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NAB note that "the AOFM has announced a new 21 November 2032 benchmark will be issued in the week of 12 April. The Commonwealth's fiscal position likely allows for nominal issuance lower than the A$230bn target announced in January. But this syndication could still print in the A$15-20bn range and still see total issuance at 'just' A$213-218bn this year. We think fair value on the new line is at an EFP of +11bp to +13bp. Estimates are complicated by the high coupon on the Apr '33, which makes that line trade at a low yield to maturity - the Nov '32 will price at a higher yield than the Apr '33."