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The Local Government Act 2009 (amended in September 2011) allows us to borrow in foreign currency.
We have:
- a USD 10 billion Secured Medium Term Notes Programme
- an AUD 5 billion Australian Debt Issuance Programme
- a USD 2 billion Secured Euro Commercial Paper Programme.
This allows multi currency borrowings in offshore markets.
The USD Secured Medium Term Note Programme is listed on the Singapore Stock Exchange.
All foreign currency borrowings are fully hedged to eliminate currency fluctuations.
Offshore investors, like domestic investors, receive the benefit of the charge over our rates and rates revenue as security.