Borrowing Program

2020/21 Borrowing Program update as at 29 May 2020

Term Funding Requirement $B $B
New money program(Est.*2) 1.1 – 3.0
        Less Pre-funded new money -0.5
                                Net New Money 0.6 – 2.5
     Projected Maturities
Benchmark Bond – (22/07/2020) 2.6
Less Pre-funded Bond maturity -2.6
        FRN – (10/03/2021)  2.0
Total Maturities 2.0
Total Term Funding Requirement 2.6 – 4.5

Notes:

1. The borrowing program for the 2019/20 financial year is complete.

2. Estimated New Money requirements as at the 2019/20 Mid-Year Economic Update and are subject to revision post the WA State Budget in October 2020.

3. It is expected that WATC’s Benchmark Bond program will be the primary source of term funding supplemented by Floating Rate Notes.

4. In addition to the term funding requirement, WATC expects to maintain approximately $3.0 billion – $4.0 billion of commercial paper outstanding through its domestic Short Term Inscribed Stock (STIS) program and offshore ECP program over the 2020/21 financial year.

5. The Treasurer of Western Australia has provided a COVID-19 economic update to Parliament, the statement can be found at:

https://www.mediastatements.wa.gov.au/Pages/McGowan/2020/05/Treasurer-provides-Parliament-with-COVID-19-economic-update.aspx