A$4.3 billion (US$3.1 billion) borrowing programme for the 2020/21 financial year on 9 October, following the release of the Western Australian state budget the previous day. It is at the upper end of the A$2.6-4.5 billion estimate provided at the state’s last budget update on 29 May.

Friday, 17 July 2020
Jun/Jul 2020

WA keeps on its toes as lockdown end nears

Western Australia (WA) has had among Australia’s best outcomes when it comes to the health aspect of the COVID-19 crisis, allowing it to project a target date for the lifting of all remaining social restrictions state-wide. Ben Wyatt, WA’s Perth-based treasurer, discusses the state’s economic response and outlook.

Thursday, 16 July 2020
Jun/Jul 2020

Australian government-sector issuers ride the waves of COVID-19

In June, Westpac Institutional Bank and KangaNews brought together the biggest issuers in the Australian government sector to discuss a rollercoaster ride in markets since the end of March. The issuers describe a relatively straight-line improvement since the thrills and spills of the March-April period, with returning investors supporting increasing issuance volume and liquidity at extended tenor.

Friday, 29 May 2020

WATC’s 2020/21 funding requirement unchanged for now

On 29 May, Western Australian Treasury Corporation (WATC) revealed an estimated term funding requirement for the 2020/21 financial year of A$2.6-4.5 billion (US$1.7-3 billion). The announcement followed the state treasurer’s economic update to the Western Australian parliament on 28 May.

Thursday, 21 May 2020

WATC maintains funding strategy amidst COVID-19 crisis

Western Australian Treasury Corporation (WATC) says issuing a new 2031 line was always part of its long-term funding strategy even before semi-government borrowers faced a substantially higher funding need in response to the COVID-19 crisis.

Monday, 18 May 2020

WATC launches new October 2031 syndicated deal

On 18 May, Western Australian Treasury Corporation (WATC) (AA+/Aa1) launched a new October 2031, Australian dollar denominated, syndicated, benchmark transaction. The forthcoming deal is being marketed at 76-80 basis points area over 10-year futures contract, equivalent to 68.2-72.2 basis points area over Australian Commonwealth government bond.

Friday, 15 May 2020

WATC to bring new October 2031 syndicated deal

On 15 May, Western Australian Treasury Corporation (AA+/Aa1) mandated Bank of America Securities, Commonwealth Bank of Australia, National Australia Bank and UBS for a new October 2031 benchmark bond transaction.

Tuesday, 03 March 2020

Demand surge continues for semi-government syndications

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.