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AUSSIE BONDS: AUCTION PREVIEW: The Australian Office of Financial Management
(AOFM) will today sell A$2.5bn of the 1.50% 21 June 2031 Bond, issue #TB157. The
line was last sold on 7 April 2020 for A$1.0bn. The sale drew an average yield
of 0.8848%, at a high yield of 0.8875% and was covered 4.2450x. There were 61
bidders, 7 of which were successful and 3 were allocated in full. Amount
allotted at highest yield as percentage of amount bid at that yield was 80.0%.
- The AOFM reverts to its preferred area of issuance from recent times, the 9-12
Year zone of the curve.
- Line last yields ~0.95% after threatening a clean break back above 1.00%
towards the end of April.
- The line forms part of the underlying basket for XMM0.
- Curve steepness, both vs. traditional shorter dated paper and against 10s,
should help with digestion of supply.
- The line's ASW spread sits towards the top end of its recent range.
- Results due at 0200BST/1100AEST.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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