AOFM Issuance Update

The AOFM notes that "Treasury Bond issuance for 2020-21 is expected to be around $240 billion, of which $117 billion has already been undertaken. Around $3-4 billion will be issued in most weeks by tender for the remainder of the 2020 calendar year. No further new Treasury Bond lines are planned to be established during calendar 2020. Syndicated taps of existing long-dated bond lines will be considered. An update for the second half of 2020-21, including guidance on weekly tender volumes together with plans for new Treasury Bond lines to be established, will be provided around the time of the resumption of issuance in January 2021. The AOFM will not resume Treasury Bond buyback tenders in 2020-21. Treasury Indexed Bond issuance of $2-2.5 billion is expected for 2020-21, of which $650 million has already been undertaken. Two tenders are planned for most months. Treasury Notes will continue to be issued on a regular basis, which will involve issuance of $2-4 billion in most weeks by tender."