AUSSIE BONDS: The Australian Office....>

AUSSIE BONDS: AUSSIE BONDS: The Australian Office of Financial Management (AOFM)

will sell A$1bln 2.25% Nov 2022 bonds on Friday, issue #TB153, this will be the

third tap of the issue 

- The line has A$5bln outstanding with a modified duration of 4.7 years. 

- The issue was last sold on November 8 for A$1.5bln, the sale drew an average

yield of 2.1756%, a high yield of 2.1775% and covered 4.5067x. Of 55 total

bidders, 14 were successful with 8 allocated in full. 

- In the grey market the issue currently yields 2.139%, offering around 3.5bp

over the US equivalent. The spread has narrowed sharply from around 49bp at the

first sale of this issue on October 11. - The sector looks cheap on the curve

though, near the top end of its range on a Z-Spread basis. While the issue is

cheap among comparables at -2bp on an ASW vs average -5bp. 

- Results due at 0000GMT/1100AEDT