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:
- ANZ Investment Bank
- National Australia Bank
- Commonwealth Bank