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AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$400mn of the 4.50% 21 Apr 2033 Bond, issue #TB140. The
line was last sold on 5 February 2018 for A$400mn. The sale drew an average
yield of 3.0717%, at a high yield of 3.0775% and was covered 1.8725x. There were
28 bidders, 18 of which were successful and 16 were allocated in full. Amount
allotted at highest yield as percentage of amount bid at that yield was 18.3%.
- Line sits at record rich levels in outright yield terms, last 0.9710%, as
broader Coronavirus worry/impact on the global economy has taken hold of price
action in recent sessions.
- The line hasn't been tapped since back in February 2018, and this auction may
have come on the back of communique between dealers and the AOFM.
- The line has looked rich on the curve histotically, but this could change over
the medium term as issuance picks up as the line drifts towards 10-Year basket
- Results due at 0000GMT/1100AEDT.