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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$900mn of the 2.75% 21 April 2024 Bond, issue #TB137.
- The line was last sold on 25 March 2019 for A$500mn. The sale drew an average
yield of 1.4465%, at a high yield of 1.4475% and was covered 5.6120x.
- There were 28 bidders, 8 of which were successful and 2 was allocated in full.
Amount allotted at highest yield as percentage of amount bid at that yield was
49.5%.
- The line has A$26.7bn outstanding, with a modified duration of 4.63 years.
- The line trades back from recent rich levels (in ASW terms), but still trades
closer to the trough than the peak over a 6-month horizon.
- The 04/2023-04/2024-04/2025 yield fly trades just shy of its recent peak, but
still looks rich based on the range observed over the last year.
- Results due at 0200BST/1100AEST
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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