Benchmark bonds

Australian dollar denominated benchmark bonds are QTC’s principal source of funding. With approximately AUD77 billion on issue, they make up approximately 85 per cent of QTC’s total debt outstanding (as at 31 October 2017). All bond lines are guaranteed by the Queensland State Government and are exempt from Australian interest withholding tax.

Investors are offered established lines with a choice of maturities across the yield curve. QTC’s benchmark bonds are issued by its Fixed Income Distribution Group of global and domestic banks on tap, tender, reverse enquiry or syndication basis.

144A capability

QTC has seven benchmark bond lines that have US Rule 144A capability, meaning they may be offered in the US to qualified institutional buyers at primary issuance.

Outstandings by maturity

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*144A capability. Data as at 17 November 2017

Key features

Government guranteed
  • All of QTC’s debt obligations under all debt securities are unconditionally guaranteed by the Queensland Government.

 

Liquidity support
  • Secondary market activity is supported by 12 dedicated distribution group members
  • Issuance via tap, tender, reverse enquiry and syndication basis
  • Well established domestic bond market

 

Choice of maturities
  • Principal source of funding
  • Established lines with a choice of 13 maturities
Acceptability
  • Determined as level 1, highest quality liquid assets (HQLA1) by Australian Prudential Regulation Authority (APRA)
  • APRA applies a zero percent risk weighting to QTC
  • Eligible asset for outright investment by Reserve Bank of Australia (RBA)
  • Eligible collateral for repurchase agreements with RBA
  • Australia is an OECD member country
  • New bond lines may be offered in the US to ‘qualified institutional buyers’ pursuant to Rule 144A

 

Tax status
  • Exempt from Australian interest withholding tax

AUD benchmark bonds on issue

Maturity Coupon ISIN Credit Rating Outstandings#
21 Feb 2018 6.00% AU0000XQLQS4 AA+/Aa1 4,795
21 Jun 2019* 4.00% AU0000XQLQW6 AA+/Aa1 7,049
21 Feb 2020 6.25% AU0000XQLQM7 AA+/Aa1 9,686
21 Jun 2021 5.50% AU0000XQLQV8 AA+/Aa1 8,027
21 Jul 2022 6.00% AU0000XQLQT2 AA+/Aa1 8,284
21 Jul 2023* 4.25% AU0000XQLQX4 AA+/Aa1 8,334
22 Jul 2024 5.75% AU0000XQLQU0 AA+/Aa1 8,324
21 Jul 2025* 4.75% AU0000XQLQZ9 AA+/Aa1 8,001
21 Jul 2026* 3.25% AU000XQLQAA7 AA+/Aa1 5,865
20 Aug 2027* 2.75% AU3SG0001605 AA+/Aa1 3,595
21 Jul 2028* 3.25% AU000XQLQAB5 AA+/Aa1 2,118
21 Aug 2030* 3.50% AU3CB0248037 AA+/Aa1 1,750
14 Mar 2033 6.50% AU0000XQLQI5 AA+/Aa1 1,210
*144A capability. Data as at 17 November 2017
#AUD million

Fixed Income Distribution Group

ANZ Banking Group Limited

Domestic (Australia) +61 2 8037 0220

Global (London) +44 203 229 2070

Bank of America Merrill Lynch

Domestic (Australia) +61 2 9226 5570

Global (London) +44 207 995 6750

Citi

Domestic (Australia) +61 2 8225 6440

Global (London) +44 207 986 9521

Commonwealth Bank of Australia

Domestic (Australia) +61 2 9117 0020

Global (London) +44 207 329 6444

Deutsche Bank

Domestic (Australia) +61 2 8258 1444

Global (London) +44 207 547 1931

J.P. Morgan

Domestic (Australia) +61 2 9003 7988

Global (London) +44 207 742 1829

National Australia Bank

Domestic (Australia) +61 2 9295 1166

Global (London) +44 207 796 4761

Nomura International plc

Domestic (Australia) +61 2 8062 8000

Global (London) +44 207 103 3443

RBC Capital Markets

Domestic (Australia) +61 2 9033 3222

Global (London) +44 207 029 0094

TD Securities

Domestic (Australia) +61 1800 646 497

Global (London) +44 207 628 4334

UBS Investment Bank

Domestic (Australia) +61 2 9324 2222

Global (London) +44 207 567 3645

Westpac Banking Corporation

Domestic (Australia) +61 2 8204 2711

Global (London) +44 207 7621 7620