Funding Strategy
As at 3 May 2022
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 will continue to focus on:
- building outstandings in our existing benchmark bond lines
- establishing a new 2036 benchmark bond
- growing long dated non-benchmark lines when conditions are suitable
- maximising the diversity of our investor base.
The 2022-23 long-term funding requirement will be predominantly funded through the Domestic Benchmark Bond program. TCV will continue to be an active issuer via public tenders and syndications, and reverse enquiry or tap issuance will continue to remain an important and significant part of our overall funding activity.
TCV is committed to holding regular tenders via Yieldbroker DEBTS. The timing of these tenders, the specific bonds and the volumes to be offered will be announced to the market when appropriate.
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 will consider non-AUD issuance via its EMTN program when issuance conditions are favourable and meet the demand of TCV’s borrowing clients.
TCV has no plans to issue inflation linked debt.
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 2022-23.