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AUCTION PREVIEW: The Australian........>

AUSSIE BONDS
AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$1.0bn of the 2.50% May 21 2030 bond, issue #TB155.
- The line was last sold on October 24 for A$1.0bn. The sale drew an average
yield of 2.7190%, a high yield of 2.7200% and was covered 4.035x. There were 31
bidders, 13 of which were successful and 5 were allocated in full.
- The line has A$9.0bn outstanding with a modified duration of 9.80 years.
- The line's yield has operated in a ~22bp range in the time since the most
recent auction, last sitting near the middle of the range at 2.7490%.
- The line looks a little rich vs. the Nov 2029s in ASW & Z-spread terms, but
most expect the bond to outperform as it moves towards basket status. It is
worth noting that issuance is set to remain elevated to bring the line up to
benchmark size.
- Results due at 0000GMT/1100AEDT.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com