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

AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management

(AOFM) will today sell A$600mn of the 3.25% 21 Apr 2029 Bond, issue #TB138. The

line was last sold on 18 March 2019 for A$600mn.

- The sale drew an average yield of 1.9693%, at a high yield of 1.9700% and was

covered 4.1250x. There were 26 bidders, 13 of which were successful and 4 were

allocated in full. Amount allotted at highest yield as percentage of amount bid

at that yield was 39.3%.

- The line forms part of the basket for XMU9.

- Recent 10-Year basket issuance has been notable in terms of size, but

generally well digested.

- The line's yield sits ~7bp or so off of its low, printing at 1.3485% at

writing.

- The 3-/10-Year yield spread sits ~3bp off of its cycle low, printed in March.

- The line's ASW-spread sits 2.0bp or so off of its recent low.

- Results due at 02:00BST/11:00AEST.