Euro Commercial Paper Program
WATC maintains a multicurrency Euro Commercial Paper (ECP) program. WATC issues ECP in a number of currencies including US dollars, Australian dollars, British pounds sterling, euro, Hong Kong dollars, Japanese yen, New Zealand dollars, Singapore dollars and Swiss francs. The current limit on the program is USD6 billion.
At 31 December 2019, there was AUD65 million and USD30 million outstanding in ECP.
Issues under this program can be made for terms from seven to 364 days through the dealer panel.
The dealer panel for the program comprises:
- Citigroup Global Markets Limited
as Arranger and Dealer and
- Bank of America Merrill Lynch International DAC
- Barclays Bank plc
- Commonwealth Bank of Australia, Hong Kong Branch
- Credit Suisse Securities (Europe) Limited
- National Australia Bank Limited
- UBS AG London Branch
- Westpac Banking Corporation.
Citibank, N.A., London Branch is the Issuing and Paying Agent for the program.
WATC issues its ECP in a manner which satisfies the requirements for exemption from interest withholding tax.