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The Australian Office of Financial Management (AOFM) will today sell A$2.0bn of the 0.25% 21 November 2024 Bond, issue #TB159. The line was last sold on 7 August 2020 for A$2.0bn. The sale drew an average yield of 0.3383%, at a high yield of 0.3400% and was covered 5.6225x. There were 48 bidders, 13 of which were successful and 5 were allocated in full. Amount allotted at highest yield as percentage of amount bid at that yield was 26.7%.
- Outright valuations and a strong run of recent short dated tenders (aided by the RBA's YCC scheme) should promote smooth digestion of the auction, with the prospect of a broadening of the RBA's ACGB purchases to include the line also on the minds of many.
- Roll down from the current ~0.36%, towards the RBA's 3-Year yield target is of course attractive.
- ASWs remain elevated, but off peaks.
- Results due at 0200BST/1100AEST.