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

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

(AOFM) will today sell A$2.0bn of the 2.25% 21 Nov 2022 Bond, issue #TB153. The

line was last sold on 25 May 2020 for A$2.0bn. The sale drew an average yield of

0.2384%, at a high yield of 0.2400% and was covered 4.5310x. There were 42

bidders, 13 of which were successful and 5 were allocated in full. Amount

allotted at highest yield as percentage of amount bid at that yield was 45.7%.

- We will keep this preview short. The line is effectively backstopped by the

RBA's YCC program, with the recent drift higher in 3-Year yields leading to some

looking for the Bank to step back into buying ACGBs after a 2.5 month hiatus.

The line currently yields 0.27% against the RBA's target of ~0.25%.

- Results due at 0200BST/1100AEST.