Dealer Panel

About Us
About Us
Learn about our operations, leadership team and governance structure. Access key publications and historical highlights.
Annual Report 2025
Annual Report 2025
A summary of organisational activity for the 2024–25 financial year.
Read More about Annual Report 2025
Western Australia
Western Australia
Discover the key strengths and commitments of our State and how they translate into a range of opportunities for both domestic and overseas investors.
ESG Update
ESG Update
Find out more about the key environmental, social and governance initiatives progressed by the Western Australian Government over the last year.
Read More about ESG Update
For Investors
For Investors
View details of our institutional borrowing activities, funding sources and distribution networks, as well as our product offerings and information for personal and migratory investments.
- Institutional Investors
  Borrowing Program
  Funding Sources
  Sustainable Finance Program
  Dealer Panel
  Investor Term Sheets
  Weekly Issuance Updates
- Individual Investors
  Western Australian State Bonds
  Investments for Immigration
  Stockholder Services
Investing In Western Australia
Investing In Western Australia
View the investor summary to find out the key reasons why our State is a secure and sustainable investment proposition.
Read More about Investing In Western Australia
For Clients
For Clients
Access a wide range of products, services and resources created specifically to meet the needs of our clients in government entities, local governments and public universities.
- How We Help
  BORROWING
  Loan Products
  Loan Services
  Local Government Support
  INVESTING
  Investment Products
  Investment Policy Development
  SPECIALIST FINANCIAL SERVICES
  Treasury Management
  Foreign Exchange
  ADVISORY
  Advisory Services
- Client Resources
- Our Client Services Team
- Our Advisory Team
AASB 16 Borrowing Rates
AASB 16 Borrowing Rates
Agency incremental borrowing rates for lease valuation as per AASB 16 requirements. For use by Western Australian Public sector entities only.
Read More about AASB 16 Borrowing Rates
Economic Insights
Economic Insights
View the latest publications from our Economic Services team including market updates, as well as commentary and analysis of a range of economic indicators.
CPI Inflation
CPI Inflation
The most recent data on consumer price inflation across Australia.
Read More about CPI Inflation

About Us
About Us
Learn about our operations, leadership team and governance structure. Access key publications and historical highlights.
Annual Report 2025
Annual Report 2025
A summary of organisational activity for the 2024–25 financial year.
Read More about Annual Report 2025
Western Australia
Western Australia
Discover the key strengths and commitments of our State and how they translate into a range of opportunities for both domestic and overseas investors.
ESG Update
ESG Update
Find out more about the key environmental, social and governance initiatives progressed by the Western Australian Government over the last year.
Read More about ESG Update
For Investors
For Investors
View details of our institutional borrowing activities, funding sources and distribution networks, as well as our product offerings and information for personal and migratory investments.
- Institutional Investors
  Borrowing Program
  Funding Sources
  Sustainable Finance Program
  Dealer Panel
  Investor Term Sheets
  Weekly Issuance Updates
- Individual Investors
  Western Australian State Bonds
  Investments for Immigration
  Stockholder Services
Investing In Western Australia
Investing In Western Australia
View the investor summary to find out the key reasons why our State is a secure and sustainable investment proposition.
Read More about Investing In Western Australia
For Clients
For Clients
Access a wide range of products, services and resources created specifically to meet the needs of our clients in government entities, local governments and public universities.
- How We Help
  BORROWING
  Loan Products
  Loan Services
  Local Government Support
  INVESTING
  Investment Products
  Investment Policy Development
  SPECIALIST FINANCIAL SERVICES
  Treasury Management
  Foreign Exchange
  ADVISORY
  Advisory Services
- Client Resources
- Our Client Services Team
- Our Advisory Team
AASB 16 Borrowing Rates
AASB 16 Borrowing Rates
Agency incremental borrowing rates for lease valuation as per AASB 16 requirements. For use by Western Australian Public sector entities only.
Read More about AASB 16 Borrowing Rates
Economic Insights
Economic Insights
View the latest publications from our Economic Services team including market updates, as well as commentary and analysis of a range of economic indicators.
CPI Inflation
CPI Inflation
The most recent data on consumer price inflation across Australia.
Read More about CPI Inflation

Domestic Dealer Panel

Western Australian Treasury Corporation's (WATC) Dealer Panel plays a key role in price-making and distribution of WATC’s Benchmark Bonds and Floating Rate Notes (FRN).

Australian Market

ANZ Investment Bank
Contact:
Mr Tim Wood
(03) 9095 0016
Barrenjoey Markets Pty Ltd
Contact:
Mr Will Grice
(02) 9903 6777
Citigroup Global Markets Australia Pty Limited
Contact:
Mr Bryan Baker
(02) 8225 6440
Commonwealth Bank of Australia
Contact:
Mr Stephen Powell
(03) 9675 7498
Deutsche Capital Markets Australia Ltd
Contact:
Mr John Inskip
(02) 8258 1444
J P Morgan Australia Limited
Contact:
Mr Nick Flett
(02) 9003 7905
Merrill Lynch (Australia) Pty Ltd
Contact:
Ms Bonnie Trinh
(02) 9226 5363
National Australia Bank Limited
Contact:
Mr Mark Prendergast
(03) 9277 3344
Nomura International plc
Contact:
Mr Simon Novak
(02) 8062 8619

Royal Bank of Canada – Sydney Branch
Contact:
Mr Nick Rutherford
(02) 9033 3222
Toronto Dominion (South East Asia) Ltd
Contact:
Mr John Davis
1800 646 497
UBS AG, Australia Branch
Contact:
Mr Tim Riley
(02) 9324 2222
Westpac Banking Corporation
Contact:
Ms Leah Tinning-Salib
(02) 8204 2711

Dealer Panel Performance

For the quarter ended 31 August 2025, the top seven performing dealer panel members under WATC’s fixed interest market making arrangements were:

Commonwealth Bank of Australia
Westpac Banking Corporation
UBS AG, Australia Branch
Merrill Lynch (Australia) Pty Ltd
National Australia Bank Limited
Deutsche Capital Markets Australia Ltd
ANZ Investment Bank

Benchmark Bonds Program

Euro Medium-Term Note Dealer Panel

The dealer panel for the Euro Medium-Term Note (EMTN) program comprises:

Australia and New Zealand Banking Group Limited
Citigroup Global Markets Limited
Commonwealth Bank of Australia
Daiwa Capital Markets Europe Limited
Deutsche Bank AG, London Branch
Merrill Lynch International
Mizuho International plc
National Australia Bank Limited
Nomura International plc
RBC Europe Limited
SMBC Nikko Capital Markets Limited
UBS AG, London Branch
Westpac Banking Corporation.

Euro Medium-Term Note Program

Euro Commercial Paper Dealer Panel

The dealer panel for the Euro Commercial Paper (ECP) program comprises:

Bank of America Europe DAC
Barclays Bank PLC
Citigroup Global Markets Limited
Commonwealth Bank of Australia
ING Bank NV
National Australia Bank Limited
UBS AG London Branch
Westpac Banking Corporation

Euro Commercial Paper Program

_{Banner images:
Top - Perth City from above. Image courtesy of City of Perth.
B}_{elow - Perth City. Image courtesy of Water Corporation.}

Investor Term Sheets

Find out more about the details of our syndicated issues.

View Term Sheets