New South Wales Treasury Corporation (TCorp) provides best-in-class investment management, financial management, solutions and advice to the New South Wales (NSW) public sector. With A$110.1 billion of assets under management as at 30 June 2024, TCorp is a top-10 Australian investment manager. It is also the central borrowing authority of the state of NSW, with a balance sheet of A$176.7 billion.

Created by the Treasury Corporation Act 1983, TCorp is a wholly owned entity of the state of NSW with an independent board and a governance structure consistent with publicly listed companies.

TCorp has an explicit guarantee from the Crown in the right of NSW and enjoys one of the highest ratings available.

TCorp provides financing to the NSW government sector and all the state’s agencies. It finances public authorities and the government’s budget within strict limits, which the treasurer and governor of NSW approve under the Public Authorities (Financial Arrangements) Act 1987.

TCorp’s balance sheet is funded through the issuance of a range of debt instruments to domestic and international investors. Most borrowing is through the Australian dollar benchmark bond programme.

TCorp has 13 lines of state government-guaranteed, fixed-rate benchmark bonds totalling more than A$135.5 billion with maturities between 2024 and 2037, as at 30 June 2024. New issuance can be by syndication, tender or reverse enquiry. TCorp also issues nonbenchmark fixed, floating and capital-indexed bonds, including in offshore currencies and in longer tenors.

In November 2018, TCorp launched a sustainability bond programme under which, as of 30 June 2024, it has A$11.9 billion of bonds outstanding across two green bonds – November 2028 and November 2030 – and three sustainability bonds – March 2025, November 2032 and September 2035. TCorp was the first domestic issuer to establish a standalone ESG curve.

TCorp is active in the short-term money market as a borrower and investor. The short-term issuance programme includes promissory notes and a US$10 billion ECP programme. Offshore markets are used for diversification and to find favourable funding opportunities. Foreign currency borrowings are fully hedged into Australian dollars.

Investors are attracted to the quality of TCorp bonds as they offer safety and liquidity while trading at a premium to Australian government bonds. TCorp’s benchmark bond programme is characterised by large, liquid bonds issued at regular intervals across the yield curve. The treasury corporation actively supports this liquidity through its balance-sheet activities.

Funding and Balance Sheet Team
+61 2 9325 9325
www.tcorp.nsw.gov.au