Benchmark Bond Program

WATC’s long-term borrowing requirements are primarily sourced through its Benchmark Bond Program. This is accomplished by establishing and maintaining a select number of large liquid lines of inscribed stock which are added to over time and traded actively in secondary markets.

Benchmark bonds are an attractive value proposition for investors because of:

  • Strong Credit Ratings AAA/Stable and Aa1/Positive
  • Good liquidity with large volumes on issue, Tier 1 Assets, repo-eligible to the RBA
  • Withholding Tax Exempt
  • Yield pickup over equivalent Commonwealth Government Bonds.

WATC has a dealer panel comprising leading financial institutions through which it places its benchmark bonds and conducts secondary market making activities in the domestic market.

Currently, WATC has the following lines of benchmark bonds on issue at 31 January 2023.

Coupon Maturity Amount on Issue
6.00% 16/10/2023 A$3,814.094 million
2.50% 23/07/2024 A$4,957.070 million
5.00% 23/07/2025 A$5,558.252 million
3.00% 21/10/2026 A$5,011.600 million
3.00% 21/10/2027 A$4,048.920 million
3.25% 20/07/2028 A$3,661.660 million
2.75% 24/07/2029 A$3,571.200 million
1.50% 22/10/2030 A$2,344.300 million
1.75% 22/10/2031 A$2,715.400 million
2.00% 24/10/2034 A$1,192.740 million
2.25% 23/07/2041 A$707.050 million
Total A$37,582.286 million