Western Australian Treasury Corporation
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 annual roundtable for Australia’s leading government-sector borrowers, hosted by KangaNews and Westpac Institutional Bank in July, found the issuers in buoyant mood. They have been able to shake off market volatility and economic uncertainty to deliver positive funding outcomes – while the semi-government sector in particular may have hit a new level of liquidity and global relevance.
Australia’s three largest state government bond issuers have all been active in the green, social and sustainability market for at least half a decade, while another peer joined their ranks in 2023 and the sovereign is preparing for a green-bond debut in calendar 2024. Frameworks, programmes and issuance approaches have not been static, however, as issuers seek to meet evolving investor needs and expectations.
Western Australian Treasury Corporation reports a more than three-times oversubscribed book for its debut green-bond transaction, following what the issuer describes as an unprecedented positive response to an extensive global roadshow. Scarcity value likely buoyed demand but the state treasury corporation also credits extensive work done to deliver a wide-ranging and credible sustainable-finance framework.