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Northern Territory Treasury Corporation Annual report 2013-2014



Northern Territory Treasury Corporation Annual report 2013-2014


Department of Treasury and Finance reports; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).




Northern Territory Treasury Corporation -- Periodicals; Finance, Public -- Northern Territory -- Periodicals

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Dept. of Treasury and Finance

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Northern Territory Treasury Corporation8 Financial Markets Table 3: Borrowing Composition 2013-14 2012-13 2011-12 2010-11 2009-10 $M $M $M $M $M Refinance maturing Territory debt 542 411 427 363 376 New borrowings - 245 479 207 325 Borrowing requirement 542 656 906 570 701 Pre-funding 393 453 492 - 190 Total borrowing program 935 1 109 1 398 570 891 Borrowing Activity The 2013-14 borrowing requirement was lower than last year, with approximately $542million raised to refinance maturing debt. In addition, NTTC committed to pre-fund part of the 2014-15 borrowing program, which resulted in raising a further $393million, taking the total borrowing program for 2013-14 to $935million. This follows $1109million raised in 2012-13 and $1398million raised in 2011-12, as shown in Table 3. As in recent years, NTTCs entire borrowing requirement was met from domestic financial and retail markets. The bulk of the funds were raised through a number of medium to long-term fixed interest securities, issued to institutional investors via tap increases of existing bond series and creation of new bond issues on a syndication basis. A full listing of NTTCs issued debt is provided in AppendixA on page 32. NTTCs funding requirement in 2013-14 resulted in modest increases to two existing series (September 2021 and March 2024) and the establishment of one new benchmark series of bonds maturing in March 2026. Funding NTTC manages the Territory Governments exposure to funding risk by ensuring it is not exposed to a significant refinancing risk in any financial year. NTTCs approach to minimise funding risk involves the diversification of borrowing and investment activities across the maturity spectrum and utilising a variety of funding sources to meet its requirements. NTTCs funding sources are as follows: Wholesale Market fixed interest securities floating rate notes promissory notes Retail Market Territory Bonds Migration Linked Bonds