Borrowing Program

QTC announces its indicative annual borrowing program following the release of the Queensland State Budget, which is typically in June each year. An update is provided to the market following the release of the Government’s Mid-Year Fiscal and Economic Review, generally in December.

2019-20 indicative term-debt borrowing program

As at 31 March 2020. Includes the buy-back and cancellation of AUD350M QTC June 2021 benchmark bonds.

QTC completed its 2019-20 borrowing program on 19 February 2020. It will continue to monitor strategic opportunities for pre-funding towards future years’ borrowing programs, based on investor demand and market conditions.

2019-20 indicative term-debt borrowing program requirements

Requirements 2019-20 Mid-Year AUDm1 2019-20 Budget AUDm1
State 1,000 1,000
Local Government and other entities2 800 800
Total new money 1,800 1,800
Term debt maturities 8,600 8,600
Net funding in advance3 (500) (500)
Net term debt refinancing 8,100 8,100
Total term debt requirement 9,900 9,900
As at 12 December 2019
1. Numbers are rounded to the nearest AUD100 million.
2. Other entities include: universities, grammar schools, retail water entities and water boards.
3. Includes net issuance undertaken in advance of borrowing requirements during 2018-19 and also in previous financial years as well as scheduled client principal repayments.
Note: Funding activity may vary depending upon actual client requirements, the State's fiscal position and financial market conditions.

Short-term debt

QTC expects to maintain a minimum of approximately AUD5 billion of short-term debt outstandings.

QTC's annual term debt issuance (actual and forecast*)

2019-20 indicative term-debt borrowing program

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* Does not include short-term debt of approximately AUD5 billion each year. Actual debt raised is calculated from Annual Borrowing Program release to the release of the next Annual Borrowing Program.
** Other clients include: local governments, retail water entities, universities, grammar schools and water boards.
Data as at 11 June 2019