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

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

(AOFM) will today sell A$2.0bn of the 0.25% 21 November 2024 Bond, issue #TB159.

The line was last sold on 1 May 2020 for A$3.0bn. The sale drew an average yield

of 0.3866%, at a high yield of 0.3875% and was covered 4.8667x. There were 65

bidders, 14 of which were successful and 4 were allocated in full. Amount

allotted at highest yield as percentage of amount bid at that yield was 54.4%.

- The AOFM goes back to well as it looks to get the line 'up to size,' with

A$18.0bn of the line set to be in circulation after the settlement of this

auction.

- The line last yields 0.365%, ~2.5bp off the recently observed richest outright

levels of its short life

- Most participants expect the auction to go well, given the recent coupon

payments, ample liquidity and rolldown characteristics of the bond, providing

the RBA keeps its current YCC settings in play for the next 18-months or so.

- Results due at 0200BST/1100AEST.