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

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

(AOFM) will today sell A$1.5bn of the 3.25% 21 Apr 2025 Bond. Line last yields

~0.403%, 3.5bp off the all-time low registered earlier this year. This is the

first tap of the line since 2016, which is interesting, given its already ample

size and distance from YM bucket entry. In terms of RBA holdings, the Bank holds

~13.7% of the line, which is a larger % vs. those immediately surrounding it,

but nothing extraordinary when viewed across the curve. The length of time

elapsed since the previous tender will likely provide support at auction,

although it is hard to draw comparisons vs. last week's auction of the Nov '24,

given the cheapness of that particular line and given the fact that last week's

tender was the first tap of the Nov '24 since a very successful syndication.

- The line's ASW spread is threatening to print in positive territory for the

first time since late Feb.

- Results due at 0200GMT/1100AEST.

- N.B. we have chosen not to outline prior auction results given the time passed

since the last auction and the new dynamic in the ACGB space.