Financial Markets

Access information on SAFA's bond programs and financial markets below.

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 2025 (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF)

Domestic AUD Information Memorandum 2023 (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF)

Domestic AUD Information Memorandum 2020

Domestic AUD Information Memorandum 2015

AUD Commercial Paper Information Memorandum 2025 (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF)
(PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF) (PDF)

FY 2025-26 Long-Term Issuance to date (FY2025-26 Remaining $41m)

Month	Coupon	Maturity	Volume $'m	Capital Amt $'m	Method
Jul-25	1.75%	24 May 2032	180	153	Tender
Jul-25	1.75%	24 May 2034	20	16	Tender
Jul-25	4.50%	24 May 2033	97	97	Tender
Jul-25	2.00%	23 May 2036	148	110	Tender
Jul-25	4.75%	24 May 2038	5	5	Tender
Aug-25	4.75%	24 May 2035	1,500	1,502	Syndication
Sep-25	4.50%	24 May 2033	104	105	Tender
Sep-25	4.75%	24 May 2035	146	146	Tender
Sep-25	4.50%	24 May 2033	75	76	Tender
Sep-25	1.75%	24 May 2034	100	80	Tender
Sep-25	2.25%	24 May 2040	25	17	Tender
Oct-25	4.50%	23 May 2031	50	52	Tender
Oct-25	1.75%	24 May 2034	100	80	Tender
Oct-25	4.75%	24 May 2035	50	51	Tender
Nov-25	1.75%	24 May 2032	55	47	Tender
Nov-25	1.75%	24 May 2034	16	13	Tender
Nov-25	4.75%	24 May 2038	179	175	Tender
Nov-25	BBSW+33bps	25 Nov 2030	1000	1000	Syndication
Jan-26	1.75%	24 May 2034	173	134	Tender
Jan-26	4.75%	24 May 2038	27	25	Tender
Jan-26	2.25%	24 May 2040	50	33	Tender
Feb-26	4.75%	24 May 2035	1,250	1,210	Syndication
Feb-26	4.50%	24 May 2033	63	62	Tender
Feb-26	4.75%	24 May 2038	40	38	Tender
Feb-26	2.25%	24 May 2040	147	98	Tender
Mar-26	4.50%	23 May 2031	155	153	Tender
Mar-26	1.75%	24 May 2032	45	37	Tender
Mar-26	BBSW+44bps	24 Nov 2031	1,000	1,000	Syndication
Apr-26	1.75%	24 May 2034	156	120	Tender
Apr-26	4.75%	24 May 2038	44	41	Tender
Total (excl. buy backs)			7,000	6,675

Fixed and Floating Rate Term Outstandings as at

30 April 2026

Coupon %	Maturity Date	Outstanding $'m	Change $’m
3.00	20 July 2026	2,497	-1,043
AONIA FRN	15 June 2027	1,480	Nil
3.00	20 September 2027	1,500	Nil
3.00	24 May 2028	4,040	Nil
4.00	24 May 2029	4,000	Nil
AONIA FRN	22 June 2029	1,042	Nil
BBSW FRN	23 November 2029	1,000	Nil
2.75	24 May 2030	4,000	Nil
BBSW FRN	25 November 2030	1,000	Nil
4.50	23 May 2031	4,036	Nil
BBSW FRN	24 November 2031	1,000	Nil
1.75	24 May 2032	4,100	Nil
4.50	24 May 2033	1,839	Nil
1.75	24 May 2034	4,111	156
4.75%	24 May 2035	2,946	Nil
2.00	23 May 2036	2,694	Nil
4.75	24 May 2038	2,410	44
2.25	24 May 2040	1,361	Nil
Total		45,056	-843

For further information on these SAFA services, please contact 08 8429 0416.

Short Term Funding

Outstandings as at 30 April 2026

Promissory Notes (A$m)	2,635
Short Dated AONIA FRN (A$m)	0
Total Short Term Issuance excl. ECP (A$m)	2,635

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 further information please contact SAFA’s Client Services.

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 30 April 2026

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 3^rd 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) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) 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.

Current Status

While AONIA linked FRNs remain on issue, SAFA is currently transitioning to issuing AUD Floating Rate Notes linked to the Bank Bill Swap Rate (BBSW). This change is primarily driven by investor demand for securities referenced to a term rate, with BBSW continuing to serve as the preferred benchmark for pricing, trading, and risk management across Australian dollar debt markets.

The use of BBSW facilitates alignment with broader semi-government issuance practices and supports consistency in spread analysis, curve construction, and secondary market liquidity. This approach is also consistent with guidance from the Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC). In its 2020 guidance (RBA – November 2020 (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site)), the RBA reinforced the ongoing role of BBSW for credit-based products as part of benchmark reform. Similarly, ASIC, in its updated 2023 guidance(ASIC – March 2023 (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site) (external site)), continues to list BBSW as a significant financial benchmark under its regulatory oversight framework.