Semi-government syndication still in treasury corporations' armoury

None of the four largest state government funders rule out the use of syndication for their future deals despite improving market conditions and ample demand for Australian semi-government debt. The most active syndicated state borrower – Queensland Treasury Corporation (QTC) (AA+/Aa1) – draws a key distinction between the use of lead managers to consolidate federal-guaranteed bonds into standalone lines and bookbuild for new benchmarks.