Domestic Short-Term Note Program

Domestically, short-term funds are raised through the issue of short-term notes in the form of inscribed stock.

At 31 December 2019, $2,539 million was outstanding in short-term notes.

Issuance of WATC’s short-term notes is not restricted to market makers and is undertaken on a tap basis, primarily with domestic banks. Short-term notes are typically issued for terms not greater than one year.

WATC’s domestic short-term notes are issued in a manner which satisfies the requirements for exemption from interest withholding tax.

The top three investors in short-term notes for the period 1 September 2019 to 30 November 2019 were:

  1. ANZ Investment Bank
  2. National Australia Bank
  3. Commonwealth Bank