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 2022-23 Long-Term Bond Issuance - Completed.

MonthCouponMaturityVolume $'mCapital Amt $'mMethod
Jul-22 2.00% 23 May 2036 1,000 749.920 Syndicated Placement
Jul-222.75% 24 May 2030300 282.813Public Tender
Aug-22AONIA FRN10 Jun  2025145145.577Private  Tap
Aug-221.75%24 May 2032750616.320Syndicated Placement
Aug-223.00%24 May 20281,000957.800Syndicated Placement
Total3,1952,752.430

Fixed and Floating Rate Term Outstandings as at

31 August 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 995145
3.00 20 July 2026 3,540 Nil
3.00 20 September 2027 1,500 Nil
3.00 24 May 2028 4,0401,000
2.75 24 May 2030 3,115Nil
1.75 24 May 2032 3,310750
1.75 24 May 2034 2,000 Nil
2.00 23 May 2036 2,000Nil
2.25 24 May 2040 1,003 Nil

Total
30,9741,895

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

Short Term Funding

Outstandings as at 31 August 2022

Promissory Notes ($m)

2,710

AONIA FRN ($m)

0

Total Short Term Issuance inc. ECP ($m)

2,710

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 31 July 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 16 June 2023

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 16 June 2023

Termsheet Tranche 2 - AONIA Linked Floating Rate Bond Maturing 16 June 2023

Termsheet Tranche 3 - AONIA Linked Floating Rate Bond Maturing 16 June 2023

4.25% - Maturing 20 November 2023

Termsheet Tranche 1 - 4.25% Maturing 20 November 2023

Termsheet Tranche 2 - 4.25% Maturing 20 November 2023

Termsheet Tranche 3 - 4.25% Maturing 20 November 2023

Termsheet Tranche 4 - 4.25% Maturing 20 November 2023

2.25% - Maturing 15 August 2024

Termsheet Tranche 1 - 2.25% Maturing 15 August 2024

Termsheet Tranche 2 - 2.25% Maturing 15 August 2024

Termsheet Tranche 3 - 2.25% Maturing 15 August 2024

Termsheet Tranche 4 - 2.25% Maturing 15 August 2024

Termsheet Tranche 5 - 2.25% Maturing 15 August 2024

2.75% - Maturing 16 April 2025

Termsheet Tranche 1 - 2.75% Maturing 16 April 2025

Termsheet Tranche 2 - 2.75% Maturing 16 April 2025

AONIA Linked Floating Rate Bond - Maturing 10 June 2025

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

Termsheet Tranche 2 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

Termsheet Tranche 3 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

Termsheet Tranche 4 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

Termsheet Tranche 5 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

Termsheet Tranche 6 - AONIA Linked Floating Rate Bond Maturing 10 June 2025

3.00% - Maturing 20 July 2026

Termsheet Tranche 1 - 3.0% Maturing 20 July 2026

Termsheet Tranche 2 - 3.0% Maturing 20 July 2026

Termsheet Tranche 3 - 3.0% Maturing 20 July 2026

Termsheet Tranche 4 - 3.0% Maturing 20 July 2026

Termsheet Tranche 5 - 3.0% Maturing 20 July 2026

Termsheet Tranche 6 - 3.0% Maturing 20 July 2026

Termsheet Tranche 7 - 3.0% Maturing 20 July 2026

3.00% - Maturing 20 September 2027

Termsheet Tranche 1 - 3.00% Maturing 20 September 2027

Termsheet Tranche 2 - 3.00% Maturing 20 September 2027

3.00% - Maturing 24 May 2028

Termsheet Tranche 1 - 3.0% Maturing Bonds 24 May 2028

Termsheet Tranche 2 - 3.0% Maturing Bonds 24 May 2028

Termsheet Tranche 3 - 3.0% Maturing Bonds 24 May 2028

Termsheet Tranche 4 - 3.0% Maturing Bonds 24 May 2028

Termsheet Tranche 5 - 3.0% Maturing Bonds 24 May 2028

2.75% - Maturing 24 May 2030

Termsheet Tranche 1 - 2.75% Maturing 24 May 2030

Termsheet Tranche 2 - 2.75% Maturing 24 May 2030

Termsheet Tranche 3 - 2.75% Maturing 24 May 2030

Termsheet Tranche 4 - 2.75% Maturing 24 May 2030

Termsheet Tranche 5 - 2.75% Maturing 24 May 2030

Termsheet Tranche 6 - 2.75% Maturing 24 May 2030

Termsheet Tranche 7 - 2.75% Maturing 24 May 2030

Termsheet Tranche 8 - 2.75% Maturing 24 May 2030

1.75% - Maturing 24 May 2032

Termsheet Tranche 1 - 1.75% Maturing 24 May 2032

Termsheet Tranche 2 - 1.75% Maturing 24 May 2032

Termsheet Tranche 3 - 1.75% Maturing 24 May 2032

Termsheet Tranche 4 - 1.75% Maturing 24 May 2032

Termsheet Tranche 5 - 1.75% Maturing 24 May 2032

1.75% - Maturing 24 May 2034

Termsheet Tranche 1 - 1.75% Maturing 24 May 2034

Termsheet Tranche 2 - 1.75% Maturing 24 May 2034

Termsheet Tranche 3 - 1.75% Maturing 24 May 2034

2.00% - Maturing 23 May 2036

Termsheet Tranche 1 - 2.00% Maturing 23 May 2036

Termsheet Tranche 2 - 2.00% Maturing 23 May 2036

2.25% - Maturing 24 May 2040

Termsheet Tranche 1 - 2.25% Maturing 24 May 2040

Termsheet Tranche 2 - 2.25% Maturing 24 May 2040

Termsheet Tranche 3 - 2.25% Maturing 24 May 2040

Termsheet Tranche 4 - 2.25% Maturing 24 May 2040

Termsheet Tranche 5 - 2.25% Maturing 24 May 2040

Termsheet Tranche 6 - 2.25% Maturing 24 May 2040

Termsheet Tranche 7 - 2.25% Maturing 24 May 2040

Termsheet Tranche 8 - 2.25% Maturing 24 May 2040

Termsheet Tranche 9 - 2.25% Maturing 24 May 2040

Termsheet Tranche 10 - 2.25% Maturing 24 May 2040

Termsheet Tranche 11 - 2.25% Maturing 24 May 2040

Termsheet Tranche 12 - 2.25% Maturing 24 May 2040

Termsheet Tranche 13 - 2.25% Maturing 24 May 2040


Matured Select Lines

Floating Rate Bond - Maturing 10 December 2018

Termsheet Tranche 1 - Floating Rate Bond Maturing 10 December 2018

Termsheet Tranche 2 - Floating Rate Bond Maturing 10 December 2018

4.75% - Maturing 6 August 2019

Termsheet Tranche 1 - 4.75% Maturing 6 August 2019

Termsheet Tranche 2 - 4.75% Maturing 6 August 2019

Floating Rate Bond - Maturing 24 February 2020

Termsheet Tranche 1 - Floating Rate Bond Maturing 24 February 2020

Termsheet Tranche 2 - Floating Rate Bond Maturing 24 February 2020

AONIA Linked Floating Rate Bond - Maturing 12 June 2020

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 12 June 2020

AONIA Linked Floating Rate Bond - Maturing 16 December 2020

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 16 December 2020

AONIA Linked Floating Rate Bond - Maturing 6 April 2021

Termsheet Tranche 1 - AONIA Linked Floating Rate Bond Maturing 6 April 2021

5.0% - Maturing 20 May 2021

Termsheet Tranche 1 - 5.0% Maturing 20 May 2021

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 30 August 2022)

Moody’s Aa1/Stable/P-1 (11 September 2012, Last Review 17 August 2022)