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
  • maximising the diversity of our investor base.

It is envisaged that the 2019–20 long-term funding requirement will be predominantly 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. Relative pricing and demand conditions in each of these markets will determine the mix of issuance.

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. We look forward to successfully completing our market financing activities for 2019–20.