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Western Australian Treasury Corporation 2012 Annual Report - Page 34Western Australian Treasury Corporation 2012 Annual Report - Page 35
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FUTURE OUTLOOK ESTIMATED BORROWING PROGRAM 1 – 2012/13 FUNDING REQUIREMENTS NEW LENDING TO CLIENTS PROJECTED MATURITIES BENCHMARK BONDS 2 SHORT-TERM (COMMERCIAL PAPER OUTSTANDINGS) TOTAL FUNDING REQUIREMENT SOURCE OF FUNDING BORROWINGS $ MILLION 4,900 7,860 LONG-TERM SHORT-TERM 8,952 TOTAL FUNDING $ MILLION 4,963 12,760 17,723 17,723 17,723 8,771 1 THE SOURCING OF WATC'S FUNDING IS SUBJECT TO CONDITIONS IN THE VARIOUS MARKETS AND THE MARKET MIX DURING THE YEAR MAY BE AMENDED AS NECESSARY TO MEET WATC'S PRICING, LIQUIDITY, LENDING AND CAPITAL USAGE TARGETS. 2 NET OF THE AMOUNT PREFUNDED TO 30 JUNE 2012 OF THE 17 JULY 2012 BENCHMARK BOND MATURITY. BORROWING STRATEGY IN ORDER TO MEET ITS FUNDING AND DEBT MANAGEMENT NEEDS FOR 2012/13, WATC PROPOSES TO: • ISSUE ACROSS THE YIELD CURVE TO FUND LENDING TO ITS CLIENTS; • ENHANCE THE LIQUIDITY IN ITS EXISTING LINES OF BENCHMARK BONDS BY: – MAINTAINING SUFFICIENT VOLUMES ON ISSUE TO RETAIN BENCHMARK BOND STATUS; – SUPPORTING THESE SECURITIES IN THE MARKET; AND – ISSUING THROUGH ITS FIXED INTEREST MARKET MAKING PANEL, EITHER BY TENDER, PRIVATE PLACEMENT OR SYNDICATION; • ISSUE A NEW 2016 BENCHMARK BOND LINE; • CONVERT ITS CURRENT 6% COUPON 16 OCTOBER 2023 'PREFERRED' BOND INTO ITS LONGEST BENCHMARK BOND LINE; • CONTINUE TO BE RESPONSIVE TO OPPORTUNITIES TO ISSUE BONDS LONGER THAN 10 YEARS TO HEDGE SPECIFIC CLIENT LENDING AND TARGET MATURITIES OF FUTURE BENCHMARK BOND LINES; • CONTINUE TO ISSUE SHORT-TERM PAPER THROUGH ITS DOMESTIC SHORT-TERM INSCRIBED STOCK OR EURO COMMERCIAL PAPER PROGRAM TO MEET ITS SHORT-TERM LENDING OR LIQUIDITY FUNDING REQUIREMENTS; • CONTINUE TO EXAMINE OPPORTUNITIES TO ISSUE THROUGH ITS EURO MEDIUM TERM NOTE PROGRAM AND OTHER OFFSHORE MARKETS TO GENERATE TERM FIXED AND FLOATING RATE FUNDING; AND • TRANSACT INTEREST RATE SWAPS TO MEET WATC'S ASSET AND LIABILITY MANAGEMENT REQUIREMENTS AND TO GENERATE FLOATING RATE FUNDING FOR ITS CLIENTS. 32 WESTERN AUSTRALIAN TREASURY CORPORATION
FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS FINANCIAL SOLUTIONS FOR THE BENEFIT OF ALL WESTERN AUSTRALIANS 34 STATEMENT OF COMPREHENSIVE INCOME 35 STATEMENT OF FINANCIAL POSITION 36 STATEMENT OF CHANGES IN EQUITY 37 STATEMENT OF CASH FLOWS 38 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 70 CERTIFICATION OF FINANCIAL STATEMENTS 71 KEY PERFORMANCE INDICATORS 74 INDEPENDENT AUDITOR'S REPORT 76 CLIENT AUTHORITIES 80 BUDGET 2012/13 FINANCIAL STATEMENTS 2012 ANNUAL REPORT 2012 33
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