Post on 24-Jul-2020
transcript
Page 1
Report to Parliament
Queensland Treasury Corporation
Annual Investor Roadshow 30 August – 10 September 2015
The Honourable Curtis Pitt MP Treasurer
Minister for Employment and Industrial Relations Minister for Aboriginal and Torres Strait Islander Partnerships
Page 2
Overview
Since its establishment in 1988, QTC has conducted an annual program to meet with institutional
investors in both domestic and offshore markets.
The principal objectives of this program are to build trusted relationships with existing investors so that
they continue to invest in QTC’s debt securities and to diversify QTC’s investor base by meeting with
new investors so that QTC can continue to fund the State at the lowest possible cost.
QTC’s investors include central banks, sovereign wealth funds, domestic and international banks, fund
managers and asset managers.
New investors may choose to invest in QTC if the credit quality, currency and debt instruments fit with
their investment mandate, or following the meeting, make internal requests to change their mandate,
which will allow for future investment.
The meetings provide the opportunity for investors to understand the credit quality of the State,
Queensland’s fiscal and economic outlook, and obtain first-hand information about QTC’s funding
programs and expected borrowing requirements. Investors will be interested in gaining an
understanding of their return on investment over the medium- to long-term, and how the Government’s
policies will help to minimise any impact to the volatility in returns.
Meetings are also held with the banks that are members of QTC’s Fixed Income Distribution Group
(FIDG) and other funding facility panels, given their key intermediary role in distributing QTC debt to
investors.
The Treasurer, supported by the Under Treasurer and QTC, participated in a series of high level
investor meetings and financial intermediary meetings from 31 August – 10 September 2015.
Destinations focused on the global financial markets in which QTC undertakes a large proportion of its
offshore business, including Singapore, Tokyo, Seoul, Hong Kong, London and New York. In addition,
a number of meetings and functions were organised by Trade and Investment Queensland with
organisations interested in investing in Queensland.
An outline of all meetings held during the Roadshow and matters discussed is provided in this
document.
At the meetings, a presentation of the key 2015-16 Budget highlights ― including economic overview,
budget outlook and information about the Government’s Debt Action Plan ― was provided to
investors, along with a QTC update of the previous year in review and QTC’s 2015-16 borrowing
program. In addition, QTC used the Roadshow as an opportunity to launch its video targeted for
institutional fixed income investors.
Page 3
Participants
The Hon Curtis Pitt MP, Treasurer
Minister for Employment and Industrial Relations
Minister for Aboriginal and Torres Strait Islander Partnerships
Mr Jim Murphy, Under Treasurer of Queensland
Mr Gerard Bradley, Chairman, Queensland Treasury Corporation (Hong Kong, London only)
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation (Singapore, Tokyo,
New York only)
Mr Richard Jackson, Executive General Manager, Queensland Treasury Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Summary of key findings
Investors were positive about the government’s strategy to manage the State’s finances and the
Debt Action Plan.
Investors in QTC’s fixed income securities were also positive about the government’s proposed
lower borrowings now and in the future.
Investors were pleased with the Government’s policies to manage its government-owned
corporations more commercially.
Investors viewed the lower AUD as impacting positively on the State’s fiscal position, and
recognised that although resource prices had dropped since the Budget was released, it was
largely offset against the drop in the AUD against the USD.
Investors were encouraged by the State’s economic growth forecasts and that Queensland is
forecast to have the strongest growth of any Australian State or Territory in both 2015-16 and
2016-17
Investors were interested to learn more about the outlook of Queensland’s LNG exports, as a key
contributor to the State’s future growth.
Investors recognised that Queensland has a diverse economy, and that natural resources only
account for 10 per cent of economic output. They were interested in the Government’s approach
to further diversify and grow the State’s economy, especially in the areas of tourism and education
exports.
Investors were positive about the Government’s strategy to balance the State’s export growth,
while ensuring the environment is protected for future generations.
Investors were very interested to hear about the Northern Australia strategy and how that is likely
to positively impact Queensland’s economy.
Investors were encouraged to hear about further opportunities to further diversify and grow the
Queensland economy, notably the Advance Queensland initiative and investment in the
knowledge-based industries of the future, such as biotechnology.
Page 4
SUNDAY 30 AUGUST
ALL FLY TO SINGAPORE
1740 TRANSFER: Singapore airport to Mandarin Oriental
1900 DINNER: Queensland delegation dinner / pre-roadshow briefing
O/N SINGAPORE – Mandarin Oriental
5 Raffles Ave, Marina Square, 039797, Singapore
MONDAY 31 AUGUST
MEETINGS IN SINGAPORE
0830
TRANSFER: Mandarin Oriental Singapore to meetings
0900-1000
INVESTOR MEETING: Swiss National Bank (SNB)
Location: Asia Square Tower 1, Singapore
1030-1130
INVESTOR MEETING: Bank Indonesia (BI)
Location: The Arcade, 11 Collyer Quay No.08-07, Singapore
1200-1400
LUNCH – FIXED INCOME DISTRIBUTION GROUP
The China Club, Singapore
1500-1600
INVESTOR MEETING: Brahman Capital
Location: BEA Building
60 Robinson Road, Singapore 068892
1630-1730
INVESTOR MEETING: ASPIAL Corporation
Location: Mandarin Oriental
1900-2100
DINNER: CBA Singapore Global Markets Team
Restaurant: ALBA 1836 Bar and Restaurant
O/N SINGAPORE – Mandarin Oriental
TUESDAY 1 SEPTEMBER
MEETINGS IN SINGAPORE / FLY TO TOKYO
0830 TRANSFER: Hotel to first meeting
0900-1000
INVESTOR MEETING: United Overseas Bank (UOB)
Location: UOB Plaza 1, Raffles Place
1015-1100
INVESTOR MEETING: Westpac
Location: 12 Marina View, Asia Square Tower 2, Singapore 018961
1115-1215
INVESTOR MEETING: GIC
Location: 168 Robinson Rd, #37-01 Capital Tower
Page 5
1230 TRANSFER: Final meeting to airport
1355-2150 Fly Singapore to Tokyo Haneda
2150 TRANSFER: Tokyo Haneda Airport to Imperial Hotel
O/N
TOKYO – The Imperial Hotel
1-1, Uchisaiwai-cho 1-chome,
Chiyoda-ku, Tokyo 100-8558, Japan
WEDNESDAY 2 SEPTEMBER
MEETINGS IN TOKYO / FLY TO SEOUL
0900 TRANSFER: The Imperial Hotel, Tokyo to first meeting
0930-1000
INVESTOR MEETING: Government Pension Investment Fund
Location: 1-4-1 Kasumigaseki, Chiyoda-ku, Tokyo Japan
1000 TRANSFER: GPIF meeting back to Imperial Hotel
1130-1315
LUNCH – FIXED INCOME DISTRIBUTION GROUP
Location: The Imperial Hotel
1400-1530
TOKYO INVESTOR GROUP FORUM
Location: The Imperial Hotel
1600 TRANSFER: The Imperial Hotel to Tokyo Narita airport
1900-2130
Fly Tokyo Narita to Seoul ICN
2130 TRANSFER: Seoul Incheon airport to The Shilla
O/N SEOUL – The Shilla Seoul
202 Jangchung-Dong 2-GA, Seoul KR 100-856
THURSDAY 3 SEPTEMBER
MEETINGS IN SEOUL / FLY TO HONG KONG
0700 Pre-event briefing – TIQ Location: The Shilla
0730-0900
TIQ business breakfast roundtable
Location: The Shilla
0940 TRANSFER: The Shilla Hotel to meetings
1030-1130
INVESTOR MEETING: Bank of Korea (BOK)
Location: Bank of Korea, 39, Namdaemun-ro, Jung-gu,
Seoul, 100-794, Korea
1200-1300 LUNCH: Westpac
Page 6
1300-1430
INVESTOR MEETING: Korea Investment Corporation (KIC)
Location: State Tower Namsan,
100 Toegye-ro Jung-gu, Seoul, 100-052, Korea
1530-1600
INVESTOR MEETING: National Pension Service (NPS)
Location: 4-15 Nonhyun-Dong Kangnam Gu, Seoul, Korea
1600 TRANSFER: Final meeting to Seoul Incheon airport
1945-2230 Fly Seoul – Hong Kong
2230 TRANSFER: Hong Kong airport to Mandarin Oriental hotel
O/N HONG KONG – Mandarin Oriental Hotel
5 Connaught Road, Central, Hong Kong
FRIDAY 4 SEPTEMBER
MEETINGS IN HONG KONG / FLY TO LONDON
0740 Pre-event briefing – TIQ Location: Mandarin Oriental Hotel
0800-0930
TIQ: Australian Chamber of Commerce Hong Kong and Macau Business Breakfast (sponsored by KPMG, NAB & CBA)
Venue: The Hong Kong Club
1 Jackson Road, Central
0930-1030
TIQ MEETING: Small group discussion hosted by TIQ Commissioner
Location: Hong Kong Club
1115 TRANSFER: Mandarin Oriental to China Club
1200-1400
LUNCH – FIXED INCOME DISTRIBUTION GROUP
Location: The China Club, Hong Kong
1430-1530
INVESTOR MEETING: Metlife Investments
Location: Cityplaza Phase 3, 14 Tai Koo Wan Rd
Quarry Bay, Hong Kong
1600-1700
TIQ MEETING: Australian Consul General Hong Kong
Location: Australian Consulate-General, 25 Harbour Road
Wan Chai, Hong Kong
1700 TRANSFER: Meeting to Mandarin Oriental
1830 DINNER: Hosted by Bank of America Merrill Lynch
2130 TRANSFER: Mandarin Oriental to airport
2345-0535
(+1) Fly Hong Kong – London Heathrow
Page 7
SATURDAY 5 SEPTEMBER
0535 ARRIVE London Heathrow (Terminal 5)
0700 TRANSFER: London Heathrow Terminal 5 – Savoy Hotel
0900 Review domestic material – policy and media
1900 Dinner – Roadshow attendees
O/N
LONDON – Fairmont Savoy
The Strand
London B WC2R 0EU
SUNDAY 6 SEPTEMBER
1800 Dinner – TIQ Agent General and Roadshow attendees
O/N
LONDON – Fairmont Savoy
The Strand
London B WC2R 0EU
MONDAY 7 SEPTEMBER
MORNING - MEETINGS IN LONDON
0830-0930
TIQ MEETING: KPMG – Briefing UK City Deals program
Location: Queensland House, The Strand, London
1030-1130
TIQ MEETING: UK Trade and Investment – Sirius & Innovate UK’s Catapult Programs
Location: Queensland House The Strand, London
1200-1400
TIQ QUEENSLAND BUSINESS RECEPTION
Location: Downer Room, Australia House
1530-1630
MEETING: United Kingdom Cabinet Office – Centre for Social Impact Bonds
Location: HM Treasury Building, 1 Horse Guards Rd, SW1A 2HQ
1745-2100
DINNER – FIXED INCOME DISTRIBUTION GROUP
The Savoy Hotel
The Strand, London
O/N
LONDON – Fairmont Savoy
The Strand
London B WC2R 0EU
TUESDAY 8 SEPTEMBER
MEETINGS IN LONDON / FLY TO NEW YORK
Page 8
0730 TRANSFER: Hotel to Moody’s (Canary Wharf)
0900-1000
RATING AGENCY MEETING: MOODY’S
Location: One Canada Square, Canary Wharf,
London, E14 5FA
1215-1400
GROUP INVESTOR LUNCH: London
Location: Grange St. Paul’s Hotel
10 Godliman Street, London EC4V 5AJ
1400 TRANSFER: Grange St Pauls to London City Airport
1600-2015 Fly London City to New York JFK
2015 TRANSFER: New York (JFK) to The New York Palace Hotel
O/N NEW YORK PALACE
455 Madison Avenue New York NY 10022
WEDNESDAY 9 SEPTEMBER
MEETINGS IN NEW YORK
0900 TRANSFER: New York Palace to Brooklyn for first meeting
0915 Visit – 9/11 Memorial
1130-1230 QIC MEETING: Forest City Commercial Group
Location: One Metrotech LLC, 1 MetroTech Roadway, Brooklyn
1345-1445 QLD MEETING: Ziff Brothers Investments Location: 350 Park Avenue, 2nd Floor, New York
1500-1545 QIC MEETING: Accomplice (Atlas Ventures)
Location: 250 Park Avenue, New York
1600-1630
QTC: Blackrock Investments
Location: Park Avenue Plaza, 55 East 52nd St, New York
1830-
DINNER: Fixed Income Distribution Group
Location: 50 Rockerfeller Plaza, New York
O/N NEW YORK PALACE HOTEL
Location: 455 Madison Avenue, New York
Page 9
THURSDAY 10 SEPTEMBER
MEETINGS IN NEW YORK / FLY TO BRISBANE
0730 TRANSFER: NY Hotel to Wall Street
0915-0945 New York Stock Exchange briefing
Location: 11 Wall St, New York
1030-1130 RATING AGENCY MEETING: STANDARD & POOR’S Location: 55 Water Street, New York
1230-1400 QTC - INVESTOR LUNCH EVENT Location: 240 Central Park South, New York
1530 TRANSFER: Investor Lunch to JFK airport
1845-2140
2345-0640 (+2)
Fly JFK New York to Los Angeles Fly Los Angeles to Brisbane
Page 10
Monday 31 August (Singapore)
QTC investor meeting – Swiss National Bank
Attendees Mr Bjoern Griesbach, Head of AUD Portfolio
Ms Shirley Ong, Head of South Asia Rates Distribution, UBS Investment
Bank (Host)
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting Summary:
The Swiss National Bank (SNB) conducts the country’s monetary policy as
an independent central bank. QTC has an existing relationship with SNB.
The meeting was an opportunity to discuss Queensland as an investment
portfolio opportunity with SNB’s incoming Head of AUD Portfolio.
Matters discussed included:
Queensland’s economic growth forecasts and its diverse economy
The Budget and Queensland’s strong fiscal outlook
The Advance Queensland policy
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
QTC investor meeting – Bank Indonesia
Attendees Feby Widyatantri, Portfolio Manager, Bank Indonesia Representative Office
Aditya Rachman, Assistant Manager, Investment Management Division 1,
Reserve Management Department
Ibrahim, Deputy Director, Macroprudential Policy DepartmentMs Shirley
Ong, Head of South Asia Rates Distribution, UBS Investment Bank (Host)
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary:
Bank Indonesia is the central bank of the Republic of Indonesia. Bank
Indonesia operates 37 offices across Indonesia, and four representative
offices in New York, London, Tokyo and Singapore. QTC has an existing
relationship with Bank of Indonesia.
Page 11
The meeting was an opportunity to discuss Queensland as an investment
portfolio opportunity.
Matters discussed included:
The change in Government and the Debt Action Plan introduced
in the 2015-16 Budget
Queensland’s export profile including LNG and commodities in
general
Queensland’s fiscal and economic outlook
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
QTC Fixed Income Distribution Group update (Singapore)
Attendee list As at 28 August 2015
First name Surname Job title Organisation
David Teeters Managing Director BNP Paribas
Julia Raiskin Managing Director--Head of G10
Rates Sales, Asia Citi
Peter Welsh Head of Markets (Asia) Commonwealth Bank of Australia
Bill Andrikopoulos Director - Asia, NAB Income &
Investment Solutions National Australia Bank
Jessica Tilton Head of Markets, Asia National Australia Bank, Hong
Kong
Sean Mulvahill Director, Financial Institutions National Australia Bank
Oliver Holt Head of AUD Fixed Income
Syndicate Nomura
Julian Allan Head of Institutional Sales, Fixed
Income, Asia Westpac Banking Corporation
Meeting summary:
QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic
and international banks that are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity. They play a key role as QTC’s intermediary in the market
and therefore it is important they have a strong understanding of QTC’s
funding programs and strategies, as well as Queensland’s economic and
fiscal position and outlook.
Matters discussed included:
Presentation by Treasurer of Queensland’s fiscal and economic
outlook as a result of the 2015-16 Budget.
Overview by Queensland Treasury Corporation of 2015-16
borrowing program and the reduced debt on issue compared to
previous year forecasts as a result of the Government’s Debt
Action Plan
Page 12
QTC investor meeting – Brahman Capital
Attendees Ashley Feuerheerdt, Director, Brahman Capital
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary:
Brahman Capital Management (BCM) was established in Singapore by
Ashley Feuerheerdt and Andrew Hoffman in 2011. BCM is regulated by
the Monetary Authority of Singapore (MAS) as a Registered Fund
Management Company. QTC has an existing relationship with Brahman
Capital.
Matters discussed included:
The change in Government and the Debt Action Plan introduced
in the 2015-16 Budget
Queensland’s export profile including LNG and commodities in
general
Queensland’s fiscal and economic outlook
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Investor meeting – Aspial Corporation
Attendees Mr Koh (Koh Wee Seng), Chief Executive, Aspial Corporation
Mr David Ng, Partner, World Class Land Pte Ltd
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary:
Aspial is a diversified Corporation with interests in property development,
financial services and jewellery. Aspial, through its World Class Land
business, has significant property interests in Queensland, including the
Nova 8 Towers development in Cairns and Brisbane CBD properties in
Margaret Street and Albert Street. Aspial is also developing the Australia
108 skyscraper in Melbourne, which will be the tallest residential building in
the southern hemisphere when completed in 2019.
Matters discussed included:
Aspial’s significant and welcomed investment in Queensland
through the development of its Cairns and Brisbane properties
Page 13
The strength of Queensland’s planning regime and low levels of
regulatory burden.
Potential for future investment in Queensland
QTC meeting – CBA Global Markets Team
Attendees
Mr Greg Williams, Country Head for the Commonwealth Bank of Australia,
Singapore.
Mr Peter Welsh, Head of Markets (Asia)
Mr Niel Shepherd, Head of Asian Rates
Mr Mark Pang, Head of Asian Rates Trading
Mr Tien Leong Tan (Leong), Director, Head of Energy Trading
Mr Mitchell Grosser, Executive Director Interest Rate Options and Inflation
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary: The Commonwealth Bank of Australia is one of QTC’s Fixed Income
Distribution Group (FIDG) and are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity.
Matters discussed included:
Queensland’s fiscal and economic outlook
Australia’s fiscal and economic outlook, including tax reform
Global markets overview, particularly Asia and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 14
Tuesday 1 September (Singapore)
QTC investor meeting – United Overseas Bank
Attendees Mr Fred Chin, Managing Director & Head of Group Wholesale Banking
Mr Ian Wong , Managing Director & Head of International Division
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
United Overseas Bank (UOB) is a leading bank in Singapore with an
international network of over 500 offices in 19 countries and territories in
Asia-Pacific, Western Europe and North America. QTC has an existing
relationship with UOB.
Matters discussed included:
Queensland’s fiscal and economic outlook
Queensland’s export profile and lower AUD$
The change in Government and the Debt Action Plan introduced
in the 2015-16 Budget
Queensland’s investment attraction regime, including competitive
taxation and Market-Led Proposals initiative.
Opportunities for international investment in the Queensland
industries of the future, including; education exports, tourism,
agribusiness and bio-technology
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 15
QTC investor meeting – Westpac
Attendees Mr David Koh, Head of Corporate and Institutional Banking, Asia
Mr Ananth Ramachandran, Head of Financial Institutions, Asia
Mr Craig Manning, Head of Energy & Resources, Asia
Mr Ravi Manchanda, Senior Banker and CEO Designate, Singapore
Mr Julian Allan, Head of Institutional Fixed Income Sales
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Matters discussed included:
Overview of Westpac’s operations in Singapore
The change in Government and the Debt Action Plan introduced
in the 2015-16 Budget
Queensland’s fiscal and economic outlook
LNG exports and the exciting opportunities associated with the
CSG-LNG industry
Opportunities for new tourism construction and refurbishment
The Advance Queensland initiative and opportunities for smart
exports into Asia, including tropical expertise, noting James Cook
University’s Singapore campus has recently launched.
Opportunities for growing education exports
Diversity of the Queensland economy
QTC investor meeting – Government Investment Corporation
Attendees Boon Chin Hau, Senior Vice President, GIC
Ms Oi-Yee Choo, Managing Director, Head of Singapore Investment
Banking, UBS
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
The Government Investment Corporation of Singapore is one of the
world’s largest global investors, with well over US$100 billion of assets in
more than 40 countries worldwide.
Page 16
Matters discussed included:
Queensland’s fiscal and economic outlook
GIC’s approach to investment in infrastructure
The Queensland Government’s Market-led Proposals initiative
The Queensland State Infrastructure Plan currently under
preparation.
Page 17
Wednesday 2 September (Tokyo)
Meeting Government Pension Investment Fund
Attendees Mr Hiromichi Mizuno, Executive Managing Director (Business Operation)
and Chief Investment Officer
Mr Takashi Jimba, Director General, Investment Department
Mr Kenichi Matsumoto, Director, Public Markets, Investment Department
Mr Tak Adachi, Commissioner – Japan, Trade & Investment Queensland
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary The Government Pension Investment Fund (GPIF) is an incorporated
administrative agency established by the Japanese government. It is also is
the second largest pool of retirement savings in the world and the largest in
Asia*.(*Source: Sovereign Wealth Fund Institute ranking March 2015)
Matters discussed included:
Queensland’s fiscal and economic outlook
State-wide Queensland Infrastructure Plan and opportunities for
private sector investment in Queensland
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
QTC Fixed Income Distribution Group update (Tokyo)
Attendee list As at 28 August 2015
First name Surname Job title Organisation
Hiroyuki Takahara Head of Rates Sales Japan ANZ Bank Japan
Ayumi Kinney Rates Sales
Australia and New Zealand
Banking Group Limited
Takamasa Koba Associate BNP Paribas
Nana Sato Vice President
BNP Paribas Securities Japan
Limited
James Arnold Director - Syndicate Citi
Issei Kubota International Fixed-Income Sales Citigroup Global Markets Japan
Page 18
Kimiko Nakayama Vice President Deutsche Bank
Shinichi Inagaki Head of Non-Yen Fixed Income
Sales, Japan JP Morgan Securities, Japan
Shotaro Nakata Vice President Merrill Lynch Japan Securities
Takaomi Tahara Senior Officer, International
Syndicate Nomura Securities Co., Ltd.
Motoki Koike Associate Nomura Securities Co., Ltd.
Hidetoshi Hikawa Managing Director RBC Capital Markets (Japan) Ltd.
Tak Adachi Commissioner - Japan Trade & Investment Queensland
Japan Office
Tsuyoshi Iida Executive Director UBS Securities Japan Co., Ltd
Meeting summary
QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic
and international banks that are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity. They play a key role as QTC’s intermediary in the market
(QTC does not deal directly with investors) and therefore it is important
they have a strong understanding of QTC’s funding programs and
strategies, as well as Queensland’s economic and fiscal position and
outlook.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Opportunities for investment growth in Queensland – tourism,
agriculture, LNG
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 19
QTC investor group forum (Tokyo)
Attendee list As at 28 August 2015
First name Surname Job title Organisation
Shinya Yamasaki Head of Non-Yen rates sales Citi (Host)
Issei Kubota AUD specialist sales Citi
James Arnold Director AUD Syndicate Citi
Takemiya Makoto Fund Manager Mitsui Life
Naganuma Shinobu Fund Manager Meiji Yasuda AM
Mitsui Takaya Senior Fund Manager Daiwa AM
Ishide Yoshisada Fund Manager Daiwa SBI
Kuriyama Takahiro Fund manager Daiichi Life
Hak Pheara Fund Manager DIAM
Tanaka Hikaru Fund manager Mizuho AM
Yoshinaga Kayo Fund Manager Mitsubishi UFJ Kokusai AM
Hashikawa Jun Fund Manager Nippon Life
Hanashima Tomoaki Senior Portfolio Manager NN Investment Partners
Fan Jiang Assistant Manager Asahi Life
Ozaki Mayumi Fund Manager BNP AM
Wada Ibuki Fund Manager MU Investments
Takei Akira
Manager of Foreign Bond
investment Mizuho AM
Meeting summary
Citi, as a member of QTC’s Fixed Income Distribution Group, hosted a
group of fixed income investors to learn about opportunities for investing in
Queensland Treasury Corporation’s portfolio.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Opportunities for investment growth in Queensland – tourism,
agriculture, LNG
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 20
Thursday 3 September (Seoul)
Trade and Investment Queensland – business breakfast
Attendee list As at 28 August 2015
First name Surname Job title Organisation
Daniel Kim Commissioner Trade & Investment Queensland
Jung-Hee Kwon Business Development Manager Trade & Investment Queensland
Charley Hyun Business Development Manager Trade & Investment Queensland
Bill Paterson Australian Ambassador to Korea Australian Embassy Seoul
Paul Schofield Counsellor (Economic) Australian Embassy Seoul
Brett Cooper Senior Trade Commissioner Austrade
Soo-Hyun Kim Director CJ Cheil Jedang
Han-Seung Song Director Daelim Energy
Il-Joo Kim Vice President
Daewoo Engineering &
Construction
Yeon-Seop Jung Senior Manager
Daewoo Engineering &
Construction
Graham Dodds
President & Lead Country Manager
(Korea) ExxonMobil Korea
Jason Lee Vice President GS E&R
Jee-Hoon Kim General Manager GS Engineering & Construction
Ellie Yang Assistant Manager GS Engineering & Construction
Jay Han CEO Ingeus
Chang-Ha Lee Deputy General Manager KDB Bank
Joseph (YJ) Son Deputy Director KDB Daewoo Securities
Eun-Joo Yang Director
KEXIM (Korea Export Import
Bank)
Choong-Ho Je Vice President KOGAS
Ki-Deok Park Managing Director Korea Zinc
Aron Zo Managing Director KTB Private Equity
Ji-Hoon Yoo Manager LG International
Byung-Soo Kim Team Head Lotte International
Se-ryon Kim Manager Lotte International
Page 21
Sang-Hun Lee Director Mirae Asset Management
Edward Kim Senior Partner Samjong KPMG
Chang-Ho Lee
Chief of Business Development
Team Samtan
Gordon Lee Manager Samtan
Jong-Chun Kim General Manager Seoul City Gas
Chul-Wook Lee General Manager SK Networks
Yoon Lee Associate Director Westpac Banking Corporation
Jung-Hoon Park Team Leader Woori Bank
Sung-Min Ahn Manager Woori Bank
Meeting summary
This Trade and Investment Queensland function provided an opportunity to
promote Queensland as an ideal investment destination and outline the
Palaszczuk Government’s commitment in attracting business investment
into the state, including its plan to expand Queensland’s economic base by
supporting the growth in knowledge based industries.
The objective of the function was to help secure the ongoing support from
Korean companies who have already invested in Queensland and identify
new areas for collaboration, as well as to generate interest from Korean
companies that do not yet have investments or a presence in Queensland,
increase trade and attract new investment
Matters discussed included:
Presentation from the Treasurer on Queensland’s fiscal and
economic outlook and opportunities for investment growth in
Queensland, in particular:
o Advance Queensland and the knowledge-intensive
industries of the future
o Queensland’s commitment to deliver new infrastructure,
through the State-wide Infrastructure Plan and Building
Queensland
o Exciting new developments, including the Queens Wharf
integrated resort development and Herston Quarter
project
o Potential for more partnerships through the Market-Led
Proposals initiative
Page 22
QTC investor meeting – Bank of Korea
Attendees
Mr. Tae Hyun Kim, AUD Portfolio Manager
Mr Yoon Lee, Associate Director, Westpac Banking Corporation
Kwang Suk Park, Head, Global Treasuries Portfolio Team, Reserve
Management Group
Taehyun Kim, Portfolio Manager, Global Rates & SSAs, Reserve
Management Group
Kyunghoon Yoo, Senior Manager, Global Treasuries Portfolio Team,
Reserve Investment Division The Hon Curtis Pitt MP, Treasurer of
Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
The Bank of Korea is the central bank of South Korea and QTC has had a
relationship with BOK for more than a decade.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Opportunities for investment growth in Queensland – tourism,
agriculture, LNG
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 23
QTC investor meeting – Korea Investment Corporation
Attendees Mr Hank Ahn, Chairman and CEO
Andrew Kim, Managing Director, Fixed Income
Ms Yeonji Kim, AUD Portfolio Manager
Mr Taehwan Lee, AUD Portfolio Manager
Mr Vince Lee, AUD Portfolio Manager
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
KIC was established in 2005 under the Korea Investment Corporation Act
to enhance sovereign wealth and contribute to the development of the
financial industry in Korea by efficiently managing assets entrusted by the
Government and the Bank of Korea. It manages assets entrusted by the
Government, the Bank of Korea and other public funds.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Opportunities associated with the Northern Australia White Paper
and Advance Queensland initiative
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
It was noted that Queensland Investment Corporation (QIC) and
KIC have a strong relationship and that the Memorandum of
Understanding between both Corporations will continue. This will
include an ongoing exchange of staff and the ability to consider
co-investment between QIC and KIC when in each other’s mutual
interest.
Page 24
QTC investor meeting – National Pension Service
Attendees Mr. Hosun Lee, Senior Portfolio Manager
Yoon Lee, Associate Director at Westpac Banking Corporation
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
National Pension Service (NPS) was established in 1987, pursuant to the
National Pension Act. NPS invests to secure the finances necessary for the
implementation of the National Pension Scheme and to accordingly make
payments of pension benefits.
Matters discussed included:
Queensland’s fiscal and economic outlook
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 25
Friday 4 September (Hong Kong)
Trade and Investment Queensland – business breakfast
Attendees
Ms. Janaline Oh, Deputy Consul-General, Australian Consulate-General
Hong Kong and Macau
Mr James R.F. Shipton, Executive Director, Securities and Futures
Commission
Mr. Drew Waters, Chief Executive, The Australian Chamber of Commerce
Hong Kong and Macau
Mr. David Thorn, Global Head of Consumer Sectors and Head of
Institutional Banking, Asia, National Australia Bank Limited
Mr. Michael Ball, Global Head of Healthcare (Institutional Banking),
National Australia Bank Limited
Mr. Patrick Vizzone, Regional Head of Food and Agribusiness, Asia,
National Australia Bank Limited
Ms. Eliza Lin, Head of Institutional Fixed Income Sales, Asia, National
Australia Bank Limited
Mr. Joshua Sife, Associate Director, Debt Syndicate and Origination, Asia,
National Australia Bank Limited
Mrs. Ayesha Lau, Partner in Charge, Tax Services, KPMG
Mr. Julian Vella, AsPac Regional Head - Global Infrastructure, KPMG
Mr. Sebastian Leotta, Director, Private Equity, KPMG
Mr. Michael Camerlengo, Senior Manager, Deal Advisory, KPMG
Mr. Ramsey Yu, Manager, Deal Advisory, KPMG
Mr. Kenneth Chen, Divisional President - Greater China / Founding Partner
CPA Australia / Zhonglei Specialish Advisory Services
Mr. Jeffrey Chan, Divisional Deputy President - Greater China / Finance
Director CPA Australia / Triumph International Services
Mr. Bernard Poon, Divisional Councillor - Greater China, CPA Australia
Mr. Albert Yip, Chairperson of Financial Services Committee, CPA
Australia
Mr. Ronald Yam, Divisional Councillor – Greater China, CPA Australia
Ms. Joanna D'Ettorre Leung, Director, ACE Study Abroad HK
Mr. David Richards, Senior Banker, ANZ
Ms. Min Yeung, Chairman, ASF Group
Mr. Thomas So, Managing Director, ASF Group
Mr. Andrew Steadson, Immediate Past Chairman / Executive Chairman,
Australia Chamber of Commerce Hong Kong and Macau / MadePartners
Limited
Mr. Ian Robinson, Co-Founder / Director, Australia Chamber of Commerce
Hong Kong and Macau / Robinson Management Limited
Ms. Amy Cheng, Managing Director - Executive Head of Global Coverage
& Vice-Chair of Investment Banking Division, Bank of China International
(BOCI)
Page 26
Mr. Caius Ng, Deputy Managing Director & Head of Taxation, Finance
Division, China Construction Bank International (CCBI)
Mr. Justine Woo, Associate Director, China Construction Bank
International (CCBI)
Ms. Michelle Ho, Manager, China Construction Bank International (CCBI)
Mr. Conrad Cheng, Investment Director, Chow Tai Fook Enterprises
Limited
Mr Sam Fagan, Director of International Operations Asia, Commonwealth
Bank
Ms. Flora Mok, Senior Tax Manager, Deloitte Touche Tohmatsu
Mr. Chris Hoong, Managing Director, Far East Consortium International
Group
Mr. Gavin Norris, Director, FDI Limited
Mr. Rahul Goel, Vice President - Projects & Planning, General Nice
Resources (HK) Group
Mr. Freddy Yip, Chairman, Goldjoy Holidays (Hong Kong) Group
Ms. Kwang Sok Inn, Consultant, Hastings & Co.
Mr. Kwang Theng Kian, Consultant, Hastings & Co.
Mr. Alan Dashwood, Principal, Heidrick & Struggles
Mr. Apollo Ng, President, Hong Kong Racehorse Owners Association
Ms. Nixie Lam, Tsuen Wan District Councillor / Past President, Hong Kong
Tsuen Wan District Council / University of Queensland Alumni Association
- Hong Kong
Mr. John Davison, Partner, Kao Lee & Yip
Mr. Steven Yip, Senior Partner, Minter Ellison
Mr. Terry Wong, General Manager, Corporate Finance & Development,
MTR Corporation Limited
Mr. Michael Madigan, Company Secretary, OBE Organic
Mr. Brosnan Gai, Project Manager, Pacific Risk Ltd
Mrs. Lynette Tiong, Director, RH Mining Resources Ltd / Port Guald
Mr. Eugene Leung, Vice President (Investment), Sino Group
Prof. Allen Wong, Vice President - Global / Founding President & Chief
Executive – Greater China,The Institute of Certified Management
Accountants
Ms. Shirley Kwan, Marketing Manager Hong Kong & Southern China,
Tourism & Events Queensland
Ms. Isabella Zarb, Director,Trade Cord International
Mr. Joseph Kwan, Managing Director, UDA Consultants Limited
Mr. Benjamin Wong, Vice President - Projects & Planning, Wells Fargo
Mr. Michael Kang, Director – DCM, Westpac Banking Corporation
Meeting summary
This Trade and Investment Queensland function provided an opportunity to
promote Queensland as an ideal investment destination and outline the
Palaszczuk Government’s commitment in attracting business investment
into the state, including its plan to expand Queensland’s economic base by
supporting the growth in knowledge based industries.
The objective of the function was to help secure the ongoing support from
Hong Kong companies who have already invested in Queensland and
Page 27
identify new areas for collaboration, as well as to generate interest from
Hong Kong companies that do not yet have investments or a presence in
Queensland, increase trade and attract new investment
Matters discussed included:
Presentation from the Treasurer on Queensland’s fiscal and
economic outlook and opportunities for investment growth in
Queensland, in particular:
o Advance Queensland and the knowledge-intensive
industries of the future
o Queensland’s commitment to deliver new infrastructure,
through the State-wide Infrastructure Plan and Building
Queensland
o Exciting new developments, including the Queens Wharf
integrated resort development and Herston Quarter
project
o Potential for more partnerships through the Market-Led
Proposals initiative
o Opportunities for trade and investment between
Queensland and Hong Kong in the particular fields of
premium food and beverage, agriculture, tourism and
property development.
Page 28
QTC Fixed Income Distribution Group update (Hong Kong)
Attendee list As at 28 August 2015
First name Surname Job title Organisation
Richard Cheng HK Investor Sales ANZ
Kaipin Shan Vice President, FICC Sales Bank of America Merrill Lynch
Anan Shi Director BNP Paribas Hong Kong Branch
Phoebe Hung Fixed Income Sales Citibank
Choon Lang Tan Vice President Citibank
Stephenni Xie Director Citigroup Global Markets Asia Ltd
Eliza Lin Head of Institutional Fixed Income
Sales, Asia National Australia Bank Limited
Andrew Loo Managing Director Nomura International (HK) Ltd.
Desmond Fennell Director, Debt Capital Markets RBC Capital Markets
Tim Wade Vice President Royal Bank of Canada
Angela To Queensland Trade and Investment
Commissioner
TIQ - Queensland Government
Office Hong Kong & Macau
Anson Ko Associate Director UBS
Meeting summary
QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic
and international banks that are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity. They play a key role as QTC’s intermediary in the market
(QTC does not deal directly with investors) and therefore it is important
they have a strong understanding of QTC’s funding programs and
strategies, as well as Queensland’s economic and fiscal position and
outlook.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 29
QTC investor meeting – MetLife
Attendees Mr. David Richter, Director, MetLife
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Gerard Bradley, Chairman, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
MetLife is a leading global provider of insurance, annuities and employee
benefit programs, serving 90 million customers in over 50 countries.
Through its subsidiaries and affiliates, MetLife holds leading market
positions in the United States, Japan, Latin America, Asia Pacific, Europe
and the Middle East. MetLife has been providing life insurance for 140
years.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Trade and Investment Queensland meeting – Consul General
Attendees Mr. Paul Tighe, Consul-General for Hong Kong and Macau
Ms Yvonne Chan, Deputy Consul General and Senior Trade Commissioner
Ms Angela To, Trade and Investment Queensland Commissioner–Hong
Kong
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Matters discussed included:
Opportunities for trade growth in high-end Queensland products
such as organic beef and seafood, as well as tourism and
education exports and property development
Importance of marketing Queensland successfully within the
context of Australia and promoting strengths in natural attractions,
tropical products and tropical expertise
Opportunities associated with Northern Australia White Paper
Opportunities associated with the Integrated Resort Development
initiative
Page 30
Dinner with Bank of America Merrill Lynch
Attendees Ms Adrienne Bloom, Managing Director
Financial Institutions, Bank of America Merrill Lynch, Australia
Ms Helen Li, Director Resources, Asia, Bank of America Merrill Lynch,
Hong Kong
Alex To, Managing Director, Head of Infrastructure, Power & Utilities, Asia
Bank of America Merrill Lynch, Hong Kong
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Matters discussed included:
Queensland’s fiscal and economic outlook
Change of Government and the Debt Action Plan
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 31
Monday 7 September (London)
Trade and Investment Queensland – meeting with KPMG
Attendees Dr Said Hirsh, Associate Director, Deal Advisory, Infrastructure
Mr Ken Smith, Queensland Agent General
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Meeting was an opportunity to discuss the operations of the UK City Deals
and impact on various regions outside London following a meeting in
London with the Deputy Premier of Queensland, the Honourable Jackie
Trad MP, on 26 June 2015.
Matters discussed included:
Roles of Treasury and local authorities in financing and economic
assessment of infrastructure priorities at a regional and local level.
The benefits of City Deals in prioritising infrastructure in local and
regional areas to maximise economic benefit from government
investment.
TIQ meeting with UK Trade & Investment – Sirius Program and
Innovate UK
Attendees Mrs Paola Cuneo, Sirius Campaign Director
Mr Matthew Toombs, Deputy Director - Corporate Finance, Business,
Innovation & Skills – HM Treasury
Mr Harry Robinson, HM Treasury
Mr Ken Smith, Queensland Agent General
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Meeting was an opportunity to understand policy framework, objectives,
funding models and future plans for the UK Sirius and Catapult programs
and explore synergies and relevance to the Queensland Government’s
Advance Queensland policy.
Page 32
Matters discussed included:
UK Trade and Investment (UKTI) ‘Sirius’ program –
o Sirius aims to attract the brightest and best student and
recent graduate entrepreneurs to set up their businesses
in the UK. Individuals with an early idea or an
established business plan can apply to this programme.
o Sirius is a two year programme and it supports global
graduate talent by helping young people from around the
world develop and make their business ideas a reality in
the UK.
o The programme is for recent graduates or final year
university students that have followed BA/BSc level,
Master or Research degree programmes.
o The successful graduates receive a £12 000 financial
contribution, a place in one of the best business
accelerator programmes, mentoring as well as support to
gain clients and funding. Winners also gain expertise
through working in a great ecosystem and interacting
with other entrepreneurs as well as investors and
mentors.
Innovate UK ‘Catapult’ program –
o Catapult was established 5 years ago to provide
institutional support for new technologies, align
businesses with research strengths and capitalise on
future industry trends.
o It is a ‘challenge-led’ proposition – gives industry an
opportunity to solve major challenges via partnerships.
o There are ‘clusters’ of Catapults based on identified
priority areas – i.e. Advanced Medicines, Future Cities,
High Value Manufacturing, Digital, Cell Therapy. There is
a separate ‘FinTech’ program @ Canary Wharf which
also provides government incentives for growth of
technology associated with financial services sector.
o Each Catapult is based in a different regional centre
o In some cases Catapults provide assistance for diffusing
proven new technologies. This provides the base tech for
SMEs to realise competitive advantage
Page 33
Trade and Investment Queensland – lunch reception
Attendees
Mr Aldo Pennini, Chief of Staff, AngloAmerican
Mr Matthew Cameron, Institutional Banking, ANZ Bank
Mr Hans Holmen, Principal Consultant, Infrastructure and Private Equity,
AON
Ms Catherine Batterby, Managing Director, Australian Business
Mr Andrew Todd, Deputy High Commissioner, Australian High Commission
Brigadier, Bill Sowry CSC, Head, Australian Defence Staff and Defence
Advisor UK, Australian High Commission
Mr Nick Allen, Group Executive and Chief Executive Non-Ferrous
BHP Billiton
Mr Julius Brookman, Family Law Solicitor, Brookman Lawyers
Mr James Swinburn, Director, Infrastructure, CBA
Mr David Hunter, Partner, First Avenue Partners
Mr John Pryce, CEO - IDF Beverages, Indo Direct Foods
Mr Michael Dinham, Managing Director, ING - Infrastructure Finance
Mr Scott Lucas, Executive Director, J.P Morgan
Mr Said Hirsh, Associate Director, KPMG LLP
Mr Matthew Custance, Partner, Corporate Finance, KPMG LLP
Mr Rob Mudie, Client Service Director, Literacy Planet
Mr Dhaval Gore, Head of Asia Pacific Established markets
London and Partners
Mr Adam Cramp, Commercial Banking Representative, Metro Bank
Ms Nicola Hooper, Divisional Director - Transport Management
Consultancy, Mott MacDonald,
Mr Nick Woolfitt, Director, NAB
Mr, Huw Williams, Partner, Oury Clark
Mr Andrew Dell, Managing Consultant, Pcubed (MEI Book)
Mrs Leanne Kemp, CEO, Phenix Jewellery
Mr Eric Jelinek, Regional General Manager, Qantas Airways Limited
Mr Scott Cornfoot, Director, Client and Consultant Relationships
QIC European Investment Services Ltd
Ms Rachel Fisher, Fixed Income Team, QIC European Investment
Services Ltd
Ms Cathi Taylor, Trustee, Royal Flying Doctors
Mr Francesco Norante, Business Development Manager, Selex ES
Mr Andrew Dempster, Executive Manager, International Investor Relations
Suncorp Group
Ms Jane Nicholson, International Director, UK, Ireland & Nordic Region
Tourism and Events Queensland
Mr Ken Smith, Agent General for Queensland, Trade and Investment
Queensland
Page 34
Mr Warren Bartlett, Deputy Trade and Investment Commissioner
Trade and Investment Queensland
Ms Pauline Shearman, Business Development Manager, Trade and
Investment Queensland
Ms Cindy Callander, Business Development Officer, Trade and Investment
Queensland
Mr Jacob Broman-Minish, Trainee, Trade and Investment Queensland
Ms Lauren-Lee, London Office Manager, Trade and Investment
Queensland
Ms Krystel Hewett, Accounts Officer, Trade and Investment Queensland
Ms Nicole Bisson, Global Business Development Manager, Turner &
Townsend
Mrs Paola Cuneo, Sirisu Campaign Director, UKTI
Mr Chris Bannister, General Manager, Europe and America
Westpac
Mr John Dawson AM, Former Agent General Queensland
The Hon Ros Kelly AO, Former Federal Cabinet Member and Board
Member
Ms Rhian Evans, Director, Ninja Hub
Mr Ben Russell, Ninja Hub
Meeting summary
This Trade and Investment Queensland function provided an opportunity to
promote Queensland as an ideal investment destination and outline the
Palaszczuk Government’s commitment in attracting business investment
into the state, including its plan to expand Queensland’s economic base by
supporting the growth in knowledge based industries.
The objective of the function was to help secure the ongoing support from
UK companies who have already invested in Queensland and identify new
areas for collaboration, as well as to generate interest from UK companies
that do not yet have investments or a presence in Queensland, increase
trade and attract new investment
Matters discussed included:
Presentation from the Treasurer on Queensland’s fiscal and
economic outlook and opportunities for investment growth in
Queensland, in particular:
o Advance Queensland and the knowledge-intensive
industries of the future
o Queensland’s commitment to deliver new infrastructure,
through the State-wide Infrastructure Plan and Building
Queensland
o Exciting new developments, including the Queens Wharf
integrated resort development and Herston Quarter
project
o Potential for more partnerships through the Market-Led
Proposals initiative
Page 35
Meeting with Centre for Social Impact Bonds, UK Cabinet
Attendees Tamsyn Roberts, Head of the Centre for Social Impact Bonds, UK Cabinet
Mr Ken Smith, Queensland Agent General
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting Summary The Centre for Social Impact Bonds is a team within the Cabinet Office that
promotes the development of more and better SIBs.
Following the announcement of the Queensland Government’s initiative to
pilot social benefit bonds, this meeting enabled the Treasurer to
understand the lessons learned from the UK experience.
The Centre spoke about the challenges and opportunities in the
development of this type of investment vehicle.
QTC Fixed Income Distribution Group update (London)
Attendee list
As at 4 September 2015
First name Surname Job title Organisation
David Ryan Senior Dealer, Capital Markets ANZ
Paul Johnson Co-Head, Syndicate, Europe, Debt
Syndicate ANZ
Adam Mayne Rates Trader ANZ
Ben Stewart BAML
Anis Younes AUD Rates Product Manager in Europe BNP Paribas
David Starke FICC Sales BofA Merrill Lynch
Kevin Atwill Head FI Sales Europe & Americas CBA
Jon Hale Head High Grade Bonds Europe &
Americas CBA
Russell Harris Global Head of High Grade Trading CBA
Maggie Liao Rates Sales Citi
Shane Dallmann Director Fixed Income Trading Citi
Alistair Holland Director Deutsche Bank
Lorimer Director -
Rates
Trading
National Australia Bank
James
Paolo Giambrone AUD and NZD Rates Trader JP Morgan
Jeffrey Johnson AUD Bond Trading Nomura
Page 36
Ricky Dhanoa AUD Trader RBC
Hill Director,
Fixed
Income
sales
National Australia Bank
Richard
Ken Smith Agent General for Queensland Trade and Investment
Queensland
Paul Pickering UBS
Chandos Fleming
Smith
Director, Bond Trading
Westpac
Jodie Tilley Institutional Sales Westpac Institutional Bank
Meeting summary
QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic
and international banks that are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity. They play a key role as QTC’s intermediary in the market
(QTC does not deal directly with investors) and therefore it is important
they have a strong understanding of QTC’s funding programs and
strategies, as well as Queensland’s economic and fiscal position and
outlook.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 37
Tuesday 8 September (London)
Rating agency meeting Moody’s Investor Services
Attendees David Rubinoff, Global Head of Sub Sovereign
Roshana Arasaratnam, Vice President Senior Credit Officer at Moody's
Investors Service
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Gerard Bradley, Chairman, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Moody's is an essential component of the global capital markets, providing
credit ratings, research, tools and analysis that contribute to transparent
and integrated financial markets.
Matters discussed included:
Queensland’s fiscal and economic outlook and in particular the
Debt Action Plan delivered in the 2015-16 Budget
Queensland’s enhanced fiscal principles and ongoing commitment
to 100% fully funded long-term liabilities
Global market conditions, including currency and commodities
Page 38
QTC – investor group update
Attendee list As at 4 September 2015
First name Surname Job title Organisation
David Starke AUD/NZD FICC Sales BofA Merrill Lynch (host)
Ben Stewart Director, DCM BofA Merrill Lynch
Matthew Squires AUD/NZD Swaps/Bond Trader BofA Merrill Lynch
Andrew Murray DCM CBA
Patrick Moore Syndicate CBA
Jonathan Hale High Grade Trading CBA
Kevin Atwill
Head of FI Sales, Europe &
Americas CBA (host)
Russell Harris Head of High Grade Trading CBA
Tammay Nguyen FI Sales CBA
Peter Johnson Portfolio Manager Chubb Investment Services
Hassan Behbehani Portfolio Manager Kuwait Investment Office
Simon Bell Portfolio Manager
Legal and General Investment
Management
Joshua Gordon-Carr Senior Manager Macquarie Bank
Nan Wu Portfolio Manager Nomura Asset Management
Niall Moten Portfolio Manager QBE Management
Halvor Wood Portfolio Manager Swisscanto
Meeting summary
Bank of America Merrill Lynch and the Commonwealth Bank of Australia,
as members of QTC’s Fixed Income Distribution Group, jointly hosted a
group of fixed income investors to learn about opportunities for investing in
Queensland Treasury Corporation’s portfolio.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 39
Wednesday 9 September (New York)
Meeting with Forest City Commercial Group
Attendees Mr Bill Ross, Executive Vice President, Asset Management, Forest City
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
Forest City and Queensland Investment Corporation’s strategic real estate
partner in the United States and focus on partnerships with QIC to deliver
retails malls across the United States that have a high return on
investment.
Matters discussed included:
QIC relation and potential for future expansion
Strong growth prospects in retail malls across second tier US
cities
Future opportunities to improve value proposition through
technology improvements
Meeting with Ziff Brothers Investments
Attendees Mr Robert Ziff, Co-Chairman, Ziff Brothers Investments
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary
New York-based Ziff Brothers Investments is the owner of Queensland
Energy Resources (QER). QER holds exploration and mining tenements in
Queensland including the Stuart Oil Shale project and other oil shale
deposits including the McFarlane deposit near Proserpine.
Matters discussed included:
Asian market conditions, including currency and commodities
History of QER
Future opportunities to deliver science-based, viable projects
using the right technology
Page 40
Meeting with Accomplice (formerly Atlas Venture)
Attendees Mr Jeff Fagnan, Founder, Accomplice
Mr Ryan Moore, Partner, Accomplice
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary Accomplice is an early-stage venture capital firm that invests
in technology startup companies. Queensland Investment Corporation has
an existing relationship with Accomplice.
The meeting was an opportunity to learn more about how the micro/seed
landscape is developing and the role of venture capital in regard to the
Business Development Fund that QIC will manage on behalf of
Government under the Advance Queensland initiative.
Page 41
Meeting with Blackrock
Attendees Rick Rieder, Managing Director, Chief Investment Officer of Fundamental
Fixed Income
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary BlackRock, Inc. is a publicly owned investment manager. The firm primarily
provides its services to institutional, intermediary, and individual investors.
It also manages accounts for corporate, public, union and industry pension
plans, insurance companies, third-party mutual funds, endowments,
foundations, charities, corporations, official institutions, and banks.
Matters discussed included:
Queensland’s fiscal and economic outlook, including strongest
forecast growth in the nation in 2015-16
Infrastructure and Market-Led Proposals
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 42
QTC Fixed Income Distribution Group update (New York)
Attendee list As at 4 September 2015
First name Surname Job title Organisation
Ann Varalli Senior Vice President ANZ Securities, Inc
Grant England Director ANZ Securities, Inc.
Morgan Griffiths Vice President ANZ
Jennifer Liu Vice President BNP Paribas
Sabina Veksler Vice President BNP Paribas
David Murray Director, Fixed Income Sales CBA
Eric Bouchard Director, Fixed Income Sales CBA
Honor McFadyen Managing Director Deutsche Bank
James Fleming Vice President Deutsche Bank
Sarah Finn AUD NZD Fixed Income Sponsor J.P. Morgan
Mat Dennis Director NAB New York
Meeting summary QTC’s Fixed Income Distribution Group (FIDG) consists of 12 domestic
and international banks that are responsible for providing investors with
two-way pricing in the secondary market, as well as supporting primary
issuance activity. They play a key role as QTC’s intermediary in the market
(QTC does not deal directly with investors) and therefore it is important
they have a strong understanding of QTC’s funding programs and
strategies, as well as Queensland’s economic and fiscal position and
outlook.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan
Page 43
Thursday 10 September (New York)
Rating agency meeting Standard & Poor’s
Attendees
Dominic Crawley, Executive Managing Director, Financial Services,
Sovereigns and International Public Finance Ratings
Jayan Dhru, Executive Managing Director Corporate & Infrastructure
Ratings
Roberto Sifon-Arevalo, Managing Director, Sovereign and International
Public Finance Ratings
The Hon Curtis Pitt MP, Treasurer of Queensland
Mr Jim Murphy, Under Treasurer of Queensland
Mr Philip Noble, Chief Executive Officer, Queensland Treasury Corporation
Mr Richard Jackson, Executive General Manager, Queensland Treasury
Corporation
Mr Lachlan Smith, Principal Advisor, Office of the Treasurer
Meeting summary With 26 offices around the world and a history that dates back more than
150 years, Standard & Poor's Ratings Services provides high-quality
market intelligence in the form of credit ratings, research, and thought
leadership.
Matters discussed included:
Queensland’s fiscal and economic outlook and in particular the
Debt Action Plan delivered in the 2015-16 Budget
Queensland’s enhanced fiscal principles and ongoing commitment
to 100% fully funded long-term liabilities
Global market conditions, including currency and commodities
Page 44
QTC investor group update
Attendee list As at 4 September 2015
First name Surname Job title Organisation
Honor McFadyen Managing Director, ICG Deutsche Bank. (Host)
John Kenyon Deutsche Bank
Structuring
Deutsche Bank
Gary Beyer Deutsche Bank
Relationship
Management
Deutsche Bank
James Fleming Deutsche Bank Debt
Capital Markets
Deutsche Bank
Yvette Klevan Managing Director and
Portfolio Manager
Lazard Asset Management
Asaf Gola Senior Trader Argonaut Capital Management
Lynn Chen Head of Core Plus Aberdeen Asset Management
Scott Mitchell
Portfolio Manager NAB Treasury
Stewart Tim Fortress Investment Group
Jessica Zarzycki TIAA
Meeting summary Deutsche Bank, as a member of QTC’s Fixed Income Distribution Group,
hosted a group of fixed income investors to learn about opportunities for
investing in Queensland Treasury Corporation’s portfolio.
Matters discussed included:
Queensland’s fiscal and economic outlook
Global market conditions, including currency and commodities
Queensland Treasury Corporation’s 2015-16 borrowing program
and the reduced debt on issue compared to previous year
forecasts as a result of the Government’s Debt Action Plan