Barry O'Farrell, newly elected Premier of New South Wales, or NSW, and leader of the conservative Liberal Party, Monday claimed the outgoing Labor government had hidden a 4.5 billion Australian dollars ($4.6 billion) hole in the budget over the forward estimates.
NSW, which has a A$10 billion funding program for the 2010/2011 financial year, has about A$40 billion to A$50 billion in its benchmark bond lines, A$4.54 billion in capital indexed bonds and A$4 billion in global exchangeable bonds.
NSW top ten holders of short-dated bonds are as follows:
Franklin Resources Inc.
Daiwa Asset Management
Mitsubishi UFJ Asset Management
Nomura Asset Management
Nissay Asset Management
UBS Global Asset Management
Loomis Sayles & Co.
Western Asset Management Pty.
Chuo Mitsui Asset Management
JPMorgan Chase & Co.
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