TCorp announces oversized borrowing programme

The semi-government authority will raise A$7.6 billion in debt in the next 12 months, including about A$3 billion from Japanese investors.

The NSW Treasury Corporation has announced an A$7 6 billion ($5 77 billion) borrowing programme for the 2005/2006 financial year The programme is larger than usual due to the maturity of a May 06 benchmark bond worth A$5 2 billion

The total package is made up of A$7 5 billion needed to refinance existing bonds and A$3 1 billion in new funding needed for its public sector borrowing clients

About A$3 billion of the total annual requirement has already been raised through a pre-funding programme, says Stephen Knight, the agency's general manager of treasury and deputy chief executive

"In anticipation of the large refinancing requirement for the 2005/2006 year and given the favourable funding conditions...

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