Domestic AUD Information Memorandum

This Information Memorandum relates to an Australian Dollar medium term bond programme established by SAFA under which medium term bonds denominated in Australian dollars may be issued by the Issuer from time to time.

The Bonds will be issued with the benefit of a guarantee from the Treasurer of the State of South Australia pursuant to Section 15(1) of the Government Financing Authority Act 1982 (SA).

For more information see:

Domestic AUD Information Memorandum 2020

Domestic AUD Information Memorandum 2015

Please find the AUD Commercial Paper Information Memorandum here (372KB PDF)

FY 2021-22 Long-Term Bond Issuance - Completed.

MonthCouponMaturityVolume $'mMethod
Jul-21 2.00% 24 May 2036 1,000 Syndicated Placement
Oct-21 3.00% 20 July 2026 500 Syndicated Placement
Nov-21 2.25% 24 May 2040 15 Private Placement
Dec-21 2.75% 24 May 2030 250 Yieldbroker Tender
Dec-21 AONIA FRN 10 June 2025 250 Public Tap
Dec-21 AONIA FRN 16 June 2023 50 Private Placement
Dec-21 AONIA FRN 16 June 2023 200 Tap
Jan-22 1.75% 24 May 2034 250 Yieldbroker Tender
Feb-22 1.75% 24 May 2034 750 Syndicated Placement
Feb-22 2.25% 24 May 2040 30 Private Placement
Mar-22AONIA FRN10 June 2025400Public Tap
April-222.75%24 May 2030300Yieldbroker Tender
April-22AONIA FRN10 June 2025100Tap
Total4,095

Fixed and Floating Rate Term Outstandings as at

29 APRIL 2022

Coupon %Maturity
Date
Outstanding
$'m
Change
$’m
1.50 22 September 2022 2,062 Nil
AONIA FRN 16 June 2023 1,511 Nil
4.25 20 November 2023 1,520 Nil
2.25 15 August 2024 3,128 Nil
2.75 16 April 2025 1,250 Nil
AONIA FRN 10 June 2025 750 +100
3.00 20 July 2026 3,540 Nil
3.00 20 September 2027 1,500 Nil
3.00 24 May 2028 3,040 Nil
2.75 24 May 2030 2,815 +300
1.75 24 May 2032 2,560 Nil
1.75 24 May 2034 2,000 Nil
2.00 23 May 2036 1,000 Nil
2.25 24 May 2040 998 Nil
Total27,673.60+400

SAFA Turnover (raw data; excludes primary issurance, repo/stock borrowing)

Turnover
$'m
Investor
%
Outstandings
$'m
2022 - Q1 5,407 68% 27,674
2021 - Actual24,77374%25,844
2020 - Actual20,12571%24,027
2019 - Actual15,39976%18,315

For further information on these SAFA services, please contact Andrew Kennedy, Director, Treasury Services, telephone 08 8226 9840.

Short Term Funding

Outstandings as at 29 April 2022

Promissory Notes ($m)

2,485

AONIA FRN ($m)

500

Total Short Term Issuance inc. ECP ($m)

2,985

SAFA Inscribed Stock Dealer Panel

  • Australia and New Zealand Banking Group Limited
  • Barrenjoey Markets Pty Limited
  • Citigroup Global Markets Australia Limited
  • Commonwealth Bank of Australia
  • Deutsche Bank AG, Sydney Branch
  • J.P. Morgan Securities Australia Limited
  • Merrill Lynch (Australia) Futures Limited
  • National Australia Bank Limited
  • Nomura International plc
  • RBC Capital Markets
  • The Hongkong and Shanghai Banking Corporation Limited, Sydney Branch
  • Toronto-Dominion (South East Asia) Limited
  • UBS AG, Australia Branch
  • Westpac Banking Corporation

For all enquiries regarding pricing supplements or historical term sheets, please contact Andrew Kennedy (andrew.kennedy2@sa.gov.au) or 08 8429 0416.

Euro Commercial Paper Program Panel

  • Barclays
  • BofA Securities
  • Citigroup Global Markets Limited
  • Commonwealth Bank of Australia
  • ING
  • National Australia Bank Limited, Hong Kong Branch
  • RBC Capital Markets
  • The Toronto-Dominion Bank, London Branch
  • UBS Investment Bank

Euro Commercial Paper

Outstandings as at 29 April 2022

Currency

Outstanding ($m)

AUD

0

USD

0

EUR

0

Euro Commercial Information Paper

On 4 June 2019 SAFA launched a new transaction for a 1 year AONIA Linked FRN with UBS as the Arranger and Sole Lead Manager, and IHS Markit as the Calculation Agent.

The Term Sheet for the issue can be found here. (115KB PDF)

History

First issuance - On 4 June 2019 SAFA launched a new transaction for a 1 year AONIA Linked FRN with UBS as the Arranger and Sole Lead Manager, and IHS Markit as the Calculation Agent.

Second issuance - On 16 December 2019 SAFA accessed primary markets for another 1yr AONIA transaction.

Third issuance - Between 30 March and 2 April SAFA accessed primary markets for a 3rd 1yr AONIA transaction.

As of 31 December 2021 SAFA have issued over $4 billion of AONIA linked FRNs.

Market Consultation

SAFA, in conjunction with IHS Markit and UBS, conducted a series of market consultations regarding the proposed methodology.

Information regarding the coupon calculation methodology and product conventions can be found here. (1.33MB PDF)

An example of market pricing model can be found here. (269KB XLS)

On 2 April 2019, Standard & Poor's published an article “AONIA As An Alternative to One-Month BBSW In Australian Structured Finance Transactions” (119KB PDF) where they recommended using AONIA as an alternative interest rate benchmark.

On 19 March 2019, the Reserve Bank of Australia (RBA) made specific remarks regarding their expectation of some corresponding migration away from BBSW towards the cash rate, particularly for products or issuers where it made sense to reference a risk-free rate instead of a credit-based benchmark. SAFA’s intentions were in particular noted in this regard.

For further information please contact SAFA’s Director Treasury Services, Andrew Kennedy: andrew.kennedy2@sa.gov.au.

Current Select Lines

AONIA Linked Floating Rate Bond - Maturing 13 April 2022

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 13 April 2022 (515KB PDF)

1.5% - Maturing 22 September 2022

Termsheet Tranche 1 - 1.5% Maturing 22 September 2022 (65KB PDF)

Termsheet Tranche 2 - 1.5% Maturing 22 September 2022 (128KB PDF)

Termsheet Tranche 3 - 1.5% Maturing 22 September 2022 (456KB PDF)

Termsheet Tranche 4 - 1.5% Maturing 22 September 2022 (335KB PDF)

AONIA Linked Floating Rate Bond - Maturing 16 June 2023

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 16 June 2023 (380KB PDF)

Termsheet Tranche 2 - AONIA Linked Floating Rate Bond Maturing 16 June 2023 (273KB PDF)

Termsheet Tranche 3 - AONIA Linked Floating Rate Bond Maturing 16 June 2023 (273KB PDF)

4.25% - Maturing 20 November 2023

Termsheet Tranche 1 - 4.25% Maturing 20 November 2023 - (73KB PDF)

Termsheet Tranche 2 - 4.25% Maturing 20 November 2023 - (152KB PDF)

Termsheet Tranche 3 - 4.25% Maturing 20 November 2023 - (83KB PDF)

Termsheet Tranche 4 - 4.25% Maturing 20 November 2023 - (31KB PDF)

2.25% - Maturing 15 August 2024

Termsheet Tranche 1 - 2.25% Maturing 15 August 2024 - (40KB PDF)

Termsheet Tranche 2 - 2.25% Maturing 15 August 2024 - (99KB PDF)

Termsheet Tranche 3 - 2.25% Maturing 15 August 2024 - (258KB PDF)

Termsheet Tranche 4 - 2.25% Maturing 15 August 2024 - (317KB PDF)

Termsheet Tranche 5 - 2.25% Maturing 15 August 2024 - (253KB PDF)

2.75% - Maturing 16 April 2025

Termsheet Tranche 1 - 2.75% Maturing 16 April 2025 (61KB PDF)

Termsheet Tranche 2 - 2.75% Maturing 16 April 2025 (160KB PDF)

AONIA Linked Floating Rate Bond - Maturing 10 June 2025

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 10 June 2025 (273KB PDF)

3.00% - Maturing 20 July 2026

Termsheet Tranche 1 - 3.0% Maturing 20 July 2026 (220KB PDF)

Termsheet Tranche 2 - 3.0% Maturing 20 July 2026 (174KB PDF)

Termsheet Tranche 3 - 3.0% Maturing 20 July 2026 (100KB PDF)

Termsheet Tranche 4 - 3.0% Maturing 20 July 2026 (456KB PDF)

Termsheet Tranche 5 - 3.0% Maturing 20 July 2026 (317KB PDF)

Termsheet Tranche 6 - 3.0% Maturing 20 July 2026 (255KB PDF)

Termsheet Tranche 7 - 3.0% Maturing 20 July 2026 (283KB PDF)

3.00% - Maturing 20 September 2027

Termsheet Tranche 1 - 3.00% Maturing 20 September 2027 - (227KB PDF)

Termsheet Tranche 2 - 3.00% Maturing 20 September 2027 (130KB PDF)

3.00% - Maturing 24 May 2028

Termsheet Tranche 1 - 3.0% Maturing Bonds 24 May 2028 (128KB PDF)

Termsheet Tranche 2 - 3.0% Maturing Bonds 24 May 2028 (411KB PDF)

Termsheet Tranche 3 - 3.0% Maturing Bonds 24 May 2028 (411KB PDF)

Termsheet Tranche 4 - 3.0% Maturing Bonds 24 May 2028 (492KB PDF)

2.75% - Maturing 24 May 2030

Termsheet Tranche 1 - 2.75% Maturing 24 May 2030 (115KB PDF)

Termsheet Tranche 2 - 2.75% Maturing 24 May 2030 (115KB PDF)

Termsheet Tranche 3 - 2.75% Maturing 24 May 2030 (115KB PDF)

Termsheet Tranche 4 - 2.75% Maturing 24 May 2030 (260KB PDF)

Termsheet Tranche 5 - 2.75% Maturing 24 May 2030 (257 KB PDF)

Termsheet Tranche 6 - 2.75% Maturing 24 May 2030 (166 KB PDF)

1.75% - Maturing 24 May 2032

Termsheet Tranche 1 - 1.75% Maturing 24 May 2032 (489 KB PDF)

Termsheet Tranche 2 - 1.75% Maturing 24 May 2032 (488 KB PDF)

Termsheet Tranche 3 - 1.75% Maturing 24 May 2032 (399 KB PDF)

Termsheet Tranche 4 - 1.75% Maturing 24 May 2032 (484 KB PDF)

1.75% - Maturing 24 May 2034

Termsheet Tranche 1 - 1.75% Maturing 24 May 2034 (326 KB PDF)

Termsheet Tranche 2 - 1.75% Maturing 24 May 2034 (256 KB PDF)

Termsheet Tranche 3 - 1.75% Maturing 24 May 2034 (294 KB PDF)

2.00% - Maturing 23 May 2036

Termsheet Tranche 1 - 2.00% Maturing 23 May 2036 (333 KB PDF)

2.25% - Maturing 24 May 2040

Termsheet Tranche 1 - 2.25% Maturing 24 May 2040 (470KB PDF)

Termsheet Tranche 2 - 2.25% Maturing 24 May 2040 (341KB PDF)

Termsheet Tranche 3 - 2.25% Maturing 24 May 2040 (449KB PDF)

Termsheet Tranche 4 - 2.25% Maturing 24 May 2040 (436KB PDF)

Termsheet Tranche 5 - 2.25% Maturing 24 May 2040 (448KB PDF)

Termsheet Tranche 6 - 2.25% Maturing 24 May 2040 (441KB PDF)

Termsheet Tranche 7 - 2.25% Maturing 24 May 2040 (428KB PDF)

Termsheet Tranche 8 - 2.25% Maturing 24 May 2040 (428KB PDF)

Termsheet Tranche 9 - 2.25% Maturing 24 May 2040 (336KB PDF)

Termsheet Tranche 10 - 2.25% Maturing 24 May 2040 (337KB PDF)

Termsheet Tranche 11 - 2.25% Maturing 24 May 2040 (183KB PDF)

Termsheet Tranche 12 - 2.25% Maturing 24 May 2040 (195KB PDF)


Matured Select Lines

Floating Rate Bond - Maturing 10 December 2018

Termsheet Tranche 1 - Floating Rate Bond Maturing 10 December 2018 (32KB PDF)

Termsheet Tranche 2 - Floating Rate Bond Maturing 10 December 2018 (99KB PDF)

4.75% - Maturing 6 August 2019

Termsheet Tranche 1 - 4.75% Maturing 6 August 2019 (43KB PDF)

Termsheet Tranche 2 - 4.75% Maturing 6 August 2019 (167KB PDF)

Floating Rate Bond - Maturing 24 February 2020

Termsheet Tranche 1 - Floating Rate Bond Maturing 24 February 2020 (119KB PDF)

Termsheet Tranche 2 - Floating Rate Bond Maturing 24 February 2020 (119KB PDF)

AONIA Linked Floating Rate Bond - Maturing 12 June 2020

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 12 June 2020 (115KB PDF)

AONIA Linked Floating Rate Bond - Maturing 16 December 2020

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 16 December 2020 (332KB PDF)

AONIA Linked Floating Rate Bond - Maturing 6 April 2021

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 6 April 2021 (380KB PDF)

5.0% - Maturing 20 May 2021

Termsheet Tranche 1 - 5.0% Maturing 20 May 2021 (43KB PDF)

Credit ratings are quantified assessments of the creditworthiness of a borrower, which would include their debt and financial obligations.

South Australia’s credit ratings

Standard & Poor’s AA+/Negative/A-1+ (27 November 2020, Last Review 24 August 2021)

Moody’s Aa1/Stable/P-1 (11 September 2012, Last Review 20 July 2021)