TCV 2018-19 Funding Strategy

TCV maintains four financing programs which are designed to ensure access to both domestic and international financial markets across the maturity spectrum.

  • Domestic Benchmark Bond Program
  • Euro Medium Term Note Program (EMTN)
  • Domestic Promissory Note Program (Pnote)
  • Euro Commercial Paper Program (ECP).

Activity in each program is predominantly facilitated by a dealer panel.

The TCV funding strategy will continue to focus on:

·        building liquid benchmark bond lines

·        maximising the diversity of our investor base

It is envisaged that the 2018-19 long term funding requirement will be predominately funded through the Domestic Benchmark Bond program.

Short-term borrowing activities will continue to be sourced from our Australian Dollar Domestic Promissory Note program and the Euro Commercial Paper program. The mix of issuance will be determined by relative pricing and demand conditions in each of these markets. However, outstandings are expected to remain low.

TCV has no plans to issue inflation linked debt or non-AUD maturities.

TCV would like to thank our investors and dealer panel intermediaries for their continued support and we look forward to successfully completing our market financing activities for 2018-19.