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TCorp bonds

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Benchmark bonds

Large and liquid domestic bonds that are actively traded in the financial markets.
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Non-benchmark bonds

NSW Government bonds for international investors with a range of currencies and maturities.
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Short Term Programme

Short dated investments including domestic promissory notes, cash, deposits and Euro commercial paper.
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Sustainability bonds

Green, social and sustainability bonds provide a mechanism for investors to contribute capital to achieve environmental and social goals.
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TCorp’s Funding Programme

TCorp issues bonds in order to provide financing to the NSW Government sector and all NSW government agencies. As the central borrowing authority for NSW, our balance sheet is around A$158 billion.
View our NSW Budget 2023-24 debt investor update in English and Japanese.

2023-24 NSW State Budget

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Funding task FY23 actual A$ billion

(30 June 2023)

 FY24 forecast A$ billion

(19 September 2023)

 FY25 forecast $ billion

(19 September 2023)

 FY26 forecast $ billion

(19 September 2023)

 FY27 forecast $ billion

(19 September 2023)
New client loans 30.11 15.3 15.6 16.7 17.3
Term maturities 1.1 7.6 8.9 11.5 10.4
Funding requirement Pre-election Budget Update forecast as at 8 March 2023 Change 31.2 (26.1) +5.1 22.9 (33.3) -10.4 24.5 (27.5) -3.0 28.2 (30.6) -2.4 27.7
FY24 term funding completed as at 19 September 2023 7.8
Remaining client funding requirement for FY24 15.1
1 The actual FY23 borrowing programme of A$31.2 billion represented an increase of A$5.1 billion from the forecast of A$26.1 billion as at 8 March 2023. This increase primarily constituted pre-funding for the NSW Government for the current financial year. Source: TCorp, NSW Treasury

Investor pack

To find out more about TCorp's Funding Programme, read our 2022-23 Mid-year debt investor update in English and Japanese.

Strong credit ratings for NSW

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Long term Australian currency Long term foreign currency Short term
Moody's Aaa (stable) Aaa (stable) Prime-1
Fitch AAA (stable) AAA (stable) F1+
Standard & Poor's AA+ (stable) AA+ (stable) A-1+

2023-24 NSW State Budget webcast

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TCorp pays respect to the Traditional Custodians and First Peoples of NSW and acknowledges their continued connection to country and culture.