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Possible Yen borrowings by the Commonwealth



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NO. 63

TREASURER [RELEASE) v -v

^Hls l EMBARGO IMMEDIATE STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

POSSIBLE YEN BORROWINGS BY THE COMMONWEALTH

I announced on 6 November last that the Commonwealth was considering a

public bond issue in Tokyo and I announced on 27 March that the

Commonwealth's name had been placed in the queue for a yen bond issue in

Tokyo in May and that the Commonwealth was also exploring other

possibilities for further yen borrowings.

The Commonwealth has today filed a Securities Registration Statement for

a public bond issue on the Tokyo capital market in May.

The Commonwealth's name has also been placed in the queue for a possible

Euro-yen issue in the September quarter of 1981. This borrowing,, if

proceeded with, would be the first Euro-yen issue by the Commonwealth.

The amounts of the borrowings will be finalised closer to the times of

issue but are expected to be Y20 billion for the public issue and

Y15 billion for the Euro-yen issue bringing the total amount raised to

the equivalent of about $140 million. Gross overseas borrowings so far

this financial year amount to about $96 million.

An announcement of‘terms and-conditions for- the borrowings, if proceeded

with,, will be made upon completion of negotiations. .

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Any borrowings proceeded with would, of course, be subject to due

process, including with the Executive Council and Loan Council and with

the Japanese authorities.

CANBERRA. ACT 23 April 1981