A HISTORY OF THE TREASURY CORPORATION OF VICTORIA

TCV was established by the Treasury Corporation of Victoria Act 1992 (the TCV Act) and began operating on 1 January 1993. TCV is the successor in law to the Victoria Public Authorities Finance Agency (VicFin) and also assumed the activities of the Victorian Development Fund and the Victorian Debt Retirement Fund. 

1993	TCV began operating on 1 January 1993, taking over responsibility for the debts of Victoria’s electricity, gas and water utilities along with all outstanding government-guaranteed debt shortly after a double downgrade of the State’s long-term credit rating to A1.
1994	TCV worked with the State Government in communicating the improving economy and credit of Victoria to rating agencies and investor groups, to enhance the State’s debt profile and improve funding costs. TCV achieved positive offshore recognition as a professional issuer of international securities with the largest EuroYen issue by an Australian State authority (Yen 50 billion [A$645 million]) in June 1994. Standard & Poor’s rating of AA with a stable outlook was reaffirmed in November 1994.
1995	TCV balance sheet reached $A33.9 billion, and achieved its initial funding objectives. TCV named ‘Best Australian Borrower’ by Euromoney magazine. In May 1995, Moody’s Investors Service upgraded Victoria’s credit rating from Aa3 to Aa2.
1996	TCV appointed adviser to the Department of Treasury and Finance, providing funds through a simplified fixed rate borrowing facility and simplifying cash management and information processing.
1997	TCV managed the settlement and financial risk transfer from the sale of three major electricity businesses, realising over $A7 billion. Victoria received credit upgrades by Standard & Poor’s and Moody’s Investors Service to AA+ and Aa1 respectively.
1998	TCV advised and assisted with the privatisation of PowerNet Victoria and Southern Hydro Ltd. These privatisations were largely responsible for reducing the market value of TCV’s net debt from $A17.3 billion to $A14.4 billion. Victoria upgraded by Standard & Poor's to AAA in April 1998.
1999	Management of $A5.5 billion client loan repayments arising from privatisation proceeds.
2000	TCV moved to rebuild its resource base to assure the quality of its services, placing greater emphasis on our advisory services and identifying opportunities to add greater value to the State, its authorities and government business enterprises.
2001	TCV issued an Australian dollar-denominated ‘Uridashi’ transaction into the Japanese retail market in December 2001. This was one of the largest transactions of its kind and the largest by an Australian issuer up to that time.
2002	Recognising the opportunity to access lower-cost funds offshore, TCV re-entered the international capital markets after an absence of 5 years.
2003	TCV celebrated 10 successful years.
2004	TCV continued development of its Financing Advisory services, with high levels of market activity.
2005	TCV adopted the Australian equivalent of the International Financial Reporting Standards (A-IFRS) regime.
2007	Considerable turmoil within the global financial markets is triggered by US Sub-Prime Mortgage Markets. TCV liquidity positioning ensured that TCV still had access to funds on demand.
2008	The Global Financial Crisis reached a peak, and the Commonwealth Government guaranteed certain debt issuance by Australian banks in the financial markets to protect their fund-raising capacity. State Government borrowing spreads widen, reflecting global risk aversion. State Government securities issued in Australia became eligible for exemption from interest withholding tax facilitating an international diversification in investors. TCV successfully completed its funding requirements and raised $A2.7 billion despite the difficult market conditions.
2009	Commonwealth Government offered guarantees of certain debt issuance in the financial markets to the states. Victoria chose to rely solely on the State Government Guarantee for debt issuance by its central financing authority (TCV), the only eastern-seaboard state to do so. The Victorian Treasurer directed all Government agencies to deposit surplus funds with TCV and the Victorian Funds Management Corporation (VFMC). TCV delivered record profit and raised $A5.4 billion. Mr Ian Ferres retired as founding Chairman of TCV, and Mr Rob Hunt was appointed to the Chairmanship.
2010	TCV issued 2024 Domestic Inscribed Stock, establishing the longest duration nominal benchmark bond in the Australian financial markets.

http://www.tcv.vic.gov.au/page/About_TCV/Corporate_Overview/History/

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