Mr Perrottet said the $11.1 billion received from selling the states remaining 49 per cent stake in the WestConnex motorway to Transurban Group would be sent to the Generations Fund as required by legislation, before being used to retire an equivalent amount of debt.
NSW Treasury Corp told the market the proceeds would be used to progressively repurchase bonds from investors. It will start retiring debt this financial year, with $11.1 billion in debt to be retired over two years.
It is perhaps the biggest state bond buyback in history.
For the first time in months, the interest rate on NSW debt fell towards or in line with other states, declining by about 0.03 of a percentage on Monday.
Moodys Investors Service credit analyst John Manni…
Read the full article at: https://www.afr.com/policy/economy/perrottet-s-11b-westconnex-sale-jolts-debt-markets-20210920-p58t7e
