At WATC, we undertake wholesale funding activities through a range of debt facilities in both domestic and overseas financial markets, to source funding for our borrowing program.
Via these facilities, we conduct debt issuance through individual dealer panels comprised of a select number of key financial intermediaries in the relevant markets. WATC accesses funding through the following established borrowing facilities:
- Domestic A$ Benchmark Bonds
- Domestic A$ Floating Rate Notes (FRN)
- Domestic Short-Term Notes
- Euro Medium Term Notes (EMTN)
- Euro Commercial Paper (ECP).
Our primary source of long-term funding is the domestic fixed interest market. Long-term funding, mainly through domestic benchmark bonds, comprises approximately 75 per cent of total borrowings.
WATC is also a key participant in domestic and offshore short-term markets, issuing short-term notes and ECP for liquidity funding. Subject to borrowing program requirements we explore opportunities to issue through our EMTN Program to generate term fixed and floating rate funding.