Treasury Corporation of Victoria

Treasury Corporation of Victoria (TCV) is the central financing authority for the state of Victoria, established by an act of the Victorian parliament. TCV provides tailored loans and deposits, and advisory and investment services to the state and state-related entities. It is also responsible for maintaining access to liquidity.

The Treasury Corporation of Victoria Act 1992 (TCV Act) established TCV, which commenced operation on 1 January 1993. TCV is 100% owned by the government of Victoria.

The government of Victoria guarantees TCV’s payment obligations in relation to its borrowings and derivatives transactions, as detailed in the TCV Act. The state government also guarantees TCV’s loans to its participating authorities.

TCV commenced operations with capital of A$30 million. At 30 June 2021, retained capital and earnings was A$301 million.

TCV’s operations expose it to financial and operational risks. Management of these risks is a core element of its organisational objectives. The main objective is to provide robust and consistent risk management, performance measurement and capital management that are commensurate with TCV’s business mandate, corporate objectives, business plan and risk appetite.

TCV maintains four key issuance programmes. The domestic benchmark bond programme is the cornerstone of its funding strategy. TCV supplements this with a US$3 billion EMTN programme, a A$5 billion ECP programme and a A$10 billion domestic promissory note programme.

In 2021/22 TCV will continue to focus on building existing liquid benchmark bond lines, growing its recently created long-dated nonbenchmark lines and maximising the diversity of its investor base.

The main source for the 2021/22 long-term funding requirement is expected to be the domestic benchmark bond programme. TCV will be an active issuer via public tenders, syndications and reverse enquiry to deliver the best financial outcome for Victoria. TCV intends to hold a minimum of one tender per month via Yieldbroker DEBTS.

TCV will continue to undertake short-term borrowing through the Australian dollar domestic promissory-note programme and the ECP programme. Relative pricing and demand in each of these markets will determine the mix of issuance.

William Whitford
Managing Director
+61 3 9651 4824
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Paul Kelly
Head of Markets
+61 3 9911 3636
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www.tcv.vic.gov.au