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

AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$3.5bn of the 1.25% 21 May 2032 Bond, in what will
represent the opening of the line.
- Desk notes that we have seen hold price estimates of EFP +7.0-9.5bp.
- The reception of the most recently tendered round of longer dated supply
(A$800mn worth of ACGB 2.75% 21 November 2029 on Monday Jan 13) could be
described as luke warm at best, with market players focused on today's supply,
which seemingly supressed demand at the aforementioned auction.
- There are some suggestions that coupon payments/maturities in the SSA, semi
and bank spaces may be put back to work at today's auction.
- Results due at 0000GMT/1100AEDT
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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