*Data current as at 21 January 2021.
Following the Queensland 2020–21 State Budget release, Queensland Treasury Corporation (QTC) estimates it will have a borrowing program of AUD21.0 billion term debt for the 2020–21 financial year. This figure remains unchanged from the indicative term debt borrowing program announcement following the release of the Queensland Government’s COVID-19 Fiscal and Economic Review in September 2020.
|Requirements||2020-21 AUDm1||2021-22 AUDm1||2022-23 AUDm1||2023-24 AUDm1|
|Local Government and other entities3||1,300||800||1,100||1,100|
|Total new money||19,000||12,600||11,000||8,200|
|Term debt maturities||8,200||2,600||10,700||9,600|
|Net funding in advance4||(6,200)||7,400||400||(100)|
|Net term debt refinancing||2,000||10,000||11,100||9,500|
|Total term debt requirement||21,000||22,600||22,100||17,700|
2020–21 funding strategy
- QTC’s 2020–21 funding strategy is likely to include the following, subject to market conditions and client funding requirements:
- Issuance of QTC’s AUD benchmark bonds as the principal source of funding.
- Issuance of a AUD 2032 benchmark bond and consideration of further longer-dated AUD benchmark bond maturities.
- Issuance of term debt instruments to complement AUD benchmark bond issues. This may include issuance of green bonds, bond maturities out to 30 years, floating rate notes and non-AUD denominated bonds.
- A continued programmatic approach to issuance, including syndication, reverse enquiry and frequent tenders.
- Maintaining a minimum of approximately AUD5 billion of short-term debt outstandings.
QTC expects to maintain a minimum of approximately AUD5 billion of short-term debt outstandings.