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 January 2023, there was USD75 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:
- Bank of America Merrill Lynch International DAC
- Barclays Bank plc
- Citigroup Global Markets Limited
- Commonwealth Bank of Australia, Hong Kong Branch
- Credit Suisse Securities (Europe) Limited
- National Australia Bank Limited, Hong Kong Branch
- UBS AG London Branch
- Westpac Banking Corporation, Singapore Branch
Citigroup Global Markets 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.