Funding Strategy

TCV maintains four financing programs. They are designed to ensure access to both domestic and international financial markets across the maturity spectrum. The four programs are as follows:

  • 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 is focused on:

  • building liquid benchmark bond lines
  • extend the duration of our yield curve
  • maximising the diversity of our investor base.

It is envisaged that the 2020-21 long-term funding requirement will be predominantly funded through the Domestic Benchmark Bond program. TCV will consider non-AUD funding opportunities where it provides a duration or cost of funds advantage.

TCV will consider issuance via private placement, public tenders and syndications, however this will be determined on a case by case basis and in line with market conditions.

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.

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

TCV would like to thank our investors and dealer panel intermediaries for their continued support during these challenging times. We look forward to successfully working with our dealer intermediaries and investors to navigate these difficult times and support the Victorian Government in managing the COVID-19 crisis.